888 Holdings has today forecast that its 2024 profit to be at the lower end of market expectations, as the bookmaker's heavy investments in Artificial Intelligence (AI) and other automation programmes offset its cost-saving measures.
"We are now taking rapid actions to position the Group for future success, reducing our overhead costs and freeing up funds to invest in growth based upon our new strategy and value creation plan," CEO Per Widerström said in a statement.
The William Hill owner initiated a £30m cost-saving programme last month, but also invested in areas such as intelligent automation and AI-powered data and insights.
Adjusted core profit for the 12-month period to December 2024 is expected to be between £340m and £397m, according to an analyst consensus compiled by the Gibraltar-headquartered company.
The betting firm, which counts Entain and Flutter Entertainment among its competitors, said it was positive about 2024 revenue, backed by consistent growth in active players in both the UK and international segments and also improved average revenue per user.
