This move comes a little over two weeks after finance chief Yariv Dafna detailed a mutually agreed decision to step down from his role as CFO and Executive Director and will now leave at the end of the year, as opposed to the March 31 date first announced.

The group’s Non-Executive Chair, Lord Jonathan Mendelsohn, is assuming the position of Executive Chair on an interim basis while the board searches for a permanent successor.

As a result of the move, a four year stint at helm of 888 has been brought to an end, with Pazner also bringing down the curtain on a 22 year association with the company having started out as Marketing Manager in January 2021.

“On behalf of the board I would like to thank Itai for his significant contributions to the business over more than 20 years, including the last four as CEO,” said Mendelsohn.

“Itai has played a very important role in building a business with powerful proprietary technology, and has overseen successful early stages to the William Hill integration process. We wish him well in his future endeavours.”

Furthermore, 888 has also announced that VIP activities across certain markets have been suspended pending the outcome of an internal compliance investigation.

888 noted that “it has come to light that certain best practices have not been followed in regard to KYC and AML processes for 888 VIP customers in the Middle East region”.

The temporary cessation, which is estimated to impact less than three per cent of total revenue if remaining in place, has been installed immediately. It is understood by the firm that the process deficiencies identified are isolated to this region only.

Mendelsohn added: “The board and I take the group’s compliance responsibilities incredibly seriously. When we were alerted to issues with some of 888‘s VIP customers, the board took decisive actions. 

“We will be uncompromising in our approach to compliance as we build a strong and sustainable business.”

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As stated in the betting and gaming group’s  full year trading results published earlier this year, Italy is one of its ‘core markets’ – alongside the UK and Spain – across which it has achieved 18% growth.

In tandem with this expansion, 888 CEO Itai Pazner detailed an increased focus on responsible gambling, which has now seen the introduction of its safer gambling tools to Italian customers. 

Andrew Anthony, VP, Customer Safety & Due Diligence at 888, commented: “I am delighted to see The Control Centre rolled out in another of our core markets. At 888 we recognise the need to use our proprietary technology to protect customers and promote safer play. 

“By giving customers transparent information about their gambling activity in real time, we continue to ensure that safer gambling remains at the heart of the 888 customer experience.”

Citing Italy as one of the ‘key regulated markets’, 888 detailed that the rollout of the Control Centre in the country forms part of its ‘Made to Play Safely’ ESG policy, in turn a pillar of its ‘Made for the Future’ framework. 

The global gambling group aims to promote safe and responsible decision making by its Italian customers, whilst also normalising the use of safer gambling tools. 

Launched towards the end of 2020 in the UK market, 888’s Control Centre was designed as a ‘one stop shop’ for safer gambling provisions, and has since secured entry into additional markets and expanded its product range. 

Tools provided by the Control Centre include gambling activity monitoring using real-time data, deposit limits, self-exclusion limits and ‘take a break’ restrictions.

Anthony continued: “We are focused on ensuring that our customers are empowered to make safe and responsible decisions about their gambling, and we remain committed to continually investing in our teams and technology to create industry-leading, user-friendly tools that help achieve this.”

“We look forward to introducing The Control Centre across more markets over the coming years.”

Launched towards the end of 2020 in the UK market, 888’s Control Centre was designed as a ‘one stop shop’ for safer gambling provisions, and has since secured entry into additional markets and expanded its product range. 

888 cites a 23% increase in safer gambling tool usage during 2021 due to the Control Centre, whilst adding that customers using the tools are more likely to amend personal deposit limits and 102% more likely to ‘take a break’ from gaming.

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The appointment of Mittman, who has over 20 years experience within the digital and media verticals, will see the former Bleacher Report CEO gain responsibility for the company’s strategic partnership with Authentic Brands Group.

“We are delighted to announce the appointment of Howard as our new President 888 US,” stated Itai Pazner, CEO of 888.

“This key appointment comes at a hugely exciting point in our long-term growth strategy in the US online betting market as we look forward to launching SI Sportsbook in multiple states in the coming months and years.

“We have established a platform for strong growth in the US through our world-class technology and operational expertise, with the Sports Illustrated brand, and the appointment of Howard, which will enable us to maximise the potential of this unique combination to further grow a profitable business in the US.

“Howard has an exceptional track record at some of the world’s best known media brands, brings a huge amount of knowledge of the US digital landscape, has exceptionally strong relationships across the world of sports and media, and was the outstanding candidate after a thorough search.”

During his career Mittman also held leadership roles including Chief Business Officer of Conde Nast, and Publisher and Chief Revenue Officer of WIRED and GQ.

During the incoming President’s tenure at Bleacher Report, Mittman oversaw the growth of the company between 2017 and 2020, including successive record revenue and helping position the entity as the most-engaged-with sports media brand across social media platforms in 2019. 

Daniel Dienst, Executive Vice Chairman at ABG commented: “We applaud 888’s decision to appoint Mr. Mittman as President 888 US of its growing US platform and the operators of SI Sportsbook. 

“With the breadth of his media industry experience and 888’s technical capabilities, we are excited to further capitalise on the opportunity to build a differentiated wagering experience for the loyal and avid fans of sports – and in particular, Sports Illustrated – who since 1954 continue to trust and rely on its peerless journalism and visit the platform in record numbers monthly.”

Mittman also oversaw the launch of B/R Betting, Bleacher Report’s sports betting practice, the opening of a Las Vegas-based content studio and delivered on large-scale content, experience and brand partnerships with multiple sports betting operators.

In addition to spearheading the ongoing rollout of SI Sportsbook, Mittman will be responsible for 888’s B2B partnerships in the US, including the World Series of Poker brand’s online poker rooms across three states, with more in the pipeline including in Michigan. 

Mittman added: “I am thrilled to be joining one of the online betting industry’s most respected and successful businesses. 888 has an outstanding reputation for innovation, product leadership, and customer-centricity. 

“I have been hugely impressed by the people I’ve met within the business, particularly their passion for product and the customer experience, and I share their excitement about the significant opportunities ahead.

“The partnership with ABG and Sports Illustrated gives us a unique opportunity to deliver world-class betting and gaming products as part of a fully integrated experience with a leading sports media brand.”

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Former The Stars Group CMO Christopher Coyn will manage the project as Chief Executive, alongside ex-Stars sportsbook executives Andrew Lee and Ian Marimion.

Meanwhile, Alex Rutherford and Helen Scott-Allen – former Chief Product Officer at Editec Online and former Chief Financial Officer at Premier Bet respectively – will also leverage their knowledge of the African market to assist the new enterprise. 

Coyne remarked: “We are delighted to launch 888AFRICA alongside 888. With our team of experienced professionals and significant knowledge of the African markets, it is our ambition to build the business towards market-leading positions in selected regulated markets across the region.

“Partnering with 888 will give us access to a world-class brand, as well as a broad team of experts to support our growth plans, further enhancing our confidence in our future prospects.”

888 detailed that it had ‘invested in a minority stake in 888AFRICA, with the option to increase its control, and ultimately own up to 100% of the venture in the future’.

The venture is expected to launch in four markets initially this year, subject to licensing requirements, and will pay a brand licence fee to both use and operate the 888 identity within the agreed regulated jurisdictions.

African joint venture brands will operate via a third-party technology platform, with products and content designed for the local preferences of the African market.

Itai Pazner, CEO of 888 Holdings, said: “We are very excited to establish 888AFRICA alongside such an impressive roster of industry talent. 

“The new JV will launch 888’s world-class online betting and gaming brands to millions of new customers in the exciting and fast-growing African online market.

“We look forward to being a part of 888AFRICA’s journey as it grows its footprint and increases brand awareness, while also offering potentially significant long-term opportunities for the group in the future.”

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The acquisition, which will see 888 takeover Hill’s non-US assets, will also see the international gambling group publish a combined circular and prospectus for the acquisition and capital raise, with a shareholder vote scheduled to follow. 

The capital raise was previously outlined by 888 with the goal of generating £500m of gross proceeds by issuing new equity, and is expected to be finished prior to the completion of the William Hill takeover.

888 moved into the final stages of the preparations for its acquisition of the retail and online betting and gaming operator William Hill last month, upon securing mandatory antitrust and pre-completion gaming regulatory clearances – however, the merger was initially predicted for Q1 2022.

Commenting on developments at the time of the regulatory approvals, 888 CEO, Itai Pazner, said: “This transaction will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of iconic brands.” 

888 Holdings successfully secured William Hill’s non-US assets from the latter’s new owner, Caesars Entertainment – which had made its plans to sell off all of William HIll’s non-US divisions clear upon completing its own acquisition earlier in the year – with a £2.2bn bid on September 9.

Although 888 has now taken another step to significantly bolstering its UK and international presence by acquiring William Hill, it is unknown whether the company will continue to retain control over its new subsidiary’s extensive suite of retail outlets.

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Updating investors this morning, the gambling group revealed that it had received mandatory regulatory approvals covering antitrust and pre-completion gaming requirements, maintaining that it is still on course to fully take control of William Hill’s non-US international assets in the first quarter of the new year.

Having secured the regulatory requirements, 888 explained that it has been conducting integration planning to secure its goal of acquiring William Hill in Q1 2021, on which it is ‘progressing well’.

These preparations have included the appointment of Guy Cohen as SVP director of integration, having previously served as SVP head of B2C for the FTSE250 company. His new responsibilities have seen Cohen continue to report to 888 CEO, Itai Pazner, whilst working with a senior team from William Hill to ‘advance integration preparations’.

Additionally, the company reiterated its ambition to generate £500 million of gross proceeds by issuing new equity via a capital raise, a process which is expected to be finished prior to the completion of the William Hill takeover.

Commenting on developments, Pazner said: “This transaction will create one of the world’s leading online betting and gaming groups with superior scale, leading technology, increased diversification, and a platform for strong growth, supported by a portfolio of iconic brands.

“The appointment of Guy Cohen to the critical role of SVP, Director of Integration also strengthens our leadership and commitment to this important process, as we look to leverage the significant expertise and talent from both businesses to benefit the combined group.”

888 Holdings’ successful buyout of William Hill with a £2.2bn bid for the betting firm from the latter’s new owner Caesars Entertainment was confirmed on 9 September of this year. 

Caesars had previously confirmed its plans to sell off all of William HIll’s non-US divisions upon completing its own acquisition earlier this year, having maintained an interest in purely North America focused operations.

However, full finalisation of the merger is still dependent upon the some financial caveats, firstly, the Financial Conduct Authority must approve the re-admission of 888’s ordinary shares to the premium listing segment of the official list.

Additionally, the London Stock Exchange must also approve the re-admission to trading on the main market for listed securities and the completion of a re-organisation of the William Hill group, as the legacy bookmaker must separate its US and non-US businesses, now owned by two separate gambling conglomerates.

Lastly, 888 still requires the full consent of its shareholders by ordinary resolution, which the company hopes to secure at its next General Meeting, having set out an ambition to publish a prospectus relating to the Acquisition and Capital Raise in early 2022 – referring to the aforementioned £500 million capital raise plans.

Pazner concluded: “I’m delighted that we have now checked off a number of important milestones towards completion of the Acquisition. Given the strong progress we have made, we now expect the transaction to complete in the first quarter of 2022 and are excited about the opportunities ahead of us as we combine two powerful and complementary businesses.”

Although 888 has now taken another step to significantly bolstering its UK and international presence by acquiring William Hill, it is unknown whether the company will continue to retain control over its new subsidiary’s extensive suite of retail outlets. 

888’s bidding competitor in the William HIll auction, Apollo Global Management – which also bid against Ceasars in the initial acquisition – is reportedly still eyeing up some available assets, whilst Betfred owner Fred Done and BoyleSports have also been cited as interested in further strengthening their current retail operations.

According to Regulus Holdings, 40 per cent of 888’s revenue is now generated from retail holdings and 70 per cent is from the UK market, but Pazner’s stated ambition to create “one of the world’s leading online betting and gaming groups” could suggest a sell-off of its newly acquired high-street venues.

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The online gambling group says that Q2 was slightly ahead of board expectations, with a trading update highlighting a ten per cent growth in revenue to $257m (2020: $214m).

This has been aligned to continued success of its product-leadership strategy, long-term positive customer acquisition trends, and continued expansion in regulated markets. 

Furthermore, 888 also pinpoints strong performances in the UK, Italy, Spain, Romania and Portugal, which were offset by the impact of the new regulation in Germany.

B2C revenue increased 11 per cent to $247m (2020: $204m), led by casino (+13%) and sport (+94 per cent), with the latter boosted by a reduced number of sporting events in the prior year period. 

Poker and bingo revenues were lower than the same period one year earlier, which represents an expected exceptionally strong performance during the 2020 timeframe due to stay-at-home mandates.

“I am pleased to report that the strong momentum from the first quarter of 2021 continued into the second quarter, albeit with the year-on-year growth rate moderating in light of stronger comparables from the prior year,” explained Itai Pazner, CEO of 888.

“Growth was driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content. 

“In addition to strong trading across our core European markets, we made significant strategic progress during the period in the attractive US market, where we announced a long-term strategic partnership with Sports Illustrated. We look forward to launching SI Sportsbook as a key pillar of our strategy to drive increased growth in the US.”

Looking ahead, the company says that it “remains mindful of the potential impact of greater than normal seasonality in the summer post COVID-19,” due to retail and leisure venues reopening across international markets, and the expected impact of regulatory and compliance changes, which it adds “are weighted towards the second half of the year”.

Since May 17, when UK retail and leisure venues reopened, average daily revenues in the UK are reported to have been approximately 20 per cent lower than the year-to-date period before that. 

The board expects adjusted EBITDA for the full year to be slightly ahead of the prior year, despite the increased investments in the business.

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Delivering a post-close trading update for the year ending 31 December, 2020, the online gaming entertainment and solutions provider also saw revenue and active customer numbers in December represent all-time monthly records.

Following on from the company detailing a raising of expectations in early December 2020, 888 says that its strong trading continues to reflect increased new customer acquisition that started at the end of 2019 and continued throughout the year.

The group adds that “the positive impact of new products launched during the period as well as an acceleration in the shift from retail to online services witnessed across multiple consumer-facing industries,” are major contributing factors.

When providing its previous trading update, Itai Pazner, CEO of 888, said of the group’s performance: “We are pleased with 888’s trading during the second half of 2020. This performance continues to reflect strong FTD trends in line with the group’s recreational customer focus as well as the structural shift towards online services being seen across several consumer-facing industries. We have continued to prioritise safe gambling and recognise the impact of COVID-19 on the lives of 888’s customers across global markets. 

“888 continues to invest in protecting customers and has again increased the volume of interactions with customers initiated by 888’s safer gambling team in order to help prevent gambling related harm. Underpinned by 888’s core strengths as a responsible operator with outstanding technology, the group remains well positioned to deliver further strategic progress.”

Taking a look to the 12 month period that lies ahead, 888 acknowledged that, although it has entered 2021 with good momentum, the board remains mindful of possible headwinds over the coming months, including macro-economic and regulatory uncertainties in certain jurisdictions. 

However, it “remains confident that, with 888’s outstanding product proposition, advanced technology and diversification across global regulated markets, the group remains well positioned to deliver further progress”.

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Boosted by continued progress during the second half of the year, particularly in December where revenue reached “an all-time monthly record,” the post close trading update, which did not contain specific figures, pertained to the year ending December 31, 2019.

888 comments that its performance in the past year has been underpinned by the continued success of the Orbit casino platform across a number of regulated markets, as well as further good revenue growth in sport.

Despite acknowledging the continuing challenge across the poker market, the firm did stress that it’s pleased by progress made in the first-phase roll-out of the new Poker 8 platform during H2 2019. 

Furthermore, a number of new products as well as the rolling out the final-phase platform across the group’s poker markets is to follow during 2020.

Switching focus to specific jurisdictions, 888 reported a continued revenue increase in the UK, with Italy also said to be performing well during the year’s second half, driven by growth in casino.

Revenue from Spain however was impacted by the launch of competitors’ shared poker liquidity networks between Spain, Portugal and France, with the group encouraged by the early performance of its own shared liquidity network between the former two nations, which launched in July.

Continued progress was also reported in the Swedish and Romanian regulated markets throughout the period.

Itai Pazner, chief executive officer of 888, explained: “The group has delivered solid progress in the second half of the financial year underpinned by continued momentum in casino and sport. 

“We are very encouraged by the growth in new customers during 2019 with a record of more than one million new customers signing up to 888’s brands during the year. In addition, we were very pleased to end the year with a record revenue month in December.  

Moving on to address progress following the £15m Betbright acquisition: “2019 saw a number of key strategic developments for the group including the acquisition in March of a sports betting platform and an outstanding sports team based in Dublin. The Post-Merger Integration plan is progressing in line with expectations and 888 remains on track to launch its first proprietary sport product during the first half of 2020. 

“888 has entered 2020 with good momentum across several regulated European markets and, underpinned by further investment in our team, marketing and product development, we remain focused on achieving further progress in the US. With 888’s core strengths as a responsible operator with outstanding technology and diversification across a number of regulated markets, the board remains confident of further progress in the year ahead.”

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888

Itai Pazner has been appointed 888’s new chief executive officer, being promoted from his previous role of chief operating officer, taking over from Itai Frieberger who has announced he is standing down from the role.

Following eight years as part of the group’s executive leadership team, and in excess of 14 in the industry, Frieberger is to remain an 888 director during his 12 month notice period.

Pazner, whose “in-depth and widespread understanding of both 888 and the online gaming industry” has been praised, previously spent over six years as SVP of the organisation’s B2C division, overseeing development of its 888 brands as well as oversight of its marketing, customer support functions and operations.

£50,000

Former online gambling addict David Bradford, who hid his 30-year gambling addiction from his family and ended up in jail after stealing £50,000 from his employers, has established The Safer Online Gambling Group.

The non-profit organisation, founded alongside his son Adam, aims to raise awareness of online gambling addiction, bring about support for gambling addicts under an NHS framework and work with operators and the government to tighten up gambling policy to protect vulnerable players.

Meetings are already in place with Sky Bet and industry self exclusion scheme GamStop, with it hoped that operators will commit to a safer online gambling charter, which the group will also audit through user testing and discrete research.

3

As the race hots up to secure one of what is thought to be three integrated resort licenses within Japan, the city of Tomakomai, on the country’s northernmost island of Hokkaido, has been awarded priority status.

An advisory panel to Hokkaido’s prefecture government has identified the city as the preferred site for an IR, and as a result given the region its preferred status.

This, however, does not confirm the island is to select the city to front a confirmed bid, with a formal decision still to be made regarding whether they wish to bid to the national government.

Tomakomai has been awarded priority status due it its close proximity to the new Chitose International Airport, in addition to the city of Sapporo.

52

MGM Resorts International has been named as one of the ‘World’s Most Admired Companies’ by Fortune Magazine, for the fourth year in a row.

Evaluating the world’s most respected and reputable companies, as ranked by peers, the survey studied firms across 52 different industries.

Fortune Magazine and Korn Ferry, a global management consulting firm, began with the 1,500 largest US companies ranked by revenue, alongside non-US Fortune Global 500 companies with revenues of $10bn or more.

Following this process the field was narrowed to the highest revenue earners in each of the industry’s, coming out at a total of 680 located in 30 countries.

MGM came amongst the world’s best in the hotels, casino and resorts category after ranking in fifth place, one spot further down from its previous industry placing of fourth.

100

CasinoBeats has launched the 100 Club, a feedback tool that will offer readers a snapshot of the mood across the online casino sector in response to recent news stories.

Featuring an invite-only unpublished list of 100 influencers from across the sector – comprising key executives from operators and suppliers, gaming platforms, marketing agencies, legal and other professionals – the CasinoBeats 100 Club will be asked to take part in regular single-question surveys intended to gauge the view across the industry on a specific news story, trend or hot topic.

Members of the 100 Club can select their preferred answer anonymously but those wishing to contribute further can also submit additional comments for publication.

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