888 Holdings has issued a profit warning after the gambling group was hit by new regulatory changes and ‘customer-friendly’ sports results. 

888 Holdings shares slumped 17.4 per cent to 91.25p in early trading as the betting group told investorsearnings before nasties for 2023 would miss forecasts amid more challenging trading conditions.

Turnover in the third quarter missed expectations and 888 predicts revenues will be around 10 per cent lower at somewhere near £400million.

Lord Mendelsohn, Executive Chair of 888, commented: “This has been an important quarter for the business with the announcements of Per Widerström as our new CEO and Sean Wilkins as our new CFO, who I am very confident will lead the business through its next phases of growth and I look forward to Per starting as CEO in mid-October.

We are making significant strides to improve the quality and long-term sustainability of our revenues, but performance in Q3 has been below our expectations, and this means we now expect to end the year with EBITDA below our prior expectation.

The hard work the team has undertaken so far this year has set very strong foundations for the future of the business and our synergy delivery is well on track. We are strongly focused on investing to deliver good levels of expected revenue growth in 2024 as we progress towards our clear target of more than £2 billion of revenue in 2025 and I look forward to the coming years with confidence.”