888 Appoints Chief Technology Officer
888 Holdings has appointed Anna Barsby as its new Chief Product and Technology Officer. Bringing with her a wealth of experience in digital transformation projects, she will take on responsibility for driving the operator’s technology integration. 888 Holdings acquired William Hill’s international assets earlier this year, cementing its position as one of the world’s leading betting and gaming operators.
Following its William Hill takeover, Anna Barsby will be tasked with integrating its technological assets into 888’s business. ©ThisIsEngineering/Pexels
Wealth of Experience
888 Holdings has named Anna Barsby as its new Chief Product and Technology Officer. The leading sportsbook announced its latest appointment on Capital Markets Day, held on November 29th. In her new role, Barsby will focus on the integration of 888 Holdings with William Hill’s international businesses, which the operator acquired in July.
888 Holdings’ new CPTO will also be tasked with delivering improved customer experience as well as driving the upgraded synergies outlined by the company at the end of last month. Barsby was selected for the top role, thanks to her wealth of experience in digital transformation.
Barsby has previously led transformative projects for businesses including supermarket giant Morrisons, where she served as CTO, and motoring retailer Halfords, where she acted as CIO during its digital restructuring. Barsby is currently a Managing Partner at Tessiant management consultancy, which she helped found. She is also a part-time Non-Executive Director at Cumberland Building Society.
Anna is considered to be one of the UK’s top CIOs and is credited with leading large-scale change across various industries. As someone who has worked with a number of FTSE100 and FTSE250 listed firms, in addition to regulatory organizations, Barsby is well equipped for her new position at 888 Holdings.
She has been described as a people-centered leader whose core strengths include strategy, creative delivery and customer focus. Her achievements in improving the technological capabilities of the businesses she has worked with have been recognized by the industry.
She was a finalist for the European CIO of the Year, was ranked in first place in the CIO 100, won ‘CIO of the Year’ at the Women in IT awards and is ranked in the Top 15 Innovative Influencers in Retail today. She has lent her expertise as a judge at the Women in IT awards, Retail Week Discovery Live 2020 and the CIO 100 panels for 2020 and 2021.
William Hill Acquisition
CEO of 888 Holdings, Itai Pazner, was pleased to welcome Barsby to the fold. Speaking to press, he said that the operator is delighted to add Anna to its new executive leadership team. She will play a pivotal role in driving technology integration as 888 Holdings continues its combination with William Hill.
Pazner described Barsby’s experience and expertise as ‘invaluable’, as the operator seeks to unlock the potential of its two complementary businesses. 888 Holdings has been in the process of restructuring its corporate leadership team since July, when it appointed Andrea Gisle Joosen, Randy Freer and Andria Vidler as Non-Executive Directors.
The operator completed its takeover of William Hill’s non-US assets in July, which it purchased from US casino giant Caesars Entertainment for £2.2 billion. Those assets include the British bookmaker’s portfolio of over 1,000 high-street betting shops, as well as its European operations. The company’s enterprise value was revised down to between £1.95 billion and £2.05 billion before the acquisition was completed.
The operator also gained online gambling brand Mr Green in the purchase. Following the completion of the purchase, 888 Holdings is now considered to be one of the largest combined betting and gaming operators in the world.
The takeover has already seen a number of significant changes take place at William Hill. After four years leading the heritage bookmaker, CEO Ulrik Bengtsson stepped down from his role. His tenure saw the most significant changes in William Hill’s history, including its diversification into US sports betting and its £2.9 billion sale to Caesars Entertainment.
A new executive leadership team was appointed at William Hill, as CFO Yariv Dafna, CSO Vaughan Lewis and COO Guy Cohen were transferred from their equivalent roles at 888 Holdings. Former 888 COO Naama Kushnir became William Hill’s Chief Transformation Officer.
Debt Reduction Strategy
During the months following the acquisition, it has been reported that 888 Holdings have been battling some trading difficulties. The costs incurred through the takeover elevated the operator’s net debt to £1.8 billion. Meanwhile, Q3 revenue fell 7% on last year’s takings to £449 million.
However, the company has come up with a new tactic as part of its debt reduction strategy. Using its 888 Acquisitions Limited subsidiary, it intends to market €200 million in senior secured notes. These will consist of Senior Secured Fixed Rate Notes due 2027 and Senior Secured Floating Rate Notes due 2028.
Announcing the offering, 888 Holdings stated that it would be exempt from the registration requirements of the US Securities Act. The notes are to be offered as additional notes under the indenture dated as of July 19th 2022, according to which it issued €400 million in Senior Secured Fixed Rate Notes due 2027 and €300 million in Senior Secured Floating Rate Notes due 2028.
Issuing a statement, 888 Holdings explained that it would use the gross proceeds of the notes to repay a portion of its debts. It will transact appropriate hedging arrangements. It added that the offering is not expected to materially impact the overall cost of 888 Holdings’ debt, cash interest costs or leverage ratio.
The operator highlighted the reduction of its net debt as a key target in an update to investors last month. It held a Capital Markets Day, launching its updated strategy for sustainable value creation. By honing its focus onto a smaller number of key markets and raising profit margins, it hopes to recoup the benefits of its William Hill merger. CEO Itai Pazner remains hopeful:
“Our long-term potential remains exciting. Building our unified tech platform will present us with real future growth opportunities as we take advantage of our world class brands, product and content leadership, and customer excellence to set our business for the next decade of growth.”
