UPDATE 1-Gambling firm 888 to change its name as new CEO lays out strategy
(Recasts paragraph 1 with name change plan, adds background and details throughout)
March 26 (Reuters) - 888 Holdings said on Tuesday it plans to change its name to evoke plc, to reflect its multi-brand model, nearly two years after the British bookmaker bought William Hill's non-US assets.
888 reported a 41% jump in annual adjusted core profit to 308.3 million pounds ($389.94 million) for the year ended Dec. 31, as it reaps the benefits of its 2 billion pound acquisition of William Hill in 2022 from Caesars Entertainment.
The name change is part of CEO Per Widerström's new strategy to focus on core markets, reset its operating model with a focus on automation and artificial intelligence, remove duplication and deliver more cost savings.
"Today marks the beginning of an exciting new dawn for this business," said Widerström, who was appointed CEO in October.
888, which operates online casino, poker and sportsbetting under its 888 brand umbrella as well as Mr Green, said it expects first quarter 2024 revenue to be in the range of 420 million to 430 million pounds.
Larger rival Flutter, the world's largest online betting company, said on Tuesday it expects to increase its core profit by around 30% this year, thanks to a four-fold rise at its fast-growing and market leading U.S. brand Fanduel.
Earlier this month, 888 terminated its deal with Sports Illustrated and said it was looking at options to sell or exit its direct-to-consumer U.S. operations due to intense competition and low margins.
The proposed change of the group's name is subject to shareholder approval at the 2024 annual general meeting. ($1 = 0.7906 pounds) (Reporting by Yadarisa Shabong and Anchal Rana in Bengaluru; Editing by Subhranshu Sahu)
