Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. Our latest headline reflection features financial results from the likes of 888, Playtech and Flutter Entertainment, as well as a substantial Swedish fine. 


A 38 per cent increase in revenue from £1.24bn to £1.71bn last year helped 888 Holdings trim its losses as the firm continued to navigate a changing UK market. 

Aligning with its international strategy, the firm also praised a shift from dot com markets as it seeks to ensure a path to profitability is formed within its key markets of the UK, Italy, Spain, and Denmark.

However, gaming revenue of £1bn represents a significant dip for the firm, falling 11.2 per cent year-over-year. This was largely driven by the company’s shift away from dot com markets more heavily weighted towards gaming.

When it comes to adjusted EBITDA, the 2023 margin was consistent with the 18-19 per cent that it had prior indicated – a slight rise on the corresponding period from last year. 

Looking ahead, the group also confirmed its rebranding to ‘evoke’ in a bid to better align with ‘the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences’.

It comes as the firm embarks on a ‘new strategic framework’, which it has emphasised it is adopting to establish a clear vision of what success looks like and the strategy to get there. 

In line with its core market focus, the group also undertook a strategic review of the US B2C business in Q1 2024 as it looks to ‘consider all potential alternatives that can deliver value for the business, which will deliver significant cost savings’.

Per Widerström, group CEO, stated: “It is incredibly exciting to announce our Value Creation Plan, our strategy for success, our new financial targets, and our new corporate identity. Today marks the beginning of an exciting new dawn for this business.

“I firmly believe that the Group now has all the key ingredients for long-term success: leading positions in growing markets with high and rising barriers to entry; powerful proprietary technology; a top-class management team; and some of the strongest betting and gaming brands in the world.”


Publishing its financials, Bragg Gaming Group reported a Q4 revenue decrease of 1.4 per cent to €23.4m (Q4 2022: €23.7m) which it says was impacted by “revised commercial terms agreed with a key strategic partner that took effect during the quarter”.

Wagering revenue during the quarter improved by 18.1 per cent to €6.1bn (Q4 2022: €5.1bn), while gross profit fell by 7.3 per cent to €12m (Q4 2022: €13m) with a margin of 51.5 per cent (Q4 2022: 54.9 per cent) due to the key strategic partner commercial terms revision mentioned earlier.

With a decline in gross profit being offset by cost optimisation improvements, adjusted EBITDA in Q4 decreased by 23.7 per cent to €2.8m (Q4 2022: €3.7m) with margins of 11.9 per cent (Q4 2022: 15.4 per cent).

Operational loss for the period stood at €400,000, a €600,000 decrease in comparison to the same period the previous year primarily due to the lower gross profit while reducing selling, general and administrative expenses.

Bragg’s board of directors have formed an ad hoc special committee to undertake a review of the company’s strategic alternatives. 

To be chaired by independent board member Don Robertson, the special committee will consider and explore strategic alternatives, which may include the sale of the company or its assets, a merger, financing, further acquisitions or other strategic alternatives. 

Bragg has also provided an update on its 2024 full-year revenue and adjusted EBITDA guidance, with growth expected to occur in both metrics.

Revenue is expected to improve by up to 16.6 per cent to a range of €102m to €109m, while adjusted EBITDA is expected to grow by up to 21.7 per cent to a range of €15.2m to €18.5m. Midpoints of the revenue and adjusted EBITDA guidance represent YoY growth of 12.8 per cent and 10.9 per cent, respectively.

Bragg CEO Matevž Mazij commented: “Our strategic actions have positioned Bragg as an essential content source for leading international igaming operators, strengthening our groundwork for consistent and profitable development. 

“With confidence, we affirm our readiness with the appropriate strategies, financial strength, and infrastructure to maintain our business momentum while executing initiatives that foster cash flow growth and generate added value for our shareholders.”


Svenska Spel Sport & Casino AB has been given a warning and a penalty fee of SEK 100m (€8.7m) by Spelinspektionen, Sweden’s gambling inspectorate, for duty of care failures.

In its report, Spelinspektionen noted that it began an audit of Svenska Spel’s operations on December 21, 2021, investigating how the operator complies with the Swedish Gambling Act’s duty of care.

The authority reviewed how Svenska Spel handled ten customers who lost the most money during the supervision period of October 17, 2021, to December 17, 2021.

In terms of the violation, Spelinspektionen declared that all customers during the audit period showed signs of excessive gambling; there was a lack of protection, follow-up and help to reduce gambling; and that Svenska Spel didn’t meet the legal meaning of the duty of care despite arguments by the operator that such regulation hadn’t been detailed enough at the time.

Spelinspektionen determined that Svenska Spel had not taken “sufficient measures to protect the players against excessive gambling and help them to reduce their gambling when there was reason to do so”. 

The gambling inspectorate also noted that the operator had “not fulfilled the obligations relating to the duty of care in the Gambling Act (Chapter 14, Section 1)”, so a warning and penalty fee of SEK 100m has been issued.

In response, Fredrik Wastenson, Svenska Spel Sport & Casino’s President and Business Area Manager, has stated that the operator does not share the same opinion as the authority and will be considering whether to appeal the decision. 

Wastenson commented: “We take on board the Swedish gambling authority’s decision. The regulatory period covers October to December 2021 and we have already addressed many of the comments. We have a high level of ambition in our work with our responsible gaming. 

“Since the duty of care was introduced in 2019, it has become clearer how it should be interpreted through the Swedish gambling authority’s guidance and supervisory decisions. We have adapted our work as the picture has become clearer.

“We are constantly developing our work, methods and technical capabilities to not only live up to the legislation but also our own high ambitions.”


Playtech was boosted by a seven per cent increase in revenues to €1.7bn and a nine per cent level up in adjusted EBITDA to €432.3m, as the firm lauded growth across all verticals. 

The spike was significantly bolstered by the strength of the firm’s B2C output and its growth within the Italian market. 

Continuing to cement its position as a leader in the region, Snaitech Italia landed revenues of €949m (FY2022: €899m) and an adjusted EBITDA of €256m (FY2022: €244m).

Further underlining the versatility of Playtech’s revenue and growth, the results also detailed how the group expanded its US market igaming B2B services – bolstered by 11 licences within the US.

Nonetheless, in Latin America, there remains a level of uncertainty over the case involving Caliplay, which continues to rumble on.

The disagreement over the firm’s Mexican igaming licence will unfold in October when the case returns to court. However, it is something that could impact Playtech’s end-of-year results. 

Chairman Brian Mattingley stated: “I would like to take this opportunity to thank the Executive Management team, who continue to demonstrate their agility and resilience in navigating a challenging external backdrop, given the ongoing wars in Ukraine and the Middle East. 

“Playtech has built on the strong strategic and operational progress of recent years and continues to cement its leadership across both B2B and B2C sectors. 

“While there were many challenges in 2023, the consistent quality at the core of our business meant that we were able to upgrade our expectations during the year and deliver a strong financial performance.”


Flutter Entertainment has declared an almost 25 per cent year-over-year increase in revenue in 2023 as the operator reports its financials for the first time since making its debut on the New York Stock Exchange.

Publishing its full-year financials in dollars for the first time, Flutter reported an overall revenue for 2023 of $11.8bn, up 24.6 per cent YoY (2022: $9.5bn) with average monthly players rising by 20.3 per cent YoY to 12.3 million (2022: 10.2 million).

The group accredited FanDuel as a “key driver” for growth as US revenue grew by 40.7 per cent in comparison to the previous year to $4.5bn (2022: $3.2bn) “despite customer-friendly sports results”. Sportsbook revenue improved by 45.9 per cent while igaming revenue increased by 47.2 per cent.

Excluding US operations, revenue rose by 16.4 per cent to $7.3bn (2022: $6.3bn) after a strong UK&I and “consolidate and invest” international market performance, in addition to its Italian brand Sisal producing $1.2bn in revenue (2022: $465m).

However, gains outside of the US were “partly offset by the impact of softer racing market conditions in Australia combined with a reduced level of Australian player engagement compared with the prior year, following easing of COVID-19 restrictions”.

UK&I revenue rose by 14.4 per cent YoY to $3bn (2022: $2.7bn), with sportsbook rising by 10.5 per cent while igaming improved by 18.1 per cent. Australia revenue fell by 7.1 per cent to $1.4bn (2022: $1.6bn) and international revenue improved by 36.8 per cent to $2.8bn (2022: $2.1bn).

CEO Peter Jackson commented: “Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localised approach to technology and product coupled with the unique scale advantages of the Flutter Edge. 

“As anticipated, our number one position in the US has transformed the group’s earnings profile during 2023 as FanDuel delivered a positive US full-year adjusted EBITDA for the first time. 

“We also made further progress on our sustainability strategy with an increase in Play Well safer gambling tool usage, investment of over $100m in our global safer gambling initiatives including key marketing campaigns in the US with our FanDuel ambassadors to promote responsible play during the year.”

Flutter also provided its guidance for 2024. US revenue is expected to be between $5.8bn and $6.2bn with an adjusted EBITDA guidance of $635m to $785m. 


Seven US online gambling operators have teamed up to establish the Responsible Online Gaming Association, an independent trade association that seeks to develop and advance responsible gaming practices.

bet365, BetMGM, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital and PENN Entertainment have come together to help “educate, equip, and empower consumers to enjoy the fun of online gaming in a responsible way”.

The ROGA will be led by Executive Director Jennifer Shatley, who has more than 25 years of industry experience. She will be responsible for facilitating “widespread education to all relevant parties on the subject of responsible gaming”.

“I am humbled, honoured and excited to be selected to lead ROGA during this important period of growth in legalised mobile gaming,” stated Shatley.

“Many of America’s largest legal mobile gaming operators will be establishing a framework that helps to aid in responsible gaming education and awareness.”

The ROGA will undergo several initiatives including funding research, providing and raising awareness to consumer and industry responsible gaming education, promoting responsible gaming best practices and creating an independent data clearinghouse as well as an independent certification program.

“Together, our members will work alongside researchers, experts, regulators and stakeholders to promote responsible online gaming and maximise our efforts to support additional responsible gaming education and awareness,” added Shatley.

“By coming together with a clear set of objectives, ROGA and our members will work to enhance consumer protections and help provide easier and more efficient access to responsible gaming tools for consumers to enjoy the entertainment of online gaming.”