888 Holdings PLC, formerly known as Virtual Holdings Limited, is an internationally recognized sports betting and gambling company. It owns several brands including 888casino, 888poker, 888sport, Mr Green, and William Hill.

The company’s operations are headquartered in Gibraltar, with additional offices across the globe including Bucharest, Ceuta, Leeds, London, Malta, Sofia, and Tel Aviv. It is listed on the London Stock Exchange.

• Founding and Early Years (1997-2006): Founded in May 1997 by Israeli entrepreneurs Avi and Aaron Shaked and Shay and Ron Ben-Yitzhak. The company’s first website, Casino-on-Net, was launched, with its administrative center initially in Antigua. Following the launches of Reef Club Casino and Pacific Poker, the administrative center moved to Gibraltar in 2003. It was listed on the London Stock Exchange in 2005.
• US Operations and Strategic Moves (2006-2007): Before 2006, 888 Holdings operated in the US through Pacific Poker. Post-2006, it suspended its US operations due to legal changes. Discussions for a merger with Ladbrokes ended in 2007 due to legal and tax concerns. In 2007, 888 Holdings acquired the Bingo business of Globalcom Limited.
• Expansion and Acquisitions (2012-2022): Significant growth was observed, including overtaking 4th place on the poker network list in 2012. The acquisition of William Hill in 2022 marked 888 Holdings’ entry into the retail sports betting market, expanding its footprint with over 1400 betting shops in the UK.
• Recent Developments (2023-2024): The company announced plans to change its name to evoke, reflecting its multi-brand operating model. It also decided to exit the US online gambling market, selling its assets to Hard Rock Digital. This move is part of a strategic review to focus on core markets and enhance operational efficiency.

Financial Performance and Strategy

• Revenue and Financial Health: The company reported significant revenue growth, partly due to the acquisition of William Hill. However, challenges remain with high leverage and reliance on the UK market. The company aims for revenue growth and margin expansion while reducing debt to below 3.5 times by 2026.
• Market and Operations: 888 Holdings has shifted its focus towards regulated markets, with 95% of its revenue coming from such markets in 2023. It has set medium-term targets aiming for 5-9% revenue growth and improvement in cash profit margins.

Controversies and Regulatory Challenges

• Regulatory Penalties: 888 Holdings has faced fines from the UK Gambling Commission for failures in anti-money laundering measures and social responsibility. It continues to navigate the complexities of regulatory environments across its operational territories.

Portfolio of Brands and Services

• Online Gaming and Betting: 888 Holdings operates several online gambling sites, including 888casino, one of the internet’s oldest casinos, and 888poker, its online poker room. It also owns 888sport, a sports betting brand, and several online bingo sites, showcasing a diverse portfolio catering to various aspects of online gaming and betting.

Future Outlook

• As 888 Holdings rebrands and refocuses its strategy, it aims to consolidate its position in core markets while navigating regulatory challenges. The strategic exit from the US B2C market and the emphasis on regulated markets highlight its adaptability and commitment to sustainable growth.