888 Sells US B2C Assets to Hard Rock Digital

As previously disclosed, 888 completed the sale of its US B2C assets to Hard Rock Digital as part of a strategic maneuver. The transaction signifies the completion of an extensive evaluation process, pending regulatory clearances.

The sale will take place in many stages and be finished by the end of the year. 888, which will shortly change its name to Evoke, has also decided to dissolve its association with Sports Illustrated (SI) and its collaboration with Authentic Brands Group as part of this transition. A substantial upfront payment of $25 million in termination fees is required for this transfer, with a further $25 million paid out throughout the years 2027 and 2029.

Financial Impact and Reinvestment Plans

With its exit from the US B2C market, 888 expects to reap significant gains. Starting in 2025, the company projects an annual increase in adjusted EBITDA of £25 million ($31.5 million). On the other hand, it anticipates one-time expenses of around £40 million for the extraction process, to be expended from this year until 2029.

Ten million of the yearly savings will be reinvested in a range of value-adding and development projects.

This statement comes soon after 888 just released its FY23 statistics, which showed a noteworthy 38% year-over-year rise in revenue, or $1.7 billion. Another notable improvement was observed in adjusted EBITDA, which increased by 41% over the prior year.

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888 intends to change its name to Evoke plc as part of its larger “Value Creation Plan.” With the statement, “The consumer brands remain as strong as ever, but to reflect the fact that this is a new company on a new journey, we are proposing to change the name of the Group to Evoke plc,” CEO Per Widerström highlighted the firm’s transformation. At the next AGM in 2024, shareholders will have the opportunity to approve this proposal.

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