888 Holdings said on Wednesday that total revenues had fallen in the three months ended 31 March.

Revenue was down 18% year-on-year to £224.0m, with average monthly active users 8% lower when compared to the group’s record result in the first quarter of 2021.

B2C gaming revenues were down 14% at £191.0m, while B@C betting revenues sunk 42% to £24.0m and B2B revenues slipped 6% to £9.0m.

Itai Pazner, CEO of 888, commented: “The start of 2022 has been another busy period of progress for 888. We have launched in Michigan and Ontario, with Virginia planned to follow in May. Having revised the transaction terms for William Hill and completed an equity placing to part-fund the deal, we are on track to complete in June and continue to execute our plan to build a global online betting and gaming leader. 

Alongside these important strategic milestones, Q1 2022 revenue was slightly ahead of Q4 2021 as we previously announced. I am pleased with the Group’s progress, and we are looking forward to returning to year-over-year revenue growth in the second half of the year, as we benefit from further launches in additional US states, together with our expectation of relaunching in the Netherlands and ramping up our recent launch in Ontario.”