Impact of affordability checks helps drive down revenues at William Hill owner 888

William Hill's owner 888 said on Wednesday that the impact of affordability checks had helped drive a ten per cent fall in revenue to £405 million in the third quarter of the year.

In a trading update, 888 said its UK and Ireland online division had recorded a 17 per cent increase in active customers but that revenue had also fallen by ten per cent thanks to safer gambling changes and a "refined" marketing approach, along with customer-friendly sports results in September, particularly in UK football.

Sports results had also hit the group's chain of William Hill betting shops, but 888 said the retail division had still shown a strong underlying performance driven by investment in self-service betting terminals and gaming cabinets, with revenue up one per cent year-on-year.

Revenue in the company's international division was down 19 per cent, which 888 said was due to the "ongoing significant impact" from compliance changes, particularly the Middle East following a slower recovery in revenue and customer activity than initially anticipated.

The company suspended VIP activities in the Middle East in January over failures in its anti-money laundering processes, with former chief executive Itai Pazner leaving the business.

888 added it was prioritising the safety and wellbeing of its 500 employees and their families in Israel following the outbreak of the current conflict and had activated continuity plans.

Per Widerstrom: new chief executive of 888Credit: 888 Holdings

Per Widerstrom, who took up his role as the new chief executive of 888 this week, said he was excited to have joined the group.

He added: "I have already been struck by the strength of the group's assets and its clear potential, as well as the ambition of our team.

"I am happy to note that despite the regulatory challenges the group has faced this year, the hard work by the team is already showing signs of results meaning that we head towards the end of the year with positive momentum, and well placed to grow in the coming years.

"This is a business with a very strong foundation for profitable growth. But there are clearly also several areas for improvement we will focus on to unlock our full potential and drive value creation.

"I am looking forward to working closely with our fantastic people in the group, the talented executive team and the board to ensure we are in the best possible position to deliver our plans and maximise value creation."

888's share price was down 2.2p at 83.55p on Wednesday morning.

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