888 Holdings names Sean Wilkins as CFO
Wilkins will join 888 from Romania’s Super Bet in February.
UK.- The London-listed gambling operator 888 Holdings has appointed Sean Wilkins as group chief financial officer. He will join the group’s executive management team on February 1, 2024.
Wilkins has served as CFO of Super Bet, the largest betting operator in Romania, since last year. He has also served in finance in mass market retail at Domino’s UK, Tesco Malaysia, Tesco Telecom and O2 Asia. Current 888 CFO Yariv Dafna will step down from the role and from the board on October 2. Chief strategy officer Vaughan Lewis will step into the role on an interim basis until Wilkins’s arrival.
888 Chairman Lord Mendelsohn commented: “In addition to having an in-depth understanding of the betting and gaming industry, Sean brings a wealth of relevant experience gained in CFO roles at international businesses, where he has demonstrated a strong track record of value creation.”
888 recently appointed a new CEO in the form of Per Widerström, who is to take the helm on October 16 following a difficult period for the operator.
Last month, the company announced that it has reached a settlement agreement in Gibraltar under which it will pay £2.9m as a result of compliance failings in the Middle East. The failings led to the resignation of former 888 CEO Itai Panzer earlier this year.
The Gibraltar Gambling Commissioner had identified historic failings in know-your-customer (KYC) requirements on VIP accounts. It also noted overly high thresholds for enhanced due diligence (EDD) intervention and a lack of clarity and consistency in the checks. Other failings included an overreliance on open-source checks to prove sources of funds.
Meanwhile, 888 Holdings is maintaining its full-year guidance following the publication of results for the first half. Revenue rose 165 per cent to £881m due to the incorporation of William Hill in July last year. However, on a pro-forma basis, revenue was down 7 per cent year-on-year.
The drop was due to an 11 per cent decline in online gambling revenue in the UK (£335m). This was put down to compliance and regulatory adjustments. 888’s international unit saw pro-forma revenue fall by 14 per cent to £226m, again due to compliance changes as well as a decline in the Middle East. The incorporation of William Hill’s retail business proved to be the strongest generator of growth with revenue of £27m.
Overall adjusted EBITDA was £155m, more than tripling H1 2022 figures. The company highlighted that it achieved £66m of cash synergies in H1 and aims for £150m by 2024.
See also: FS Gaming reduces stake in 888 Holdings
