{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"_888holdingsplc": "http://888holdingsplc.com/xbrl/2022",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://888holdingsplc.com/xbrl/2022/_888holdingsplc-2022-12-31.xsd"
]
},
"facts": {
"fact-1": {
"value": "888 HOLDINGS IS ONE OF THE WORLD\u2019S LEADING BETTING AND GAMING COMPANIES AND OWNS AND OPERATES A RANGE OF INTERNATIONALLY RENOWNED BRANDS INCLUDING WILLIAM HILL, 888, MR GREEN AND SI SPORTSBOOK.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "1238800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-10": {
"value": "712300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-11": {
"value": "256300000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:GamingDuties",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-12": {
"value": "133700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:GamingDuties",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-13": {
"value": "188100000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:OtherCostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-14": {
"value": "115300000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:OtherCostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-15": {
"value": "-3900000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptioanlItemsOtherCostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-16": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptioanlItemsOtherCostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-17": {
"value": "440500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-18": {
"value": "253200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CostOfSales",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-19": {
"value": "798300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-20": {
"value": "459100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GrossProfit",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-21": {
"value": "257800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SalesAndMarketingExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-22": {
"value": "222600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SalesAndMarketingExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-23": {
"value": "448500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-24": {
"value": "160200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-25": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-26": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-27": {
"value": "97100000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-28": {
"value": "13100000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-29": {
"value": "-4800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-30": {
"value": "63200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-31": {
"value": "217900000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedEBITDA",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-32": {
"value": "119700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedEBITDA",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-33": {
"value": "93200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsCostOfSalesAndOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-34": {
"value": "17300000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsCostOfSalesAndOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-35": {
"value": "-4000000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedEBITDAForeignExchange",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-36": {
"value": "-6700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedEBITDAForeignExchange",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-37": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-38": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-39": {
"value": "120300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-40": {
"value": "26400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-41": {
"value": "-4800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-42": {
"value": "63200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-43": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-44": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-45": {
"value": "111700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-46": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-47": {
"value": "-115700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-48": {
"value": "59000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-49": {
"value": "4900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-50": {
"value": "9000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-51": {
"value": "-120600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-52": {
"value": "50000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-53": {
"value": "64200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedProfitAfterTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-54": {
"value": "82600000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustedProfitAfterTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-55": {
"value": "93200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsCostOfSalesAndOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-56": {
"value": "17300000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsCostOfSalesAndOperatingExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-57": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsFinanceExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-58": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ExceptionalItemsFinanceExpenses",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-59": {
"value": "7400000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AmortisationOfFinanceFees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-60": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AmortisationOfFinanceFees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-61": {
"value": "56700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AmortisationOfAcquiredIntangibles",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-62": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AmortisationOfAcquiredIntangibles",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-63": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:TaxOnExceptionalItems",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-64": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:TaxOnExceptionalItems",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-65": {
"value": "-26700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-66": {
"value": "-6700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-67": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-68": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseFromSharebasedPaymentTransactionsWithEmployees",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-69": {
"value": "-120600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-70": {
"value": "50000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-71": {
"value": "-120500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-72": {
"value": "49900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-73": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-74": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-75": {
"value": "-0.283",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-76": {
"value": "0.134",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-77": {
"value": "-0.283",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-78": {
"value": "0.132",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-79": {
"value": "-120600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-80": {
"value": "50000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-81": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-82": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-83": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:RemeasurementOfSeverancePayLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-84": {
"value": "2200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:RemeasurementOfSeverancePayLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-85": {
"value": "-800000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ActuarialRemeasurementInDefinedBenefitPensionScheme",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-86": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:ActuarialRemeasurementInDefinedBenefitPensionScheme",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-87": {
"value": "-600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-88": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-89": {
"value": "-14400000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:MovementInCashFlowHedgingPosition",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-90": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:MovementInCashFlowHedgingPosition",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-91": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:MovementInCostOfHedgingReserve",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-92": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:MovementInCostOfHedgingReserve",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-93": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-94": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-95": {
"value": "-10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-96": {
"value": "3500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-97": {
"value": "-130900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-98": {
"value": "53400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-99": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-100": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-101": {
"value": "2197000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-102": {
"value": "123900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-103": {
"value": "81900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-104": {
"value": "18700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-105": {
"value": "110400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-106": {
"value": "9300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-107": {
"value": "1400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-108": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-109": {
"value": "38400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociates",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-110": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociates",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-111": {
"value": "6200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentPrepayments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-112": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentPrepayments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-113": {
"value": "16600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-114": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-115": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-116": {
"value": "2200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-117": {
"value": "2457100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-118": {
"value": "159900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-119": {
"value": "317600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-120": {
"value": "189400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-121": {
"value": "132700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-122": {
"value": "50800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-123": {
"value": "35200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-124": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-125": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-126": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-127": {
"value": "6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-128": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-129": {
"value": "494400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-130": {
"value": "240200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-131": {
"value": "2951500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-132": {
"value": "400100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-133": {
"value": "2200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-134": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-135": {
"value": "160700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-136": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-137": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-138": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-139": {
"value": "24600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-140": {
"value": "22100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-141": {
"value": "-13400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-142": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReserveOfCashFlowHedges",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-143": {
"value": "-14000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-144": {
"value": "98800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-145": {
"value": "159200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-146": {
"value": "124400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-147": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-148": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-149": {
"value": "159200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-150": {
"value": "124500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-151": {
"value": "1697500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-152": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-153": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:SeverancePayLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-154": {
"value": "3700000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:SeverancePayLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-155": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:RetirementBenefitLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-156": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:RetirementBenefitLiability",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-157": {
"value": "86200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-158": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-159": {
"value": "220400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-160": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-161": {
"value": "17400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-162": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-163": {
"value": "65000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-164": {
"value": "18100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-165": {
"value": "2088900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-166": {
"value": "23700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-167": {
"value": "4800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-168": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-169": {
"value": "368000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-170": {
"value": "145300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-171": {
"value": "111500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-172": {
"value": "19000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-173": {
"value": "20800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-174": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-175": {
"value": "33000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-176": {
"value": "22700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-177": {
"value": "24000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-178": {
"value": "4800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-179": {
"value": "141300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDepositsFromCustomers",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-180": {
"value": "60100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentDepositsFromCustomers",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-181": {
"value": "703400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-182": {
"value": "251900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-183": {
"value": "2951500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-184": {
"value": "400100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-3": {
"value": "21600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-2": {
"value": "7000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-185": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-186": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-187": {
"value": "-400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-188": {
"value": "20800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-189": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-190": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-191": {
"value": "85500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-192": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-193": {
"value": "110300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-194": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-195": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-196": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-197": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-198": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-199": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-200": {
"value": "49900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-201": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-202": {
"value": "50000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-203": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-204": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-205": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-206": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-207": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-208": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-209": {
"value": "2200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-210": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-211": {
"value": "3500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-212": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-213": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-214": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-215": {
"value": "1300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-216": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-217": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-218": {
"value": "52100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-219": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-220": {
"value": "53500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-221": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-222": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-223": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-224": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-225": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-226": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-227": {
"value": "43800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-228": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-229": {
"value": "43800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-230": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-231": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-232": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-233": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-234": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-235": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-236": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-237": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-238": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-239": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-240": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-241": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-242": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-243": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-244": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-245": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-246": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-247": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-248": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-249": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-250": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-251": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-252": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-253": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-254": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-255": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-256": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-257": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-258": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-259": {
"value": "-900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-260": {
"value": "22100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-261": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-262": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-263": {
"value": "98800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-264": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-265": {
"value": "124500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-266": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-267": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-268": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-269": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-270": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-271": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-272": {
"value": "-120500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-273": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-274": {
"value": "-120600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-275": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-276": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-277": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-278": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-279": {
"value": "-14400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-280": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-281": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-282": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-283": {
"value": "-10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-284": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-285": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-286": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-287": {
"value": "2500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-288": {
"value": "-14400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-289": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-290": {
"value": "-120000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-291": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-292": {
"value": "-131000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-293": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-294": {
"value": "158200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-295": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-296": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-297": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-298": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-299": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-300": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-301": {
"value": "158500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-302": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-303": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-304": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-305": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-306": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-307": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-308": {
"value": "7900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-309": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-310": {
"value": "7900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-311": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-312": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-313": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-314": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-315": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-316": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-317": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-318": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-319": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfTreasuryShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-320": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-321": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-322": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-323": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-324": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-325": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-326": {
"value": "-700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-327": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-328": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-329": {
"value": "2200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"fact-330": {
"value": "160700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"fact-331": {
"value": "-900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:GBP"
}
},
"fact-332": {
"value": "24600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"fact-333": {
"value": "-14400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"fact-334": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "_888holdingsplc:CostOfHedgingReserveMember",
"unit": "iso4217:GBP"
}
},
"fact-335": {
"value": "-14000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"fact-336": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"fact-337": {
"value": "159200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-338": {
"value": "-115700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-339": {
"value": "59000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-340": {
"value": "30800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-341": {
"value": "10300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-342": {
"value": "89500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-343": {
"value": "16100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForAmortisationExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-344": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-345": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-346": {
"value": "111700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-347": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-348": {
"value": "-35100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-349": {
"value": "-5100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-350": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-351": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-352": {
"value": "52300000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustmentsForExceptionalItems",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-353": {
"value": "7400000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:AdjustmentsForExceptionalItems",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-354": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-355": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-356": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-357": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-358": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-359": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-360": {
"value": "139600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-361": {
"value": "98000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-362": {
"value": "-50300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-363": {
"value": "-16900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-364": {
"value": "-9200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromCustomers",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-365": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInDepositsFromCustomers",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-366": {
"value": "-100300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-367": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-368": {
"value": "-10000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-369": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-370": {
"value": "-30200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-371": {
"value": "96600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-372": {
"value": "8900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-373": {
"value": "4200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-374": {
"value": "386800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-375": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-376": {
"value": "32500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-377": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-378": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-379": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-380": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-381": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-382": {
"value": "2400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-383": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-384": {
"value": "65500000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:InternallyGeneratedIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-385": {
"value": "17100000",
"decimals": -5,
"dimensions": {
"concept": "_888holdingsplc:InternallyGeneratedIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-386": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-387": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-388": {
"value": "-428900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-389": {
"value": "-23000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-390": {
"value": "158500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-391": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-392": {
"value": "21500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-393": {
"value": "5200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-394": {
"value": "75600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-395": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-396": {
"value": "2163100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-397": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-398": {
"value": "132300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-399": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-400": {
"value": "1503200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-401": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-402": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-403": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-404": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-405": {
"value": "43800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-406": {
"value": "588300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-407": {
"value": "-50300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-408": {
"value": "129200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-409": {
"value": "23300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-410": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-411": {
"value": "3100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-412": {
"value": "189400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-413": {
"value": "163000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-414": {
"value": "317600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-415": {
"value": "189400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-418": {
"value": "GENERAL INFORMATION Company description 888 Holdings PLC (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) was founded in 1997 in the British Virgin Islands and since 17 December 2003 has been domiciled in Gibraltar (Company number 90099). On 4 October 2005, the Company listed on the London Stock Exchange. DEFINITIONS In these financial statements: The Company 888 Holdings PLC The Group 888 Holdings PLC and its subsidiaries. Subsidiaries Companies over which the Company has control (as defined in IFRS 10 \u2013 Consolidated Financial Statements) and whose accounts are consolidated with those of the Company. Related parties As defined in IAS 24 \u2018Related Party Disclosures\u2019 Associates As defined in IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "GENERAL INFORMATION Company description 888 Holdings PLC (the \u201cCompany\u201d) and its subsidiaries (together the \u201cGroup\u201d) was founded in 1997 in the British Virgin Islands and since 17 December 2003 has been domiciled in Gibraltar (Company number 90099). On 4 October 2005, the Company listed on the London Stock Exchange. DEFINITIONS In these financial statements: The Company 888 Holdings PLC The Group 888 Holdings PLC and its subsidiaries. Subsidiaries Companies over which the Company has control (as defined in IFRS 10 \u2013 Consolidated Financial Statements) and whose accounts are consolidated with those of the Company. Related parties As defined in IAS 24 \u2018Related Party Disclosures\u2019 Associates As defined in IAS 28 \u2018Investments in Associates and Joint Ventures\u2019 1 ACCOUNTING POLICIES The significant accounting policies applied in the preparation of the consolidated financial statements are as follows: Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. All values are rounded to the closest hundred thousand, except when otherwise indicated. The significant accounting policies applied in the consolidated financial statements in the prior year have been applied consistently in these consolidated financial statements, except for the amendments to accounting standards effective for the annual periods beginning on 1 January 2022 and representation of expenses analysis in the income statement. These are described in more detail below. As a company incorporated in Gibraltar, 888 Holdings plc is not required by UK law or regulation to prepare the Directors\u2019 Remuneration or Strategic reports under regulation that applies to UK incorporated companies. However, by virtue of 888\u2019s Premium Listing on the London Stock Exchange and reflecting the Director\u2019s approach to good governance and investor expectation, we have prepared these reports in line with the requirements under the UK Companies act 2006. The Directors\u2019 Remuneration Report, set out on pages 111 to 125, has been voluntarily prepared in accordance with sections 420 to 422 UK Companies act 2006. The information given in the Strategic Report, set out on pages 2 to 88, has been voluntarily prepared in accordance with section 414 UK Companies act 2006. Change in presentation currency of the Group The Group has changed the currency in which it presents its financial results from US Dollar to Pound sterling (GBP) with effect from 1 January 2022, in consideration of the William Hill acquisition and current business mix which now has significantly higher GBP exposure. 888 US dollar denominated earnings, are a relatively lower proportion of overall earnings. Given the current composition of the Group\u2019s activities, this change is expected to reduce the impact of currency movements on reported results. Accordingly, to satisfy the requirements of IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, the reported results for the year ended 31 December 2022 have been translated from US Dollar to GBP using the following procedures: \u2022 Assets and liabilities denominated in non-GBP currencies were translated into GBP at the relevant closing rates of exchange; \u2022 The trading results of subsidiaries whose functional currency was other than GBP were translated into GBP at the relevant average rates of exchange; \u2022 Movements in other reserves were translated into GBP at the relevant average rates of exchange; \u2022 Share capital, share premium, treasury shares/own shares and dividends were translated at the historic rates prevailing on the date of each transaction; and \u2022 The cumulative translation reserve was set to nil at 1 January 2004, being the earliest practicable date and the date of transition to IFRS, and has been restated on the basis that the Group had reported in GBP since that date. The opening balance sheet and all comparatives have been re-presented in GBP following the change in presentation currency. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 ACCOUNTING POLICIES CONTINUED
Going concern
Background
The financial statements have been prepared using the going concern basis of accounting. As at the year end the Group
had net assets of \u00a3159.2m (31 December 2021: \u00a3124.5m) and incurred a statutory loss before tax of \u00a3115.7m during the year
(31 December 2021: \u00a359.0m profit). The Group also had net current liabilities of \u00a3209.0m (31 December 2021: \u00a311.7m).
A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities
and borrowing position, together with the factors likely to affect its future development and performance, is set out in the
Strategic Report on pages 2 to 88, and in notes 23 to 25 to these financial statements.
Business planning and performance management
Following the acquisition of William Hill, the Group has developed its forecasting and monitoring processes to reflect the
combined group and the new reporting structure. These consists of weekly monitoring and careful management of liquidity,
an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by
management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances
and understand their future impact so management can take action where appropriate. Analysis is undertaken to review and
sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts.
Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on
pages 56 to 66), the Group has established risk management processes to identify and mitigate risks, and such risks have
been considered when undertaking the going concern evaluation for the period to 30 June 2024.
The Group\u2019s future prospects
As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from
the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash
equivalents excluding customer balances and restricted cash of \u00a3176.3m as at 31 December 2022 (31 December 2021: \u00a3129.3m).
In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility which is currently undrawn.
The Group entered into significant debt arrangements within the year to fund the acquisition of the William Hill business (also
described in note 24). Other than an annual \u00a34.8m repayment on the TLB facility, no borrowings are due within the period of
the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is
repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a Net Leverage covenant which is not restrictive in the base
case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants.
The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2024, based on reasonable assumptions including,
in the base case, a 3% decline in 2023 revenue on a pro forma basis and lower than expected EBITDA synergies in 2023,
indicate that the Group will be able to operate within the level of its currently available and expected future facilities for
this period to 30 June 2024. Under the base case forecast, the Group has sufficient cash reserves and available facilities to
enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2024.
The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to
the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that
could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and
in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for
the foreseeable future.
Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group
operates. Downside sensitivities have been run, individually and in aggregate to assess the impact of the following scenarios:
\u2022 The adverse impact of suspension of 888 VIP customers in the Middle East region;
\u2022 Reductions in profitability for the whole Group of 10% to reflect potential regulatory, macroeconomic or competitive pressures;
\u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt;
\u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and
\u2022 The adverse impact of potential measures that may be imposed following the UK Gambling Act review.
Management has performed a separate reverse stress test to identify the conditions that would be required to compromise
the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate
any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by
reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following
these actions, the Group could withstand a decrease in forecast EBITDA of 31%. The Board considers the likelihood of a
decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these
financial statements, could be considered including the disposal of non-core assets and investments.
Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions
that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures.
Conclusion
Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 1 ACCOUNTING POLICIES CONTINUED 1.1 Basis of preparation continued New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below: IAS 16 (amended) Property, plant and equipment: proceeds before intended use IAS 37 (amended) Onerous contracts: cost of fulfilling a contract IAS 39 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 1 (amended) Annual improvements to IFRS Standards 2018-2020 IFRS 3 (amended) Reference to the conceptual framework IFRS 7 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 9 (amended) Derecognition of financial liabilities Annual improvements to IFRS standards 2018-2020 IFRS 16 (amended) Annual improvements to IFRS standards 2018-2020 Interest rate benchmark reform \u2013 Phase 2 Standards in issue but not effective At the date of authorisation of the Group financial statements, the following Standards, amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: New Standards IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments and interpretations IAS 1 (amended) Disclosure of accounting policies (effective 1 January 2023) Classification of liabilities as current or non-current (effective 1 January 2024) IAS 8 (amended) Definition of accounting estimates (effective 1 January 2023) IAS 12 (amended) Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023) IFRS 16 (amended) Lease liabilities in a sale and leaseback (effective 1 January 2024) The Group does not currently believe that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. Impact of climate change The business continues to consider the impact of climate change in the consolidated and company financial statements and recognise that the most impactful risks are around the cancellation of sporting events due to extreme weather and the longer-term cost of energy. These costs have been factored into future forecasts and the carrying value of assets in these financial statements. The Directors do not believe these risks represent a material risk to managements forecasts this year. Further the group has assessed the impact of climate change in the work on going concern, viability statement and impairment reviews and considers that the above risk of longer-term cost of energy has been factored into these future forecasts. The Group constantly monitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed that will impact the Group. The Group will adjust key assumptions in value in use calculations and sensitise these calculations should a change been required. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described below, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in the period and future periods if it affects both current and future periods. 1 ACCOUNTING POLICIES CONTINUED Critical accounting judgements Internally generated intangible assets Costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. The initial capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility criteria are met. In making this judgement, management considers the progress made in each development project and its latest forecasts for each project. Other expenditure is charged to the consolidated income statement in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. For further information see note 12. IFRS 16 Management addresses the key judgements, including the assessment of the lease term at the point where the lessee can be reasonably certain of its right to use the underlying asset. Given the continued uncertainty surrounding the Retail estate, management determined the lease term under IFRS 16 across the Retail estate as the next available break date, as this means the Group is not \u2018reasonably certain\u2019 that any lease break will not be exercised. The Group has recognised a lease liability of \u00a389.0m at 31 December 2022. Exceptional and adjusted items The Group classifies and presents certain items of income and expense as exceptional items. The Group presents adjusted performance measures which differ from statutory measures due to exclusion of exceptional items and certain non-cash items as the Group considers that it allows a further understanding of the underlying financial performance of the Group. These measures are described as \u201cadjusted\u201d and are used by management to measure and monitor the Group\u2019s underlying financial performance. Non-cash items that are excluded from adjusted performance measures of underlying financial performance include amortisation of acquired intangibles, amortisation of finance fees, share benefit charges and foreign exchange differences. The Group considers any items of income and expense for classification as exceptional if they are one off in nature and by virtue of their size. The items classified as exceptional (and are excluded from the adjusted measures) are described in further detail in note 3. Key accounting estimates Identification and valuation of William Hill intangible assets The Group acquired the International (non-US) business of William Hill on 1 July 2022 for an enterprise value of \u00a31.73bn. As part of the purchase price allocation the Group recognised separately identifiable acquired intangibles comprising brands (\u00a3574.4m); customer relationships (\u00a3595.1m) and gambling licences (\u00a38.5m). Goodwill of \u00a3785.6m was recognised on acquisition. The estimate of the value of each class of asset described above is based on recognised valuation methodologies such as the \u201crelief from royalty\u201d method for brands, recognised industry comparative data and the Group\u2019s industry experience and specialist knowledge, and is therefore a key accounting estimate. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Note that consideration of provisions and contingent liabilities identification and valuation on acquisition are considered in the provision, contingent liabilities and regulatory matters section below. This has been an area where the Group has made significant accounting estimates during the year. However, the Group recognises that it is not an accounting estimate where there are major sources of estimation uncertainty at 31 December 2022 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Further, the Group exercised judgement in determining the intangible assets acquired and their fair value on the William Hill business combination, with the support of external experts to support the valuation process, where appropriate. See Note 16 for additional information. Impairment of goodwill and other long-life intangible assets For the purposes of impairment testing under IAS 36 Impairment of Assets, CGUs are grouped to reflect the level at which goodwill is monitored by management. The key judgement is the level at which the impairment tests are performed. Management have allocated Goodwill to Retail on a group of CGUs basis, International on a group of CGUs basis and UK Online as its own CGU as this is the lowest level at which it is practical to monitor goodwill. These are the levels at which goodwill is assessed for impairment. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Cash flows are typically forecast for periods up to five years. For some cash-generating units it is appropriate to use forecasts extending beyond five years where future investment in the business is expected to result in a long-term growth being achieved outside of five years. For further information see note 12. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 1 ACCOUNTING POLICIES CONTINUED Taxation The Group holds a number of provisions for uncertain tax positions on the basis of amounts expected to be paid to the tax authorities. If for example, the tax authorities in the relevant jurisdictions do not regard the arrangements between any of the group companies as being made at arm\u2019s length or insofar as changes occur in transfer pricing regulations or in the interpretation of existing transfer pricing regulations, including through changes to the OECD\u2019s guidelines and/ or recommendations, the amount of tax payable by the Group may increase. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that would be settled. However, the actual outcome could be different to the estimate made, as the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time barred. Provisions, contingent liabilities and regulatory matters The Group makes a number of estimates in respect of the accounting for, and disclosure of, expenses and contingent liabilities for customer claims. Provisions are described in further detail in note 22 and contingent liabilities in note 31. In common with other businesses in the gambling sector the Group receives claims from customers relating to the provision of gambling services. Claims have been received from customers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses customer claims as they are resolved or finally determined in customers\u2019 favour and provides for such claims where an outcome in favour of the customers in question is probable. Specifically, the Group has recognised a provision and contingent liability for customer claims in Austria where the Business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Customers who have obtained judgement against the Business\u2019 entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, mostly related to the Mr Green brand. The value of the provision and contingent liability are both estimates based on the number and individual size of claims received to date and assumptions based on such observations as can be derived from those claims and include an estimate of claims the Group assess it probable, for the provision, and possible, for the contingent liability, that it will receive in the future. If these rate of receipt of claims were to increase by 25% compared to our expectation the value across the provision recognised and contingent liability disclosed would increase by \u00a37.0m before consideration of potential gaming tax reclaim. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated from the date the Parent gained control until such time as control ceases. The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the consideration over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. Revenue Revenue is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for goods and services that the Group is in business to provide, net of discounts, marketing inducements and VAT, as set out below. In the case of licensed betting offices (\u201cLBO\u201d) (including gaming machines), online sportsbook and telebetting and online casino (including games on the Online arcade and other numbers bets) revenue represents gains and losses from gambling activity in the period. This revenue is treated as a derivative under IFRS 9 \u2018Financial Instruments\u2019 and is therefore out of scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019. Open positions are carried at fair value, and gains and losses arising on this valuation are recognised in revenue, as well as gains and losses realised on positions that have closed. Revenue from the Online poker business is within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and reflects the net income (rake) earned when a poker game is completed, which is when the performance obligation is deemed to be satisfied. Revenue from B2B is mainly comprised of services provided to business partners. B2B also includes fees from the provision of certain gaming related services to partners. Customer advances received are treated as deferred income within current liabilities and released as they are earned. 1 ACCOUNTING POLICIES CONTINUED Revenue continued For services provided to business partners through its B2B unit, the Group examines whether the nature of its promise is a performance obligation to provide the defined goods or services itself, which means the Group is a principal and therefore recognises revenue as the gross amount of the revenue generated from use of the Group\u2019s platform in online gaming activities with the partners\u2019 share of the revenue charged to marketing expenses; or to arrange that another party provide the goods or services which means the Group is an agent and therefore recognises revenue as the amount of the net commission from use of the Group\u2019s platform. The Group is a principal when it controls the promised goods or services before their transfer to the customer. Indicators that the Group controls the goods or services before their transfer to the customer include, inter alia, as follows: The Group is the primary obligor for fulfilling the promises in the contract; the Group has inventory risk before the goods or services are transferred to the customer; and the Group has discretion in setting the prices of the goods or services. Cost of Sales Cost of sales consists primarily of gaming duties, payment service providers\u2019 commissions, chargebacks, commission and royalties payable to third parties, all of which are recognised on an accruals basis. Operating expenses Operating expenses consist primarily of marketing, staff costs and corporate professional expenses, both of which are recognised on an accruals basis. Retirement benefit costs Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. For defined benefit retirement schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each period end date. Actuarial remeasurements are recognised in full in the period in which they occur. They are recognised outside profit or loss and presented in the Consolidated Statement of Other Comprehensive Income. The net retirement benefit asset or obligation recognised in the Consolidated Statement of Financial Position represents the present value of the defined benefit obligation as adjusted for unrecognised past service costs and as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service costs plus the present value of available refunds and reductions in future contributions to the plan. Foreign currency Monetary assets and liabilities denominated in currencies other than the functional currency of the relevant company are translated into that functional currency using year-end spot foreign exchange rates. Non-monetary assets and liabilities are translated using exchange rates prevailing at the dates of the transactions. Exchange rate differences on foreign currency transactions are included in financial income or financial expenses in the Consolidated Income Statement, as appropriate. The results and financial position of all Group entities that have a functional currency different from pound sterling are translated into the presentation currency at foreign exchange rates as set out below. Exchange differences arising, if any, are recorded in the Consolidated Statement of Comprehensive Income as a component of other comprehensive income. (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and (ii) income and expenses for each income statement are translated at an average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). Finance income Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable. Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 1 ACCOUNTING POLICIES CONTINUED Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the period end date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. Intangible assets Acquired intangible assets Intangible assets arising on acquisitions are recorded at their fair value. Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Acquired brands Assessed separately for each asset, with lives ranging up to 20 years. Customer relationships Between 18 months and 13 years. Bookmaking and mobile technology Between three and five years. Licences 10 to 20 years. Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information. Internally generated intangible assets An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified (such as software and new processes); \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the useful life of these assets as between three and five years. 1 ACCOUNTING POLICIES CONTINUED
Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each
balance sheet date for indicators of impairment.
Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less
their estimated residual values over their expected useful lives. The annual depreciation rates are as follows:
Freehold buildings 50 years
Long leasehold properties 50 years
Short leasehold properties Over the unexpired period of the lease
Short leasehold improvements The shorter of ten years or the unexpired period of the lease
Fixtures, fittings and equipment and motor vehicles At variable rates between three and ten years
Right-of-use asset Reasonably certain lease term
Impairment of non-financial assets
An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the
asset may be impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property plant and
equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have
not been adjusted. This process is described in more detail in note 12 to the financial statements.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an
expense immediately.
Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating
unit) is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount
does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately.
Fair value measurement
The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures
are included in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between
market participants at a particular date, either in the principal market for the asset or liability or, in the absence of a
principal market, in the most advantageous market for that asset or liability accessible to the Group.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to
measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement.
Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants
would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value
measurements, IFRS 13 establishes a fair value hierarchy that distinguishes between market participant assumptions based
on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1
and 2 of the hierarchy) and the reporting entity\u2019s own assumptions about market participant assumptions (unobservable inputs
classified within Level 3 of the hierarchy).
\u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has
the ability to access.
\u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well
as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange
rates, and yield curves that are observable at commonly quoted intervals.
\u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions,
as there is little, if any, related market activity. In instances where the determination of the fair value measurement is
based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire
fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its
entirety. The Company\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety
requires judgement and considers factors specific to the asset or liability.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
1 ACCOUNTING POLICIES CONTINUED
Assets held for sale
Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book
value and fair value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact
of any adjustment as a part of this assessment is booked through the Consolidated Income Statement.
Cash and cash equivalents
Cash comprises cash in hand and balances with banks and on-demand deposits. Cash equivalents are short-term, highly
liquid investments that are readily convertible to known amounts of cash. They include short-term deposits originally
purchased with maturities of three months or less .
Trade receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost and principally
comprise amounts due from credit card companies and from e-payment companies. The Group has applied IFRS 9\u2019s
simplified approach and has calculated the expected credit losses (\u2018ECLs\u2019) based on lifetime of expected credit losses. Bad
debts are written off when there is objective evidence that the full amount may not be collected.
Equity
Equity issued by the Company is recorded as the proceeds received from the issue of shares, net of direct issue costs.
Treasury shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity.
No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share
premium account.
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is
when declared by the Board of Directors and paid. In the case of final dividends, this is when approved by the shareholders
at the Annual General Meeting.
Equity-settled Share benefit charges
Where the Company grants its employees or contractors shares or options, the cost of those awards, recognised in the
Consolidated Income Statement over the vesting period with a corresponding increase in equity, is measured with reference
to the fair value at the date of grant. Market performance conditions are taken into account in determining the fair value at
the date of grant. Non-market performance conditions, including service conditions, are taken into account by adjusting the
number of instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised
over the vesting period is based on the number of instruments that eventually vest.
Cash-settled transactions
A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each
reporting date up to and including the settlement date, with changes in fair value recognised within employee benefits
expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability.
Further details of which are given in note 28. The approach used to account for vesting conditions when measuring equity-
settled transactions also applies to cash-settled transactions.
Severance pay schemes
The Group operates two severance pay schemes:
Defined benefit severance pay scheme
The Group operates a defined benefit severance pay scheme pursuant to the Severance Pay Law in Israel. Under this
scheme Group employees are entitled to severance pay upon redundancy or retirement. The liability for termination of
employment is measured using the projected unit credit method.
Severance pay scheme surpluses and deficits are measured as:
\u2022 the fair value of plan assets at the reporting date; less
\u2022 plan liabilities calculated using the projected unit credit method, discounted to its present value using yields available for
the appropriate government bonds that have maturity dates appropriate to the terms of the liabilities.
Remeasurements of the net severance pay scheme assets and liabilities, including actuarial gains and losses on the scheme
liabilities due to changes in assumptions or experience within the scheme and any differences between the interest income
and the actual return on assets, are recognised in the Consolidated Statement of Comprehensive Income in the period in
which they arise.
1 ACCOUNTING POLICIES CONTINUED Defined contribution severance pay scheme In 2017 the Group introduced a defined contribution plan pursuant to section 14 to the Severance Pay Law. Under this scheme the Group pays fixed monthly contributions. Payments to defined contribution plans are charged as an expense as they fall due. Borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and inflation risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges); or \u2022 hedges of a net investment in a foreign operation (net investment hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge are recognised immediately in profit or loss and are included in \u201cfinance income/expense\u201d. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
1 ACCOUNTING POLICIES CONTINUED
Leasing
At inception of a contract, the Group considers whether the contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially
measured at the present value of the lease payments that have not been paid at the commencement date, discounted using
an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can
be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for
its leases, which is determined based on the margin requirements of the Group\u2019s revolving credit facilities as well as country
specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from
the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group
has assessed the lease term of properties within its retail estate to be up to the first available contractual break within the
lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued
uncertainty surrounding the Group\u2019s retail business.
The Group has also applied the below practical expedients:
\u2022 exclude leases from measurement and recognition where the lease term ends within 12 months from the date of initial
application and account for these leases as short-term leases;
\u2022 exclude low value leases for lease values less than \u00a35,000;
\u2022 apply a single discount rate to a portfolio of leases with similar characteristics;
\u2022 use hindsight to determine the lease term if the contract contains options to extend or terminate; and
\u2022 exclude initial direct lease costs in the measurement of the right-of-use asset.
The Group has a small number of sublet properties. In these instances, leases are classified as finance leases whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified
as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the
head lease right-of-use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount
of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods to reflect a constant
periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a
straight-line basis over the term of the lease. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities for
most leases.
Trade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost.
Provisions
Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is
probable that it will result in an outflow of economic benefits that can be reasonably estimated.
Liabilities to customers
Liabilities to customers comprise the amounts that are credited to customers\u2019 bankroll (the Group\u2019s electronic \u201cwallet\u201d),
including provision for bonuses granted by the Group, less fees and charges applied to customer accounts, along with full
progressive provision for jackpots. These amounts are repayable in accordance with the applicable terms and conditions.
2 SEGMENT INFORMATION The Board has reviewed and confirmed the Group\u2019s reportable segments in line with the guidance provided by IFRS 8 \u2018Operating Segments\u2019. The segments disclosed below are aligned with the reports that the Group\u2019s Chief Executive Officer and Chief Financial Officer as Chief Operating Decision Makers review to make strategic decisions. During the year ended 31 December 2022, subsequent to the acquisition of William Hill, the Group changed its segments to be Retail, UK Online and International. As such, the comparative information below has been re-presented from the prior year to display results under the new reported segments. The Retail segment comprises all activity undertaken in LBOs including gaming machines. The UK Online segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within the UK and Ireland. The International segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within all territories excluding the UK. There are no inter-segmental sales within the Group. Segment performance is shown on an adjusted EBITDA basis, with a reconciliation from adjusted EBITDA to statutory results for clarity. Information for the year ended 31 December 2022 is as follows: 2022 Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other 2 \u00a3 million Corporate \u00a3 million Total \u00a3 million Revenue 1 255.5 455.5 508.3 19.5 \u2014 1,238.8 Gaming duties and other cost of sales (55.0) (163.7) (184.7) (10.5) \u2014 (413.9) Adjusted Gross Profit 200.5 291.8 323.6 9.0 \u2014 824.9 Marketing (3.3) (148.1) (105.2) (2.5) \u2014 (259.1) Contribution 197.2 143.7 218.4 6.5 \u2014 565.8 Operating expenses (156.0) (82.1) (100.1) (4.8) (5.2) (348.2) Associate income \u2014 \u2014 \u2014 \u2014 0.3 0.3 Adjusted EBITDA 41.2 61.6 118.3 1.7 (4.9) 217.9 Depreciation (30.8) Amortisation (excluding acquired intangibles) (32.8) Amortisation of acquired intangibles (56.7) Exceptional items \u2013 cost of sales and operating expenses (93.2) Share benefit charges (5.2) Foreign exchange (4.0) Finance expenses (111.7) Finance income 0.8 Loss before tax (115.7) 1. Revenue recognised under IFRS 9 is \u00a3255.5m in Retail, \u00a3455.5m in UK Online, \u00a3502.7m in International and \u00a310,9m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK Online, \u00a35.6m in International and \u00a38.6m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during the year. See note 16 for further information. Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other \u00a3 million Corporate \u00a3 million Total \u00a3 million Total segment assets 542.6 1,395.5 961.3 \u2014 11.7 2,911.1 Total segment liabilities 176.3 341.6 562.3 \u2014 1,458.7 2,538.9 Included within total assets: Goodwill 99.4 360.4 326.2 \u2014 \u2014 786.0 Interests in associates \u2014 \u2014 \u2014 \u2014 38.4 38.4 Capital additions 13.4 24.6 68.3 \u2014 1.1 107.4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 2 SEGMENT INFORMATION CONTINUED 2021 Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other 2 \u00a3 million Corporate \u00a3 million Total \u00a3 million Revenue 1 \u2014 255.2 410.4 46.7 \u2014 712.3 Gaming duties and other cost of sales \u2014 (88.7) (129.2) (24.4) \u2014 (242.3) Adjusted Gross Profit \u2014 166.5 281.2 22.3 \u2014 470.0 Marketing \u2014 (118.9) (97.4) (6.2) \u2014 (222.5) Contribution \u2014 47.6 183.8 16.1 \u2014 247.5 Operating expenses \u2014 (39.9) (69.7) (8.8) (9.4) (127.8) Associate income \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Adjusted EBITDA \u2014 7.7 114.1 7. 3 (9.4) 119.7 Depreciation (10.3) Amortisation (excluding acquired intangibles) (16.1) Exceptional items \u2013 cost of sales and operating expenses (17.3) Share benefit charges (6.1) Foreign exchange (6.7) Finance income \u2014 Finance expenses (4.2) Profit before tax 59.0 1. Revenue recognised under IFRS 9 is \u00a3nil in Retail, \u00a3255.2m in UK Online, \u00a3410.4m in International and \u00a328.6m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK Online, \u00a3nil in International and \u00a318.1m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during 2022. See note 16 for further information. Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other \u00a3 million Corporate \u00a3 million Total \u00a3 million Total segment assets \u2014 79.4 304.6 \u2014 13.9 397.9 Total segment liabilities \u2014 132.2 100.7 \u2014 18.1 251.0 Included within total assets: Goodwill \u2014 36.9 23.2 \u2014 \u2014 60.1 Interests in associates \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Capital additions \u2014 0.6 22.1 \u2014 \u2014 22.7 Geographical information The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below: Revenue by geographical market (based on location of customer) 2022 \u00a3 million 2021 \u00a3 million United Kingdom 711.9 300.6 Rest of World 343.1 276.6 Italy 116.4 86.0 Spain 67.4 49.1 1,238.8 712.3 Non-current assets by geographical location 2022 \u00a3 million 2021 \u00a3 million United Kingdom 536.0 45.8 Gibraltar 1,194.9 58.8 Rest of World 721.0 53.1 2,451.9 157.7 3 EXCEPTIONAL ITEMS AND ADJUSTMENTS In determining the classification and presentation of exceptional items we have applied consistently the guidelines issued by the Financial Reporting Council (\u2018FRC\u2019) that primarily addressed the following: \u2022 Consistency and even-handedness in classification and presentation; \u2022 Guidance on whether and when recurring items should be considered as part of underlying results; and \u2022 Clarity in presentation, explanation and disclosure of exceptional items and their relevance. 3 EXCEPTIONAL ITEMS AND ADJUSTMENTS CONTINUED In preparing the ARA, we also note the European Securities and Markets Authority (\u2018ESMA\u2019) guidance on Alternative Performance Measures (APM), including: \u2022 Clarity of presentation and explanation of the APM; \u2022 Reconciliation of each APM to the most directly reconcilable financial statement caption; \u2022 APMs should not be displayed with more prominence than statutory financials; \u2022 APMs should be accompanied by comparatives; and \u2022 The definition and calculation of APMs should be consistent over time. We are satisfied that our policies and practice conform to the above guidelines. Adjusted results The Group reports adjusted results, both internally and externally, that differ from statutory results prepared in accordance with IFRS. These adjusted results, which include our key metrics of adjusted EBITDA and adjusted EPS, are considered to be a useful reflection of the underlying performance of the Group and its businesses, since they exclude transactions which impair visibility of the underlying activity in each segment. More specifically, visibility can be impaired in one or both of the following instances: \u2022 a transaction is of such a material or infrequent nature that it would obscure an understanding of underlying outcomes and trends in revenues, costs or other components of performance (for example, a significant impairment charge); or \u2022 a transaction that results from a corporate activity that has neither a close relationship to the Group\u2019s operations nor any associated operational cash flows (for example, the amortisation of intangibles recognised on acquisitions). Adjusted results are used as the primary measures of business performance within the Group and align with the results shown in management accounts, with the key uses being: \u2022 management and Board reviews of performance against expectations and over time, including assessments of segmental performance (see note 2 and the Strategic Report); \u2022 in support of business decisions by the Board and by management, encompassing both strategic and operational levels of decision-making. The Group\u2019s policies on adjusted measures are consistently applied over time, but they are not defined by IFRS and, therefore, may differ from adjusted measures as used by other companies. The Consolidated Income Statement presents adjusted results alongside statutory measures, with the reconciling items being itemised and described below. We discriminate between two types of reconciling items: exceptional items and adjusted items. Exceptional items Exceptional items are those items the Directors consider to be one-off or material in nature that should be brought to the reader\u2019s attention in understanding the Group\u2019s financial performance. Exceptional items are as follows: 2022 \u00a3 million 2021 \u00a3 million Cost of sales Retroactive duties and associated (credit)/charges (3.9) 4.2 Exceptional items \u2013 cost of sales (3.9) 4.2 Operating expenses Acquisition related costs 24.5 10.9 Integration and transformation costs 14.4 2.2 Disposal of 888 Bingo 11.7 \u2014 Impairment of US Goodwill and other assets 55.7 \u2014 Revaluation of contingent consideration (9.2) \u2014 Exceptional items \u2013 operating expenses 97.1 13.1 Finance expenses Senior Unsecured Notes early redemption fees 14.1 \u2014 Gain on settlement of Senior Unsecured Notes (7.1) \u2014 Exceptional items \u2013 finance expenses 7.0 \u2014 Total exceptional items before tax 100.2 17. 3 Tax on exceptional items 2.8 2.5 Total exceptional items 103.0 19.8 Total tax on exceptional items and adjustments is a credit of \u00a311.4m, \u00a314.2m of which relates to adjustments. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
3 EXCEPTIONAL ITEMS AND ADJUSTMENTS CONTINUED
Retroactive gaming duties and associated charges
The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities,
which may, in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private
litigations, claims and damages. In 2021, a provision was recognised in 888 relating to a liability in Spain of \u00a34.2m. In the year
\u00a30.3m was settled, leading to a release of \u00a33.9m.
Acquisition related costs
The Group has incurred legal and M&A costs associated with the acquisition of William Hill of \u00a324.5m (2021: \u00a310.9m).
Integration and transformation costs
Following the acquisition of the William Hill International (non-US) business, the integration and transformation program
began and is expected to take three years until 2025. The cash costs to achieve the targeted integration synergies are
expected to cost approximately \u00a3100.0m over the lifetime of the programme. In 2022, there were a total of \u00a38.8m of costs
relating to the integration programme, namely redundancy costs of \u00a35.8m and legal and consultancy fees of \u00a33.0m and a
further \u00a33.7m of platform separation and other integration costs.
Alongside this, the transformation of the Retail operating model has led to a \u00a31.9m charge, albeit the savings from this are
not classified as synergies. In the prior year, the Group incurred \u00a32.0m of redundancy costs related to the decision to close
the Antigua office, as well as \u00a30.2m relating to the disposal of property, plant and equipment.
Disposal of 888 Bingo
On 7 July 2022, the Group announced that it had completed the sale of its entire Bingo business to Saphalata Holdings Ltd.,
a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4 million (US$45.25 million), out of which
\u00a335.7 million was paid on completion and a further \u00a31.7 million will unconditionally be paid in one year. As a result, the Group
reclassified Bingo assets and liabilities as \u2018Held for sale\u2019 and recognised an impairment loss of \u00a311.2 million. An additional
\u00a30.5m loss was recorded on the disposal of the business. Refer to note 16.
Impairment of US Goodwill and other assets
During the year, as a part of the annual impairment review, management performed a value in use calculation to assess
the recoverable amount of the Group\u2019s US business, using that business\u2019s underlying cash flow forecasts. The recoverable
amount was lower than the book value of its assets and, as such, the Group impaired the goodwill on the US business in full,
totalling \u00a325.7m.
Additionally as part of the integration, the business intends to use the existing 888 technology platform as the basis for the
future platform of the Group, leading to a write off of the Unity platform, a proprietary technology system William Hill was
building that is no longer needed, at a cost of \u00a328.1m. A further \u00a31.4m of smaller technology assets were written off. \u00a30.5m
of freehold assets were written off when reclassified to held for sale at the year end, due to the assets being tested for
impairment as a result of the transfer.
Revaluation of contingent consideration
As a part of the transaction agreement with Caesars for the purchase of William Hill, an amount of up to \u00a3100.0m consideration
was contingent subject to the enlarged group hitting specific EBITDA metrics. This was fair valued on acquisition at \u00a39.6m and
revalued at the year-end date to \u00a30.4m, leading to a release in this contingent consideration of \u00a39.2m.
Senior Unsecured Notes early redemption fees
As part of the William Hill acquisition, the Group acquired certain Senior Unsecured Notes, \u00a3350.0m 4.875% due May 2023
and \u00a3350.0m 4.75% due May 2026. Subsequent to the acquisition, the \u00a3350.0m Note due May 2023 was fully redeemed as
well as a partial redemption amounting to \u00a3339.5m of the Note due May 2026.
The total cost to the Group of settling the Notes consisted of \u00a312.2m in early redemption fees together with a combined \u00a31.9m
of unamortised finance fees, which were written off to profit and loss immediately on redemption of each note. All of the
costs were considered as exceptional due to their one-off nature.
Gain on settlement of Senior Unsecured Notes
The Senior Unsecured Notes acquired in the acquisition of William Hill were accounted for at fair value. Subsequently these
Notes have been settled and as such the gain on settlement of these Notes of \u00a37.1m has been recognised.
Adjusted items
Adjusted items are recurring items that are excluded from internal measures of underlying performance and which are not
considered by the Directors to be exceptional. This relates to the amortisation of specific intangible assets recognised in
acquisitions, foreign exchange and share benefit charges. These items are defined as adjusted items as it is believed it
would impair the visibility of the underlying activities across each segment as it is not closely related to the businesses\u2019 or
any associated operational cash flows. Each of these items are recurring and occur in each reporting period and will be
consistently adjusted in future periods. Note that the adjusted items are all shown on the face of the consolidated income
statement in the reconciliations of both adjusted EBITDA and adjusted profit after tax.
4 SHARE OF RESULTS OF ASSOCIATES 2022 \u00a3 million 2021 \u00a3 million Share of post-tax profit of equity accounted associate 0.3 \u2014 The above represents the Group\u2019s share of the results of Sports Information Services (Holdings) Limited (see note 14) for the period in which the Group owned the associate. 5 OPERATING PROFIT Notes 2022 \u00a3 million 2021 \u00a3 million Operating profit is stated after charging: Gaming duties 256.3 133.7 Marketing expenses 257.8 222.6 Staff costs (including Executive Directors) 6 227.4 112.9 Exceptional items \u2013 cost of sales 3 (3.9) 4.2 Exceptional items \u2013 operating expenses 3 97.1 13.1 Depreciation (within operating expenses) 13 30.8 10.3 Amortisation (within operating expenses) 12 89.5 16.1 Auditor remuneration 2022 \u00a3 million 2021 1 \u00a3 million Audit of Company 1.0 0.6 Audit of Group 2.0 0.1 Total fees for audit services 3.0 0.7 Audit related assurance services \u2013 half year review 0.1 \u2014 Other assurance services 0.1 0.2 Total assurance services 0.2 0.2 Other non-audit services 0.8 2.0 Total fees for non-audit services 1.0 2.2 Total fees 4.0 2.9 1. Non-Audit fees for the year ended 31 December 2021 have increased by \u00a30.3 million compared to the amount previously reported due to fees agreed during the year ended 31 December 2022 but which related to the year ended 31 December 2021. The auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition of William Hill International and Capital Raise that will be published during Q2 2022. Total non-audit fees payable to Ernst & Young for permissible non-audit services relating to the transaction are \u00a30.9m. Total fees for non-audit services represented 34% (2021: 296%) of the total fees for audit services. Further considerations in respect of the audit and non-audit fees for the year are set out in the Audit Committee Report. 6 STAFF COSTS Staff costs, including Executive Directors\u2019 remuneration, comprises the following elements: 2022 \u00a3 million 2021 \u00a3 million Wages and salaries 196.8 101.0 Social security 17.4 5.5 Employee benefits and severance pay scheme costs 13.2 6.4 227.4 112.9 In the consolidated income statement, total staff costs, including share benefit charges of \u00a35.2m (2021: \u00a36.1m), are included within the Operating expenses. The average number of employees during the year was 12,019 1 (2021: 1,759). 1. The current year includes an average of 10,213 William Hill staff from 1 July 2022. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 6 STAFF COSTS CONTINUED Severance pay scheme \u2013 Israel The Group has a defined contribution plan pursuant to section 14 to the Severance Pay Law under which the Group pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service at the date of their departure. The Group recognised an expense in respect of contribution to the defined contribution plan during the year of \u00a31.9m (2021: \u00a31.6m). The Group\u2019s employees in Israel, who are not subject to section 14 to the Severance Pay Law, are eligible to receive certain benefits from the Group in specific circumstances on leaving the Group. As such the Group operates a defined benefit severance pay plan which requires contributions to be made to separately administered funds. The funds are held by an independent third-party company. The current service cost and the present value of the defined benefit obligation are measured using the projected unit credit method. Under this schedule, the Company contributes on a monthly basis at the rate of 8.3% of the aggregate of members\u2019 salaries. The disclosures set out below are based on calculations carried out as at 31 December 2022 by a qualified independent actuary. The following table summarises the employee benefits figures as included in the consolidated financial statements: 2022 \u00a3 million 2021 \u00a3 million Included in the balance sheet: Severance pay liability 1.2 3.7 Included in the income statement: Current service costs (within Operating expenses) 1.9 2.6 Included in the statement of comprehensive income: Gain on remeasurement of severance pay scheme liability (2.3) (2.5) Movement in severance pay scheme asset and liability: Severance pay scheme assets 2022 \u00a3 million 2021 \u00a3 million At beginning of year 19.2 18.0 Interest income 0.6 0.5 Contributions by the Group 1.9 2.0 Benefits paid (4.2) (4.4) Return on assets less interest income already recorded (1.0) 2.3 Exchange differences (0.3) 0.8 At end of year 16.2 19.2 Severance pay plan liabilities 2022 \u00a3 million 2021 \u00a3 million At beginning of year 23.0 24.5 Interest expense 0.7 0.7 Current service costs 1.8 2.5 Benefits paid (4.4) (4.5) Actuarial (gain)/loss on past experience (0.2) 0.9 Actuarial gain on changes in financial assumptions (3.1) (1.2) Exchange differences (0.4) 0.1 At end of year 17.4 23.0 As at 31 December 2022 the net accounting deficit of the defined benefit severance pay plan was \u00a31.2m (2021: \u00a33.7m). The Scheme is backed by substantial assets amounting to \u00a316.2m at 31 December 2022 (2021: \u00a319.3m). The net accounting deficit of defined benefit severance plan is a result of: \u2022 Potential liability to pay further contributions to employees who will be made redundant, if the fund does not hold sufficient assets to pay all benefits relating to employee service at the date of their departure. \u2022 Volatility of Israeli government bond rates may have substantial impact in absolute terms on the net liability. An increase in the discount rate from 3.45% in 2021 to 5.54% in 2022 resulted in a \u00a33.1m decrease of the plan liabilities. A further increase in the discount rate by 0.25% per annum (i.e. 5.54% to 5.79%) would decrease the plan liabilities by \u00a30.1m (2021: \u00a30.4m). 6 STAFF COSTS CONTINUED Severance pay scheme \u2013 Israel continued The impact of the severance deficit on the level of distributable reserves is monitored on an on-going basis. Monitoring enables planning for any potential adverse volatility and helps the Group to assess the likely impact on distributable reserves. Employees can determine individually into which type of investment their share of the plan assets are invested, therefore the Group is unable to accurately disclose the proportions of the plan assets invested in each class of asset. The expected contribution for 2023 is \u00a31.9m. The main actuarial assumptions used in determining the fair value of the Group\u2019s severance pay plan are shown below: 2022 % 2021 % Discount rate (nominal) 5.54 3.45 Estimated increase in employee benefits costs 5.05 5.14 Voluntary termination rate 75 75 Inflation rates based on Israeli bonds 2.68 2.54 Sensitivity of balance sheet at 31 December 2022 IAS 19 calculations could result in volatility in the Consolidated Statement of Financial Position principally because the market value of assets (with significant exposure to equities) is being compared with a liability assessment derived from corporate bond yields. The table below shows the sensitivity of the IAS 19 balance sheet position to changes in some of the assumptions. Where one assumption has been changed all the other assumptions are kept as disclosed above. Resulted (surplus)/ deficit \u00a3 million Change from disclosed \u00a3 million Discount rate less 0.25% (1.5) (0.3) Estimated increase in employee benefits costs plus 1% (2.3) (1.1) Voluntary termination rate decrease 5% (1.3) (0.1) Inflation rates up 0.25% (1.1) (0.1) 7 FINANCE INCOME 2022 \u00a3 million 2021 \u00a3 million Total finance income 0.8 \u2014 8 FINANCE EXPENSES Note 2022 \u00a3 million 2021 \u00a3 million Interest expenses related to lease liabilities 3.0 0.9 Bank loans and bonds 74.9 \u2014 Amortisation of finance fees 0.1 \u2014 Hedging activities 3.3 \u2014 Interest expenses related to settlement of tax liability \u2014 2.8 Interest expenses related to severance pay liability, net \u2014 0.1 Foreign exchange on financing activities 22.7 \u2014 Other finance charges and fees 0.7 0.4 Finance expenses \u2013 underlying 104.7 4.2 Senior Unsecured Notes early redemption fees 3 14.1 \u2014 Gain on settlement of Senior Unsecured Notes 3 (7.1) \u2014 Finance expenses \u2013 exceptional 3 7.0 \u2014 Total finance expenses 111.7 4.2 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 9 TAXATION Corporate taxes 2022 \u00a3 million Current taxation UK corporation tax at 19% 6.5 Other jurisdictions taxation 17.8 Adjustments in respect of prior years 1.3 25.6 Deferred taxation Origination and reversal of temporary differences (3.0) Adjustments in respect of prior years (17.7) (20.7) Taxation expense 4.9 Deferred taxation related to items recognised in OCI Remeasurement of severance pay liability 0.6 2021 \u00a3 million Current taxation Gibraltar corporation tax at 12.5% 0.7 Other jurisdictions taxation 8.6 Adjustments in respect of prior years (0.1) 9.2 Deferred taxation Origination and reversal of temporary differences (0.2) Adjustments in respect of prior years \u2014 (0.2) Taxation expense 9.0 Deferred taxation related to items recognised in OCI Remeasurement of severance pay liability 0.2 The Group previously reported its current tax with Gibraltar taxation as the headline tax and the Gibraltar tax rate as the rate to which the actual tax charge was reconciled. In 2022, 888 Holdings PLC became tax resident in the UK by virtue of its central management and control being situated in the UK and as a result the Group has changed its disclosures to refer to the UK tax as the headline tax and the UK tax rate for the reconciliations. The effective tax rate in respect of ordinary activities before adjusting and exceptional items for the year ended 31 December 2022 is 20.0%. The effective tax rate in respect of ordinary activities after exceptional items is -4.2% (31 December 2021: 15%). The Group monitors developments in respect of the global design, consultation and implementation of Pillar Two, which is the OECD term for a global minimum tax rate. Pillar Two is expected to lead to further corporation tax being payable by the Group in the future giving its online operating model. The Group expects that the UK will substantively enact Pillar Two in the first half of 2023 and that Pillar Two will impact the Group\u2019s current tax starting in 2024. The Group\u2019s effective tax rate for 2023 is expected to be 7.7%. 9 TAXATION CONTINUED Corporate taxes continued The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the (loss)/profit before tax is as follows: 2022 \u00a3 million (Loss)/profit before taxation (115.7) Standard tax rate in UK (19.0%) (22.0) Difference in effective tax rate in other jurisdictions 2.5 Expenses not allowed for taxation 32.9 Accrual of liabilities for uncertain tax positions 5.2 Tax on share of result of associate 0.1 Deferred tax not recognised 0.4 Difference in current and deferred tax rate 5.1 Non-taxable income (2.9) Adjustments to prior years\u2019 tax charges (16.4) Total tax charge for the year 4.9 2021 \u00a3 million (Loss)/profit before taxation 59.0 Standard tax rate in Gibraltar (12.5%) 8.1 Difference in effective tax rate in other jurisdictions 4.1 Expenses not allowed for taxation 0.7 Deferred tax not recognised (1.5) Losses utilised previously not recognised for deferred tax (0.2) Non-taxable income (2.1) Adjustments to prior years\u2019 tax charges (0.1) Total tax charge for the year 9.0 The expenses not allowed for tax purposes mainly relate to the acquisition of William Hill for which no tax relief is available. The difference in effective tax rates in other jurisdictions primarily reflect the lower effective tax rate in Gibraltar. The adjustments in respect of prior periods mainly relate to a higher than expected restriction on interest deductions in the UK in earlier periods. 10 EARNINGS PER SHARE Basic earnings per share Basic earnings per share (EPS) has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and outstanding during the year. Diluted earnings per share The weighted average number of shares for diluted earnings per share takes into account all potentially dilutive equity instruments granted, which are not included in the number of shares for basic earnings per share. Potential ordinary shares are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share because they are not dilutive. The number of equity instruments included in the diluted EPS calculation consist of 6,235,340 Ordinary Shares (2021: 6,315,271) and no market-value options (2021: nil). The number of equity instruments excluded from the diluted EPS calculation is 1,986,155 (2021: 577,979). 2022 2021 Profit for the period attributable to equity holders of the parent (\u00a3 million) (120.5) 49.9 Weighted average number of Ordinary Shares in issue and outstanding 426,536,392 371,383,109 Effect of dilutive Ordinary Shares and Share options 6,235,340 6,315,271 Weighted average number of dilutive Ordinary Shares 432,771,732 377,698,380 Basic earnings per share (pence) (28.3) 13.4 Diluted earnings per share (pence) (28.3) 13.2 The diluted loss per share in the current year is the same as the basic loss per share as the potentially dilutive share options are considered antidilutive as they would reduce the loss per share and therefore, they are disregarded in the calculation. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 10 EARNINGS PER SHARE CONTINUED Adjusted earnings per share The Directors believe that EPS excluding exceptional and adjusted items and tax on exceptional and adjusted items (\u201cAdjusted EPS\u201d) allows for a further understanding of the underlying performance of the business and assists in providing a clearer view of the performance of the Group. 2022 2021 Adjusted profit after tax (\u00a3 million) 64.2 82.6 Weighted average number of Ordinary Shares in issue 426,536,392 371,383,109 Weighted average number of dilutive Ordinary Shares 432,771,732 377,698,380 Adjusted basic earnings per share (pence) 15.1 22.2 Adjusted diluted earnings per share (pence) 14.8 21.9 11 DIVIDENDS 2022 \u00a3 million 2021 \u00a3 million Dividends paid \u2014 43.8 The Board of Directors does not recommend a final dividend to be paid in respect of the year ended 31 December 2022. No final dividend was recommended as at 31 December 2021. The 2020 final dividend of 10.4\u00a2 (7.4p) per share plus an additional one-off 1.6\u00a2 (1.1p) per share was paid on 24 May 2021 totalling US$44.5 million (\u00a331.8m) and the 2021 interim regular dividend of 4.5\u00a2 (3.2p) per share in accordance with 888\u2019s dividend policy was paid on 13 October 2021 of US$16.8 million (\u00a312.0m). 12 GOODWILL AND OTHER INTANGIBLES Goodwill \u00a3 million Brands, customer relationships and licences \u00a3 million Software \u00a3 million Total \u00a3 million Cost or valuation At 31 December 2021 134.3 61.0 107.4 302.7 Additions via business combinations 785.6 1,178.0 226.2 2,189.8 Additions \u2014 2.3 65.1 67.4 Disposals (124.2) (17.4) (6.4) (148.0) Effect of foreign exchange rates 16.0 6.9 11.0 33.9 At 31 December 2022 811.7 1,230.8 403.3 2,445.8 Amortisation and impairments: At 31 December 2021 74.2 34.0 70.6 178.8 Amortisation charge for the year \u2014 45.9 43.6 89.5 Impairment charge for the year 36.9 \u2014 29.5 66.4 Disposals (94.5) (10.4) (5.5) (110.4) Effect of foreign exchange rates 9.1 4.0 11.4 24.5 At 31 December 2022 25.7 73.5 149.6 248.8 Carrying amounts At 31 December 2022 786.0 1,157.3 253.7 2,197.0 At 31 December 2021 60.1 27.0 36.8 123.9 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Goodwill Goodwill recognised on the acquisition of William Hill was \u00a3785.6m as outlined in note 16. Based on the estimated synergies from the combination management has allocated this goodwill between Retail (\u00a399.4m), UK Online (\u00a3360.4m) and International (\u00a3325.8m). This represents the lowest level at which goodwill is monitored for internal management purposes. The Group previously had \u00a325.7m goodwill related to its US B2C CGU which has been impaired at year end. See impairment reviews below for more detail. As part of the disposal of the Group\u2019s Bingo business, an \u00a311.2m impairment charge was recognised at the half year against the goodwill in the Bingo business, representing the difference between the agreed sales price and the carrying value of the Bingo businesses net assets. Upon completion of the sale in the second half of the year, the remaining \u00a329.7m of goodwill was disposed. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software. On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of these assets with their recoverable amount. This is an area where the directors exercise judgement and estimation, as noted on pages 152 to 154. Testing is carried out by allocating the carrying value of these assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the previous period, the Group defined its groups of CGUs as Bingo B2C and US B2C. In the year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK Online and International. Prior to the impairment of the CGU, the pre-existing goodwill relating to the US B2C CGU continued to be monitored at the US B2C CGU level consistent with the previous period. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assume that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in the Group\u2019s business model or expected changes in the wider industry or economy; \u2022 management\u2019s forecasts include assumptions on synergy cost savings as a result of the William Hill acquisition, which have been removed to the extent they were not committed at 31 December 2022; \u2022 management assume that the Group will achieve its target sports betting gross win margins as set for each territory, which management base upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2023 budget for each segment in November 2022, as well as a further four-year strategic forecast covering years 2024 to 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Impairment reviews continued The other significant assumptions incorporated into our impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs: CGUs 2022 Discount rate % 2022 Long-term growth rate % Retail 13.3 0.0 UK Online 12.1 2.5 International 13.8 5.0 US B2C 18.0 2.0 Discount rates are applied to each CGU or group of CGU\u2019s cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGU\u2019s leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2022 for each CGU or group of CGUs are as follows: 2022 CGUs Recoverable amount \u00a3 million Headroom/ (impairment) \u00a3 million Retail 668.6 165.5 UK Online 1,534.5 359.3 International 1,725.2 996.2 US B2C 19.4 (25.7) As a result of a revision in the growth projections for the US B2C CGU, the entire goodwill balance of \u00a325.7m has been impaired, as the projected cash flows no longer support the carrying value of the CGU. Sensitivity of impairment reviews For the Retail and UK Online group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated, would lead to the following changes in the recoverable amount of the CGU or group of CGUs: 20% fall in cash flows 1% increase in discount rate Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Retail (133.7) 31.8 (45.2) 120.3 UK Online (306.9) 52.4 (142.9) 210.1 For the International group of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated. A 1% increase in the long-term growth rate in the US B2C CGU would have resulted in a reduction to the impairment of \u00a34.0m. A 1% reduction in the discount rate used would have resulted in a reduction to the impairment of \u00a37.0m. 13 PROPERTY, PLANT AND EQUIPMENT Land and buildings \u00a3 million Fixtures, fittings and equipment \u00a3 million Right-of-use asset \u00a3 million Total \u00a3 million Cost At 31 December 2021 13.5 35.9 31.1 80.5 Additions via business combinations 28.3 81.2 72.3 181.8 Additions 1.2 10.0 9.3 20.5 Disposals (0.6) (0.9) (3.2) (4.7) Transferred to assets held for sale (7.5) \u2014 \u2014 (7.5) Effect of foreign exchange rates 1.7 4.2 3.9 9.8 At 31 December 2022 36.6 130.4 113.4 280.4 Accumulated depreciation At 31 December 2021 11.2 28.9 12.4 52.5 Charge for the period 3.2 9.2 18.4 30.8 Disposals (0.5) (0.7) (1.1) (2.3) Transferred to assets held for sale (0.1) \u2014 \u2014 (0.1) Effect of foreign exchange rates 1.4 4.0 1.8 7.2 At 31 December 2022 15.2 41.4 31.5 88.1 Carrying amounts At 31 December 2022 21.4 89.0 81.9 192.3 At 31 December 2021 2.3 7.0 18.7 28.0 In addition to the amounts above, the Group holds \u00a36.9m of land and buildings that were classified as assets held for sale (see note 17). The net book value of land and buildings comprises: 2022 \u00a3 million 2021 \u00a3 million Freehold 3.7 \u2014 Long leasehold improvements 5.9 2.3 Short leasehold improvements 11.8 \u2014 21.4 2.3 14 INTERESTS IN ASSOCIATES The Group holds an associate interest in Sports Information Services (Holdings) Limited (SIS), at a value of \u00a338.4m. The Group uses the equity method of accounting for associates. The following table shows the aggregate movement in the Group\u2019s interests in its associate: \u00a3 million Acquired on acquisition at 1 July 2022 39.0 Share of results before interest and taxation 0.3 Share of interest 0.1 Share of taxation (0.1) Dividend received (0.9) At 31 December 2022 38.4 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 14 INTERESTS IN ASSOCIATES CONTINUED SIS At 31 December 2022, William Hill Organization Limited, a principal subsidiary of the Company, held an investment of 19.5% of the ordinary share capital of SIS, a company incorporated in Great Britain. The Group is able to exert significant influence over SIS by way of its 19.5% holding and its seat on the Board of Directors. The SIS group of companies provides real time, pre-event information and results, as well as live coverage of horseracing, greyhound racing and other sporting activities and events via satellite. The statutory financial statements of SIS are prepared to the year ending 31 March. The results recognised are based on statutory accounts to March 2022 and management accounts thereafter. The following financial information relates to SIS as at 31 December 2022 and for the period owned by the Group: \u00a3 million Total assets 124.1 Total liabilities (65.6) Total revenue 116.6 Total profit after tax 1.1 15 INVESTMENTS Good Luck Have Fun Group AB (\u2018GLHF Group\u2019) shares On 1 July 2022, as a part of the acquisition of William Hill, the Group obtained an investment in Good Luck Have Fun Group AB. The Group has a 4.3% holding in the equity in GLHF Group and it is held as a financial asset and designated as fair value through other comprehensive income, in line with the previous William Hill designation. Subsequent to the acquisition, and as a result of updates in the strategy by the GLHF Group management team, the Group has considered the recoverability of the investment. As a part of this assessment of recoverability, the Group has written off the investment of \u00a31.0m in its entirety through other comprehensive income. The Group therefore holds \u00a3nil value in this investment at the balance sheet date. 16 ACQUISITIONS & DISPOSALS Acquisitions On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was \u00a3554.3m, consisting of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition date at \u00a39.6m. The contingent consideration is based on the enlarged Group hitting specific EBITDA metrics and is fair valued using a probability weighting analysis. Based on the performance of the combined Group since the acquisition, the fair value of this contingent consideration at 31 December 2022 is \u00a30.4m, with \u00a39.2m being released to the Income Statement, see note 3 for further detail. Identifiable assets acquired and liabilities assumed Provisional Fair Value 1 Intangible assets 1,404.2 Property, plant and equipment 109.5 Right-of-use assets 72.3 Investment in sublease 1.4 Investments and investments in associates 40.0 Cash and cash equivalents 157.9 Trade and other receivables 32.9 Income tax asset 10.8 Assets held for sale 0.2 Trade and other payables (399.3) Provisions and contingent liabilities (178.8) Derivative financial instruments (3.5) Lease liabilities (76.6) Retirement benefit liability (0.4) Deferred tax liabilities (236.2) Long term debt (1,165.7) Total net identifiable liabilities (231.3) Goodwill 785.6 Consideration transferred 554.3 1. The Group has invested significant resources during the year in performing the purchase price allocation for the William Hill acquisition, including involving experts where appropriate. However, the Group acknowledges that, given the size and scale of the acquisition, the fair values of assets acquired and liabilities assumed remain provisional and may change within the measurement period. In the period from 1 July 2022 to 31 December 2022, the acquired business contributed revenue of \u00a3614.3m and a loss after tax of \u00a345.7m. If the acquisition had occurred on 1 January 2022, the contributed revenue and loss before tax would have been \u00a31,225.1m and \u00a356.7m respectively. 16 ACQUISITION & DISPOSALS CONTINUED Intangible assets Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships and \u00a38.5m in respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m has also been recognised on acquisition. Management considers the residual goodwill of \u00a3785.6m to represent a number of factors including the future growth of the William Hill business and the potential to achieve buyer specific synergies and workforce. The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand and assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are the forecast revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer relationships was assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer retention rates. The fair value of the licences has been derived by calculation a replacement cost for each individual licence. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Provisions and contingent liabilities A contingent liability with a fair value of \u00a380.6m has been recognised on acquisition to reflect the possible future economic outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the expected cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions of \u00a3115.2m have been recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was assessed to be the fair value. Refer to note 22 for further details on these acquired provisions. Other fair value adjustments A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement cost of the assets in comparison to their pre-acquisition net book value. A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions on William Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction to the lease liability that reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new discount rate for the liability at the acquisition date. The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting the Group\u2019s holding and the estimated market value of the entity at the acquisition date. The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt at acquisition date. Deferred tax liabilities of \u00a3216.9m have been recognised on the resultant fair value uplifts to assets. The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date. Disposals On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m will unconditionally be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as \u2018Held for sale\u2019, at which time an impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference between the carrying value of the businesses net assets and the fair value at the date of reclassification to held for sale. 2022 \u00a3 million Consideration received 35.7 Deferred consideration 1.7 Less: Cash disposed of (3.2) Net proceeds on disposal 34.2 Less: Net assets disposed of (excluding cash): Intangible assets (37.6) Trade and other receivables (0.5) Trade and other payables 3.3 Net assets disposed of (excluding cash) (34.7) Loss on disposal (0.5) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 17 ASSETS HELD FOR SALE In the year, the Group began the process of auctioning 75 freehold properties in a sale and leaseback transaction. At the year end, all properties were underwritten with a reserve price and were awaiting auction dates in the first quarter of 2023. As a result of the proposed sales, the properties have been reclassified as assets held for sale. The carrying value of the properties prior to reclassification was \u00a37.4m. Upon classification as assets held for sale, the fair value of the properties was assessed against the carrying value, resulting in a \u00a30.5m impairment of the overall property value, which has been classified within exceptional items in the consolidated income statement. The properties classified as held for sale are part of the Retail segment. 18 LEASES The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on a series of inputs including a risk-free rate based on our debt portfolio as well as country-specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its Retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Retail business. The Group note that leases not included due to either being low value or having a term of less than 12 months are deemed immaterial. The Group has a small number of sublet properties which have been assessed in accordance with IFRS 16 and have been deemed immaterial. The accounting policy applied to these small number of sublet properties can be seen on page 160. The Group will continue to monitor both the above scenarios and disclose these if they are deemed material to users of the Annual Report and Accounts. 2022 \u00a3 million 2021 \u00a3 million Right-of-use asset depreciation 18.4 5.3 Finance costs 3.0 0.9 A maturity analysis of the contractual undiscounted cash flows is as follows: 2022 \u00a3 million 2021 \u00a3 million Due within one year 29.4 5.0 Due between one and two years 23.0 4.3 Due between two and three years 17.3 4.1 Due between three and four years 13.4 4.1 Due between four and five years 7.5 4.1 Due beyond five years 8.7 3.9 19 TRADE AND OTHER RECEIVABLES 2022 \u00a3 million 2021 \u00a3 million Trade receivables 56.7 19.2 Other receivables 18.4 11.3 Loans receivable 3.9 \u2014 Prepayments 32.1 13.3 Restricted short-term deposits 21.6 7.0 Current trade and other receivables 132.7 50.8 Non-current prepayments 6.2 5.8 138.9 56.6 Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. The carrying value of trade receivables and other receivables approximates to their fair value as the credit risk has been addressed as part of impairment provisioning and, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. 20 CASH AND CASH EQUIVALENTS 2022 \u00a3 million 2021 \u00a3 million Cash and cash equivalents 317.6 189.4 Less: Customer deposits 141.3 60.1 Cash (excluding customer balances) 176.3 129.3 Customer deposits represent bank deposits matched by liabilities to customers of an equal value (see note 21). 21 TRADE AND OTHER PAYABLES 2022 \u00a3 million 2021 \u00a3 million Trade payables 61.1 26.8 Accrued expenses 208.0 87.6 Other payables 98.9 30.9 Total trade and other payables 368.0 145.3 The carrying value of trade and other payables approximates to their fair value given the short maturity date of these balances. Customer deposits of \u00a3141.3m (31 December 2021: \u00a360.1m) represents deposits received from customers, customer winnings and progressive prize pools. This is offset by an equivalent or greater amount of cash held, which is included in cash and cash equivalents (see note 20). 22 PROVISIONS Indirect tax provision \u00a3 million Legal and regulatory \u00a3 million Shop closure provision \u00a3 million Other restructuring costs \u00a3 million Total \u00a3 million At 31 December 2021 \u2014 19.0 \u2014 \u2014 19.0 Acquired on acquisition 1 July 2022 57.0 111.5 5.8 4.5 178.8 Charged/(credited) to profit or loss Additional provisions recognised 12.7 12.3 0.8 \u2014 25.8 Provisions released to profit and loss (3.2) (5.1) \u2014 \u2014 (8.3) Utilised during the year (6.0) (9.9) (1.8) (0.8) (18.5) Foreign exchange differences 1.2 (0.3) \u2014 \u2014 0.9 At 31 December 2022 61.7 127.5 4.8 3.7 197.7 Customer claims provisions of \u00a386.2m within legal and regulatory are classified as non-current. The remaining provisions are all classified as current. Indirect tax provision As part of the acquisition of William Hill, the Group acquired a provision relating to a gaming tax liability in Austria, where the Austrian tax authority believes that foreign gaming companies should be liable to pay gaming taxes in Austria. Post- acquisition, the Group has continued to provide for the gaming taxes including interest, as management considers that an outflow is probable. The Group is in constructive discussions with the Austrian tax authority over the timing of settlement. Legal and regulatory provisions The Group has recorded a provision in respect of legal and regulatory matters, including customer claims, and updated it to reflect the Group\u2019s revised assessment of these risks in light of developments arising during 2022 such that this represents management\u2019s best estimate of probable cash outflows related to these matters. The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may, in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and damages. Within this provision, there is a provision acquired relating to a periodic compliance assessment undertaken by the UK Gambling Commission (\u201cUKGC\u201d) in July and August 2021 of the William Hill business. William Hill has been subject to an ongoing licence review and has addressed certain action points raised by the UKGC in relation to William Hill\u2019s social responsibility and anti-money laundering obligations. The Group has agreed a regulatory settlement of \u00a319.2m, including divestments of \u00a30.7m. This provision was acquired at 1 July 2022 and is expected to be settled in 2023. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 22 PROVISIONS CONTINUED Legal and regulatory provisions continued In common with other businesses in the gambling sector, the Group receives claims from consumers relating to the provision of gambling services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses consumer claims as they are resolved or finally determined in consumers\u2019 favour and provides for such claims where an outcome in favour of the consumers in question is probable. Within this provision, there is a provision for customer claims in Austria where the Business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Consumers who have obtained judgement against the Business\u2019s entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, which includes a provision of \u00a380.6m relating to the William Hill and Mr Green brands and \u00a35.6m relating to 888. The \u00a380.6m relating to the William Hill and Mr Green brands was recognised on acquisition representing the fair value of the contingent liability at that point in time, recognised on the basis that it was a possible future liability and in line with IFRS 3. Please refer to note 16 for further detail. Since acquisition, there has been an alignment in strategy and accounting treatment with William Hill and Mr Green aligning to the 888 strategy. William Hill and Mr Green have therefore recognised a provision for probable legal claims they expect to receive and a contingent liability for possible legal claims they may receive. As at 31 December 2022, the provision is estimated at \u00a367.0m and the contingent liability is estimated at \u00a313.5m (note 31). Note that the provision is less than the liability recognised on acquisition but the liability recognised on acquisition is not released to the income statement until the final outcome of the customer claims is resolved and as such the liability of \u00a380.6m remains the balance provided. The calculation of the customer claims liability includes provision for both legal fees and interest but is gross of gaming tax. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset of up to \u00a324.3m has been disclosed for the tax reclaims, please refer to note 31 for further detail. The timing and amount of the outflows is ultimately determined by the settlement reached with the relevant authority. There has also been a similar uptick in claims in Germany, but to a much lesser extent. Shop closure provisions As a result of the acquisition of William Hill, the Group holds provisions relating to the associated costs of closure of 713 shops in 2019, 119 shops in 2020, and certain shops that ceased to trade as part of normal trading activities. Other restructuring costs The Group has recognised certain provisions for staff severance as a result of restructuring due to the acquisition of William Hill. 23 BORROWINGS Interest rate % Maturity 31 December 2022 \u00a3 million Borrowings at amortised cost Bank facilities \u20ac473.5m term loan facility EURIBOR + 5.5% 2028 392.6 $575.0m term loan facility CME term SOFR + 5.35% 2028 420.7 \u00a3150.0m Equivalent Multi-Currency Revolving Credit Facility \u2014 2028 \u2014 Loan Notes \u20ac582.0m Senior Secured Fixed Rate Notes 7.56 2027 498.6 \u20ac450.0m Senior Secured Floating Rate Notes EURIBOR + 5.5% 2028 379.9 \u00a3350.0m Senior Unsecured Notes 4.75 2026 10.5 Total Borrowings 1,702.3 Less: Borrowings as due for settlement in 12 months 4.8 Total Borrowings as due for settlement after 12 months 1,697.5 The Group had no borrowings in 2021 and as such no comparative is presented in the above table. 23 BORROWINGS CONTINUED
Bank facilities
Term loan facilities
In July 2022, the Group entered into a Senior Facilities Agreement in connection with the William Hill Group acquisition, under
which the following term loan facilities were made available:
\u2022 a 6-year euro-denominated bullet term facility of \u20ac473.5m, of which \u20ac6.4m was repaid in September 2022.
\u2022 a 6-year sterling-denominated delayed-draw bullet term facility of \u00a3351.8 million which was partially drawn in September
2022 (\u201cGBP Term Loan\u201d) and used to partially prepay the William Hill Group\u2019s \u00a3350m 4.75% Senior Unsecured Notes due
2026 and partially prepay the Group\u2019s euro-denominated bullet term facility.
\u2022 a 6-year US Dollar-denominated term facility of $500.0m.
In December 2022, the GBP Term Loan was prepaid and partially replaced with a $75.0m increase under the Group\u2019s 6-year
US Dollar-denominated term facility, with the remaining amount replaced with senior secured note issuances.
At 31 December 2022, the following amounts were outstanding under the term facilities made available to the Group under
the Senior Facilities Agreement:
\u2022 \u20ac467.1 million under the Group\u2019s 6-year euro-denominated term facility.
\u2022 $573.7 million under the Group\u2019s 6-year US Dollar-denominated term facility
Loan notes
Senior Secured Notes
(i) \u20ac582m 7.558% Senior Secured Fixed Rate Notes due July 2027
In July 2022, as part of the William Hill Group acquisition funding, the Group issued \u20ac400m of guaranteed senior secured
fixed rate notes and used the net proceeds to finance the William Hill Group acquisition. The notes, which are guaranteed by
certain members of the Group and certain of the Group\u2019s operating subsidiaries, mature in July 2027.
In December 2022, a further \u20ac182m in principal amount was issued under the same terms as the initial \u20ac400m issuance and
used to partially refinance the GBP Term Loan.
(ii) \u20ac450m Senior Secured Floating Rate Notes due July 2028
In July 2022, the Group issued \u20ac300m of guaranteed senior secured floating rate notes and used the net proceeds to
partially finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and
certain of the Group\u2019s operating subsidiaries, mature in July 2028.
In December 2022, a further \u20ac150m in principal amount was issued under the same terms as the initial \u20ac300m issuance to
partially refinance the GBP Term Loan.
Senior Unsecured Notes
\u00a3350m 4.875% Senior Unsecured Fixed Rate Notes due 2023 & \u00a3350m 4.75% Senior Unsecured Fixed Rate
Notes due 2026
The Group acquired two separate listed Senior Unsecured notes, due 2023 and 2026 respectively as at 1 July 2022. The
acquisition triggered a change in control and the exercise of a put option by a number of Noteholders (refer below). The
\u00a3350m 4.875% Senior Unsecured Notes due 2023 were settled in full and, on 22 September 2022, Noteholders of \u00a3339.5m out
of \u00a3350.0m 4.75% Senior Unsecured Notes due 2026 took the option to exercise. As a result, this reduced the \u00a3350.0m 4.75%
Senior Unsecured Notes due 2023 to \u00a310.5m at 31 December 2022. The cash purchase price of both notes was equal to
101 per cent of the principal amount together with the interest accrued.
Finance fees and associated costs incurred on the issue of both notes were held in the William Hill Statement of Financial
Position at acquisition, which were subsequently fair valued which led to an increase of \u00a37.1m, reflecting the current market
price of the debt at acquisition date. This is being amortised over the life of the respective notes using the effective interest
rate method. On redemption of the Notes, any unamortised fees were written off to profit and loss as exceptional costs
(see note 3).
Change of control
Following the occurrence of a change of control, either (i) each lender under the Senior Facilities Agreement shall be entitled
to require prepayment of outstanding amounts and cancellation of its commitments within a prescribed time period or (ii)
the Group may elect that all outstanding undrawn commitments of each lender shall be cancelled and outstanding drawn
commitments shall become due and payable.
In addition, the Group will be required to make an offer to purchase all of the Fixed Rate Notes, the Floating Rate Notes and
the 4.75% senior unsecured notes due 2026 as a result of such change of control at a price in cash equal to 101% of the
aggregate principal amount thereof plus accrued and unpaid interest.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 23 BORROWINGS CONTINUED Undrawn credit facilities At 31 December 2022, the Group had the following undrawn credit facilities: \u00a3150m Equivalent Multi-Currency Revolving Credit Facility In July 2022, as part of the William Hill Group acquisition, the Group entered into a new Senior Facilities Agreement under which its \u00a350m revolving credit facility was replaced with a multi-currency revolving credit facility. The replacement facility has an aggregate principal amount of \u00a3150m with a five and a half year maturity (maturing on 31 December 2027). The drawn balance on this facility at 31 December 2022 was \u00a3nil. Financial Covenant The Revolving Credit Facilities are subject to a Senior Facilities Agreement whereby any applicable revolving Incremental Senior Facilities (together the \u201cFinancial Covenant Facilities\u201d) are tested at the Financial year end to ensure that they do not exceed a pre-agreed threshold to be agreed with the Mandated Lead Arrangers prior to the entry into the Senior Facilities Agreement. The directors are satisfied that, at the year-end, the net leverage ratio has not exceeded the pre-agreed threshold and, as a consequence, the Financial Covenants have not been breached. Overdraft facility In July 2022, as part of the William Hill Group acquisition, the Group acquired an overdraft facility with National Westminster Bank plc of \u00a35.0m. The balance on this facility at 31 December 2022 was \u00a3nil. Weighted average interest rates The weighted average interest rates paid, including commitment fees, were as follows: 31 December 2022 % \u20ac473.5m term loan facility 7.25% $575.0m term loan facility 11.47% \u20ac582.0m Senior Secured Fixed Rate Notes 8.47% \u20ac450.0m Senior Secured Floating Rate Notes 7.58% \u00a3350.0m Senior Unsecured Fixed rate Notes 4.75% The Group had no borrowings in 2021 and as such no comparative is presented in the above table. Net debt reconciliation Debt Opening \u00a3m Inflows \u00a3m Acquired \u00a3m Outflows \u00a3m Fees on debt \u00a3m Non-cash \u00a3m FV adjustment \u00a3m FX \u00a3m Total \u00a3m 2023 Senior Unsecured Notes \u2014 \u2014 352.3 (349.0) \u2014 \u2014 (3.3) \u2014 \u2014 2026 Senior Unsecured Notes \u2014 \u2014 351.9 (339.0) \u2014 \u2014 (2.4) \u2014 10.5 \u00a3351.8m term loan facility \u2014 347.0 \u2014 (347.0) \u2014 \u2014 \u2014 \u2014 \u2014 \u00a3461.5m asset bridge loan \u2014 \u2014 461.5 (461.5) \u2014 \u2014 \u2014 \u2014 \u2014 \u20ac473.5m term loan facility \u2014 420.4 \u2014 (5.7) (23.5) 1.7 \u2014 (0.3) 392.6 $575.0m term loan facility \u2014 479.1 \u2014 (1.0) (57.4) 3.5 \u2014 (3.6) 420.6 \u20ac582.0m Senior Secured Fixed Rate Notes \u2014 517.0 \u2014 \u2014 (18.9) 0.9 \u2014 (0.3) 498.7 \u20ac450.0m Senior Secured Floating Rate Notes \u2014 399.6 \u2014 \u2014 (20.3) 0.9 \u2014 (0.3) 379.9 \u2014 2,163.1 1,165.7 (1,503.2) (120.1) 7.0 (5.7) (4.5) 1,702.3 24 FINANCIAL RISK MANAGEMENT The Group\u2019s activities expose it to a variety of financial risks. Financial risk management is primarily carried out by the Group\u2019s Treasurer with reference to risk management policies approved by the Board and supervised by the Chief Financial Officer. The Board approves written principles for risk management. The principal financial risks faced by the Group comprise liquidity risk, financing risk, credit risk, interest rate risk, currency risk and pensions risk. These risks are managed as described below. The main financial instruments used by the Group, on which financial risk arises, are as follows: \u2022 Cash and cash equivalents; \u2022 Trade and other receivables; \u2022 Investment in associates \u2022 Trade and other payables; \u2022 Customer deposits; \u2022 Lease liabilities; \u2022 Borrowings; \u2022 Derivative financial instruments; Detailed analysis of these financial instruments is as follows: 2022 \u00a3 million 2021 \u00a3 million Assets at amortised cost Investment in associates (note 14) 38.4 \u2014 Cash and cash equivalents (note 20) 317.6 189.4 Trade and other receivables (note 19) 100.6 50.8 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 17.7 \u2014 \u2013 Interest rate swaps 0.9 \u2014 Total financial assets 475.2 240.2 Non-financial assets 2,476.3 159.9 Total assets 2,951.5 400.1 Fair value through the Income Statement Ante post bets (note 25) 7.8 \u2014 Liabilities at amortised cost Borrowings (note 23) 1,702.3 \u2014 Trade and other payables (note 21) 160.0 145.3 Customer deposits (note 21) 141.3 60.1 Lease liabilities (note 18) 89.0 22.9 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 30.4 \u2014 \u2013 Interest rate swaps \u2014 \u2014 Total financial liabilities 2,130.8 228.3 Non-financial liabilities 661.5 47.3 Total liabilities 2,792.3 275.6 Net assets 159.2 124.5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 24 FINANCIAL RISK MANAGEMENT CONTINUED Capital management and financing risk The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these elements are managed to balance the requirements of the Business and the interests of debt providers. The Group manages its capital structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors. Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an appropriately balanced debt maturity profile. Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk is primarily attributable to trade receivables, most of which are due from the Group\u2019s payment service providers (PSP). These are third party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of credit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and \u201cKnow Your Customer\u201d procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and as a limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2021: \u00a30.4m). This has been charged to the consolidated income statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards (\u201cchargebacks\u201d) or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an impairment provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2022 was \u00a31.0m (2021: \u00a31.1m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third party measures. Cash and cash equivalents The Group controls its cash position from its Gibraltar headquarters. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function in Gibraltar. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Client funds Client funds are matched by customer liabilities and progressive prize pools of an equal value. 24 FINANCIAL RISK MANAGEMENT CONTINUED Credit risk continued Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3479.7m (2021: \u00a3240.2m). Liquidity risk Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be satisfied by drawings under the Group\u2019s revolving credit facility and overdraft facility. The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments): 2022 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 160.0 \u2014 \u2014 160.0 Customer deposits 141.3 \u2014 \u2014 \u2014 141.3 Borrowings \u2014 129.9 1,062.7 1,319.5 2,512.1 Derivatives and embedded derivatives 7.8 14.2 273.3 \u2014 295.3 Lease liabilities \u2013 IFRS 16 \u2014 29.4 61.0 8.7 99.1 149.1 333.5 1,397.0 1,328.2 3,207.8 2021 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 145.3 \u2014 \u2014 145.3 Customer deposits 60.1 \u2014 \u2014 \u2014 60.1 Lease liabilities \u2013 IFRS 16 \u2014 5.0 16.6 3.9 25.5 60.1 150.3 16.6 3.9 230.9 Market risk Currency risk A substantial part of the Group\u2019s deposits and revenues are generated in Pounds Sterling (\u2018GBP\u2019), Euro (\u2018EUR\u2019) and other currencies, and its operating expenses are largely incurred in local currencies, primarily EUR, Israeli New Shekel (\u2018ILS\u2019), US Dollar (\u2018USD\u2019), Canadian Dollar (\u2018CAD\u2019) and Romanian leu (\u2018RON\u2019), with incremental exposure to operating expenses in Swedish krona and Polish Z\u0142oty (\u2018PLN\u2019). The Group has debt servicing costs, which are denominated in USD and EUR. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain costs. During 2022, the Group entered into FX or cross currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance that such hedging will eliminate the potentially material adverse effect of such fluctuations. The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to: \u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are settled in the currency of the customer\u2019s choice. \u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies. \u2022 Expenses that are denominated in foreign currencies. The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known liabilities when considered appropriate. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 24 FINANCIAL RISK MANAGEMENT CONTINUED Market risk continued Currency risk continued The tables below detail the monetary assets and liabilities by currency: 2022 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 119.2 55.1 143.3 317.6 Trade and other receivables 47.7 12.3 40.6 100.6 Derivatives and embedded derivatives 15.4 3.2 \u2014 18.6 Monetary assets 182.3 70.6 183.9 436.8 Trade and other payables (70.2) (43.1) (46.7) (160.0) Customer deposits (43.0) (50.5) (47.8) (141.3) Borrowings (1,271.1) (420.7) (10.5) (1,702.3) Derivatives and embedded derivatives (10.5) (21.0) (6.7) (38.2) Lease liabilities \u2013 IFRS 16 (7.5) (0.5) (81.0) (89.0) Monetary liabilities (1,402.3) (535.8) (192.7) (2,130.8) Net financial position (1,220.0) (465.2) (8.8) (1,694.0) 2021 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 48.4 70.9 70.1 189.4 Trade and other receivables 17.2 3.7 29.9 50.8 Monetary assets 65.6 74.6 100.0 240.2 Trade and other payables (23.2) (39.3) (82.8) (145.3) Customer deposits (15.0) (28.5) (16.6) (60.1) Lease liabilities \u2013 IFRS 16 (8.3) (0.1) (14.5) (22.9) Monetary liabilities (46.5) (67.9) (113.9) (228.3) Net financial position 19.1 6.7 (13.9) 11.9 Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros: EUR \u00a3 million 10% strengthening 28.9 10% weakening (28.9) There is no comparative shown as the Group\u2019s balance sheet was translated from USD in that year. Interest rate risk The Group\u2019s exposure to interest rate risk is limited to the interest-bearing deposits in which the Group invests surplus funds. The Group\u2019s policy is to invest surplus funds in low-risk money market funds and in interest bearing bank accounts. The Group arranges for excess funds to be placed in these interest-bearing accounts with its principal bankers in order to maximise availability of funds for investments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 2022 Increase of 100 basis points \u00a3 million Decrease of 100 basis points \u00a3 million Increase/(decrease) in profit 3.4 3.4 Increase/(decrease) in equity reserves 3.4 3.4 The Group had no borrowings in 2021 and therefore had no exposure to interest rate risk . 24 FINANCIAL RISK MANAGEMENT CONTINUED Cross Currency Swaps and Interest Rate Swaps The Group has executed a series of USD to GBP cross-currency swaps and EUR to GBP cross-currency swaps in order to hedge certain of its USD and floating rate exposure under Euro and USD debt. As at 31 December 2022, the Group had entered into cross currency swaps in total of US$ 407m and \u20ac482m to hedge both the currency risk and interest rate risk. In addition, the Group entered into an Interest swap of \u20ac150m to hedge the interest rate risk. 25 FINANCIAL INSTRUMENTS On acquisition, under IFRS 3 \u2018Business Combinations\u2019, the assets and liabilities of William Hill were recorded at fair value. Refer to note 16 for details of values and valuation methods used. The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2022 was as follows: 2022 Contractual /notional amount \u00a3 million Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Financial assets Cross-currency swaps 397.1 \u2014 17.7 \u2014 Interest rate swaps 132.2 \u2014 0.9 \u2014 529.3 \u2014 18.6 \u2014 Financial liabilities Cross-currency swaps 365.3 \u2014 30.4 \u2014 Interest rate swaps \u2014 \u2014 \u2014 \u2014 Ante post bet liabilities \u2014 \u2014 \u2014 7.8 Contingent consideration (note 16) 100.0 \u2014 \u2014 0.4 465.3 \u2014 30.4 8.2 The Group did not have any financial instruments carried at fair value during the year ended 31 December 2021. Ante post bets Ante post bets are a liability arising from an open position at the period end date in accordance with the Group\u2019s accounting policy for derivative financial instruments. Ante post bets at the period end totalled \u00a37.8m and are classified as current liabilities. Ante post bet liabilities are valued using methods and inputs that are not based upon observable market data and all fair value movements are recognised in revenue in the Income Statement. Although the final value will be determined by future betting outcomes, there are no reasonably possible changes to assumptions or inputs that would lead to material changes in the fair value determined. The principal assumptions relate to the Group\u2019s historical gross win margins by betting markets and segments. Although these margins vary across markets and segments, they are expected to stay broadly consistent over time, only varying in the short term. The gross win margins are reviewed annually at period end. As at 31 December 2022, the gross win margins ranged from 2%-25%. A reconciliation of movements in the ante post bets liability in the year is provided below. Ante post bet liabilities \u00a3 million Total \u00a3 million At 31 December 2021 \u2014 \u2014 Acquired via business combination 3.5 3.5 To profit or loss 4.3 4.3 At 31 December 2022 7.8 7.8 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 25 FINANCIAL INSTRUMENTS CONTINUED Hedging activities The table below illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge item. These are for items designated as in a cash flow hedging relationship. Carrying amount Change in fair value in period for calculating ineffectiveness (hedging instrument) Cash settlements and accruals in the period (hedging instrument) Change in fair value in period for calculating ineffectiveness (hedged item) Cash settlements and accruals in the period (hedged item) Hedge ineffectiveness in the period \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades 1.0 1.0 \u2014 0.9 \u2014 (0.1) Total 1.0 1.0 \u2014 0.9 \u2014 (0.1) Cross-currency swaps EUR trades 5.1 5.1 (1.4) 4.7 (1.4) (0.4) USD trades (17.8) (17.8) (2.3) (18.7) (2.3) (0.9) Total (12.7) (12.7) (3.7) (14.0) (3.7) (1.3) The Group did not have any hedge accounting during the year ended 31 December 2021. Cash flow hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Reclassification in the period Opening balance Change in fair value recorded in OCI Fixed assets Interest expense FX remeasurement Missed forecast Closing balance \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Total \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Cross-currency swaps EUR trades \u2014 (3.3) \u2014 (1.4) 12.7 \u2014 8.0 USD trades \u2014 22.2 \u2014 (3.4) (11.7) \u2014 7.2 Total \u2014 18.9 \u2014 (4.8) 1.0 \u2014 15.2 Cost of hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Opening balance Change in fair value recorded in OCI Reclassifications during the period Closing balance Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Designated cash flow hedging relationships Cross-currency swaps EUR trades \u2014 \u2014 \u2014 (0.1) \u2014 \u2014 \u2014 (0.1) USD trades \u2014 \u2014 \u2014 (1.2) \u2014 0.3 \u2014 (0.9) Total \u2014 \u2014 \u2014 (1.3) \u2014 0.3 \u2014 (1.0) 25 FINANCIAL INSTRUMENTS CONTINUED Contractual maturity analysis The tables below analyse the Group\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities for net and gross settled derivative financial instruments. The amounts disclosed in the table are the contractual undiscounted cash flows: 2022 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 Cross currency swaps EUR trades \u2014 (6.2) 316.9 \u2014 310.7 USD trades \u2014 (8.0) (43.6) \u2014 (51.6) Total \u2014 (14.2) 273.3 \u2014 259.1 26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows: As at 1 January 2022 \u00a3 million Acquisition of William Hill \u00a3 million Prior year adjustments \u00a3 million Exchange differences \u00a3 million Credit/ (charge) to income \u00a3 million Exceptional credit to income \u00a3 million Exceptional charge to OCI \u00a3 million As at 31 December 2022 \u00a3 million Fixed asset temporary differences 1.6 0.6 3.0 0.3 (6.6) \u2014 \u2014 (1.1) Intangible assets (2.7) (252.0) 1.9 0.7 12.7 8.4 \u2014 (231.0) Other temporary differences 1.4 3.5 (0.8) (0.1) (4.9) \u2014 (0.6) (1.5) Restricted interest \u2014 11.6 13.1 \u2014 (10.3) \u2014 \u2014 14.4 Tax credits \u2014 \u2014 0.4 (0.2) (0.2) \u2014 \u2014 \u2014 Tax losses \u2014 0.1 \u2014 \u2014 3.9 \u2014 \u2014 4.0 Total 0.3 (236.2) 17.6 0.7 (5.4) 8.4 (0.6) (215.2) As at 1 January 2021 \u00a3 million Prior year adjustments \u00a3 million Exchange differences \u00a3 million Credit/ (charge) to income \u00a3 million Exceptional credit to income \u00a3 million Exceptional charge to OCI \u00a3 million As at 31 December 2021 \u00a3 million Fixed asset temporary differences 1.1 \u2014 \u2014 0.5 \u2014 \u2014 1.6 Intangible assets (2.6) \u2014 \u2014 (0.1) \u2014 \u2014 (2.7) Other temporary differences 1.8 \u2014 \u2014 (0.2) \u2014 (0.2) 1.4 Restricted interest \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Tax credits \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Tax losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Total 0.3 \u2014 \u2014 0.2 \u2014 (0.2) 0.3 2022 \u00a3 million 2021 \u00a3 million Reflected in the statement of financial position as follows: Deferred tax assets 5.2 2.2 Deferred tax liabilities (220.4) (1.9) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 26 DEFERRED TAX CONTINUED Tax rates The enacted future rate of UK corporation tax of 25.0% (31 December 2021: 19%), the Gibraltar statutory income tax rate of 12.5% (31 December 2021: 12.5%), the Maltese effective tax rate of 35.0% (31 December 2021: 5%) and the Irish effective tax rate of 12.5% (31 December 2021: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a35.2m (31 December 2021: \u00a32.8m) of deferred tax assets, including \u00a34.0m (31 December 2021: \u00a3nil) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses in Gibraltar arising in 2022 of \u00a34.0m are due to a temporary tax incentive for capital expenditure in Gibraltar and the Group\u2019s operations in Gibraltar remain profitable in the absence of this adjustment and show forecast accounting and taxable profits for 2023 and future periods. 2022 is the last year in which the temporary tax incentive is expected to apply. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a363.8m (31 December 2021: \u00a332.0m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a314.4m (31 December 2021: \u00a3nil) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Other temporary differences Certain deferred tax assets and liabilities have been offset in the above analysis. The deferred tax liability for other temporary differences of \u00a31.5m includes deferred tax assets of \u00a30.8m offset by deferred tax liabilities in other jurisdictions of \u00a32.3m. Included within other temporary differences is a liability of \u00a31.8m (31 December 2021: nil) which has been recognised in respect of taxes that will be due on a repatriation of funds from the Groups overseas operations. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of the temporary differences for which deferred tax has not been recognised was \u00a317.2m (and tax thereon \u00a31.5m) (31 December 2021: nil). The Group has unutilised tax losses of \u00a363.8m (31 December 2021: \u00a332.0m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. 27 SHARE CAPITAL Share capital comprises the following: Authorised 31 December 2022 Number 31 December 2021 Number 31 December 2022 \u00a3 million 31 December 2021 \u00a3 million Ordinary Shares of \u00a30.005 each 1,026,387,500 1 1,026,387,500 5.1 5.1 1. Including 447,020 treasury shares held by the Group as at 31 December 2022 (2021: 307,422). Allotted, called up and fully paid 31 December 2022 Number 31 December 2021 Number 31 December 2022 \u00a3 million 31 December 2021 \u00a3 million Ordinary Shares of \u00a30.005 each at beginning of year 372,759,202 369,017,422 1.9 1.9 Issue of Ordinary Shares of \u00a30.005 each 73,572,454 3,741,780 0.3 \u2014 Ordinary Shares of \u00a30.005 each at end of year 446,331,656 372,759,202 2.2 1.9 The narrative below includes details on issue of Ordinary Shares of \u00a30.005 each as part of the Group\u2019s employee share option plan during 2022 and 2021: On 7 April 2022 the Company issued 70.8 million new ordinary shares to partly fund the acquisition of the international (non-US) business of William Hill, representing approximately 19% of its issued capital, at \u00a32.30 per share. After issue costs of \u00a34.3 million, the net proceeds were \u00a3158.5 million. Issue costs directly attributable to the transaction have been accounted for as a deduction from share premium. 28 SHARE BASED PAYMENTS Equity-settled share benefit charges As at 31 December 2022 the Group has equity-settled employee shares and share options granted under two equity-settled employee share incentive plans \u2013 the 888 All-Employee Share Plan (\u201cAEP\u201d), which expired according to its terms in August 2015, and the 888 Long-Term Incentive Plan 2015 (\u201cLTIP\u201d) which was adopted at the Extraordinary General Meeting on 29 September 2015. The 888 Long-Term Incentive Plan 2015 is open to employees (including Executive Directors) and full-time consultants of the Group, at the discretion of the Remuneration Committee. Awards under this scheme will vest in instalments over a fixed period of at least three years subject to the relevant individuals remaining in service. Certain of these awards are subject to additional performance conditions imposed by the Remuneration Committee at the dates of grant, further details of which are given in the Directors\u2019 Remuneration Report. In addition, on 8 May 2017, the Board adopted a Deferred Share Bonus Plan (\u201cDSBP\u201d) in order to allow the Company to comply with the requirement contained in its Remuneration Policy pursuant to which any annual bonus payment made to an Executive Director in excess of 100% of such Executive Director\u2019s annual salary is deferred into equity awards of the Company in the form of nil cost options or share awards. After the acquisition of William Hill, certain equity-settled employee share incentives were granted to members of William Hill\u2019s senior management. Awards under this scheme will vest in instalments over a three-year period, subject to the relevant individuals remaining in service. These incentives are included as a part of the LTIP scheme referenced above. The Company grants equity awards under which shares of the Company are issued to employees at nil consideration. The nominal value of such shares is covered internally. Details of equity settled shares as part of the AEP, the LTIP and the DSBP are set out below: Ordinary Shares granted (without performance conditions) 2022 Number 2021 Number Outstanding future vesting equity awards at the beginning of the year 5,446,420 5,541,569 Future vesting equity awards granted during the year 3,269,343 2,801,667 Future vesting equity awards lapsed during the year (821,961) (286,830) Shares issued upon vesting during the year (1,340,207) (2,609,986) Outstanding future vesting equity awards at the end of the year 6,553,595 5,446,420 Averaged remaining life until vesting 1.27 years 1.68 years Deferred Share Bonus Plan 2022 Number 2021 Number Outstanding future vesting equity awards at the beginning of the year 307,422 196,488 Future vesting equity awards granted during the year 220,225 220,225 Shares exercised during the year (217,379) (109,291) Outstanding future vesting equity awards at the end of the year 310,268 307,422 Averaged remaining life until vesting 0.81 years 0.62 years The aforementioned grants under the DSBP were approved by the Board as part of the annual bonus award to the Executive Directors and Operational Management for 2016\u20132021, pursuant to which an amount equal to 100% of salary was granted in cash, with any addition exceeding 100% of salary deferred into shares of the Company. The outstanding future vesting equity awards at the end of the year are set out below: (i) 10 March 2022 to the CEO (196,141 Shares), the CFO (54,123 Shares) and Operational Management (106,713 Shares), (ii) 18 March 2021 to the CEO (42,490 Shares) and the CFO (3,953 Shares), (iii) 16 April 2020 to the CEO (7,182 Shares), the then former CEO and CFO (36,418 Shares). Ordinary Shares granted for future vesting are valued at the share price at grant date, which the Group considers approximates to the fair value. The Group recognised the following as treasury shares as of 31 December 2023: (i) 11 March 2022, the Group purchased 356,977 shares on the open market at an average price of 193.0\u00a2 per share, (ii) 22 March 2021, the Group purchased 220,225 shares on the open market at an average price of 362.0\u00a2 per share, (iii) 29 April 2020, the Group purchased 130,796 shares on the open market at an average price of 143.7\u00a2 per share, of which 43,599 shares were exercised during the year. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 28 SHARE BASED PAYMENTS CONTINUED Ordinary shares granted (subject to performance conditions) 2022 Number 2021 Number Outstanding at the beginning of the year 3,208,384 3,936,354 Shares granted during the year 1,006,013 530,976 Lapsed future vesting shares (353,333) (127,152) Shares issued during the year (1,425,743) (1,131,794) Outstanding at the end of the year 2,435,321 3,208,384 Averaged remaining life until vesting 1.28 years 0.84 years Shares granted during the year were 1,006,013 (2021: 530,976). The share price at the grant date was 187.2\u00a2. Shares outstanding at the end of the year consist of 2,435,321 shares subject to 50% EPS growth target, and 50% total shareholder return (TSR) compared to a peer group of companies. Further details of performance conditions that have to be satisfied on these awards are set out in the directors\u2019 remuneration report. The EPS growth target is taken into account when determining the number of shares expected to vest at each reporting date, and the TSR target is taken into account when calculating the fair value of the share grant. Valuation information \u2013 shares granted under TSR condition: Shares granted during the year: 2022 2021 Share pricing model used Monte Carlo Monte Carlo Determined fair value \u00a31.15 \u00a32.45 Number of shares granted 503,007 265,488 Average risk-free interest rate 0.1% 0.1% Average standard deviation 46% 46% Average standard deviation of peer group 53% 48% Valuation information \u2013 shares granted 2022 2021 Without performance conditions With performance conditions Without performance conditions With performance conditions Weighted average share price at grant date \u00a31.55 \u00a31.87 \u00a33.67 \u00a33.49 Weighted average share price at issue of shares \u00a32.08 \u00a31.95 \u00a33.69 \u00a33.53 Ordinary shares granted for future vesting with EPS growth performance conditions are valued at the share price at grant date, which the Group considers approximates to the fair value. The restrictions on the shares during the vesting period, primarily relating to non-receipt of dividends, are considered to have an immaterial effect on the share option charge. In accordance with IFRS 2 a charge to the consolidated income statement in respect of any shares or options granted under the above schemes is recognised and spread over the vesting period of the shares or options based on the fair value of the shares or options at the grant date, adjusted for changes in vesting conditions at each balance sheet date. These charges have no cash impact. Share benefit charges 2022 \u00a3 million 2021 \u00a3 million Equity-settled charge for the year 7.9 5.2 Cash-settled charge for the year (2.7) 0.9 Total share benefit charges 5.2 6.1 29 RETIREMENT BENEFIT SCHEMES William Hill pension schemes On acquisition, the Group acquired a number of defined contribution and defined benefit pension schemes, operated by William Hill. The UK schemes are operated under a single trust and the assets of all the schemes are held separately from those of the Group in funds under the control of trustees. The respective costs of these schemes are as follows: 2022 \u00a3 million Defined contribution schemes (charged to operating(loss)/profit) 4.3 Defined benefit scheme (charged to operating(loss)/profit) 1.3 Defined contribution schemes The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible employees. The only obligation of the Group with respect to these schemes is to make the specified contributions. The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates specified in the rules of the respective schemes. At 31 December 2022, contributions of \u00a3nil due in respect of the current reporting period were outstanding to be paid over to the schemes. Defined benefit scheme The Group also operates a defined benefit scheme in the UK for eligible employees which closed to new members in 2002. Under the scheme, employees are entitled to retirement benefits varying between 1.67% and 3.33% of final pensionable pay for each year of service on attainment of a retirement age of 63. With effect from 1 April 2011, the defined benefit scheme was closed to future accrual but maintains the link for benefits accrued up to 31 March 2011 with future salary increases (up to a maximum of 5% per annum). Employed members of this scheme were automatically transferred into one of the defined contribution schemes. The costs of administering the scheme are borne by the Group. For the purposes of preparing the information disclosed in these accounts, a full actuarial valuation of the scheme was carried out at 30 September 2019 and updated to 31 December 2022 by a qualified independent actuary. The present values of the defined benefit obligation and the related current service cost were measured using the projected unit credit method and by rolling forward the results of the 30 September 2019 technical provisions using actuarial techniques, allowing for cash flows and interest over the period, differences between the assumptions used to set the technical provisions and those selected for accounting under IAS 19, experience from making an allowance for actual deferred revaluation and pension increases in payment over the period and the PIE exercise carried out in 2019. Pension buy-in During 2021, prior to the acquisition by the Group of William Hill, William Hill agreed a buy-in of the scheme\u2019s liabilities. On 28 June 2021, a transaction was completed which insured the liabilities of the scheme with Rothesay Life. As a result of the transaction, the scheme holds annuities with Rothesay Life which are qualifying insurance policies as defined in IAS 19.8 \u2018Employee benefits\u2019. The income from these policies exactly matches the amount and timing of all benefits to those members covered under the policies. As with other bulk annuity purchases the Scheme has carried out, the change was treated as a change in investment strategy. At the year-end date, the estimated Defined Benefit Obligation (\u2018DBO\u2019) for all insured members was \u00a3255.4m. The value of the buy-in policies was determined to be \u00a3254.2m, as the effects of GMP equalisation was not included in the contract value of the buy-in insurance policy. As a result, \u00a31.2m is recognised in the Statement of Financial Position as a non-current liability. Funding valuation The general principles adopted by the Trustees for the purposes of this funding valuation are that the assumptions used, taken as a whole, will be sufficiently prudent for pensions already in payment to continue to be paid and to reflect the commitments which will arise from members\u2019 accrued pension rights. The William Hill group agreed to pay \u00a31.9m per annum in respect of the costs of insured death benefits, expenses and levies until September 2025. The William Hill group has the right to a refund of any surplus on wind up of the scheme. In April 2018, the Trustees of the William Hill pension scheme signed a buy-in bulk annuity policy. The policy was taken out to insure a proportion of the defined benefit pension scheme obligation against the risk of rising costs in the future. As a result of the buy-in transaction in the period, the entire scheme obligations are now insured. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Disclosure of principal assumptions The financial assumptions used by the actuary in determining the present value of the defined benefit scheme\u2019s liabilities were: 2022 % Rate of increase of salaries n/a Rate of increase of pensions (non-pensioner) 3.0 Rate of increase of pensions (pensioner) 3.3 Discount rate 4.7 Rate of RPI inflation (non-pensioner) 3.1 Rate of RPI inflation (pensioner) 3.4 Rate of CPI inflation 2.5 In accordance with the relevant accounting standard, the discount rate has been determined by reference to market yields at the period end date on high-quality fixed income investments at a term consistent with the expected duration of the liabilities. Price inflation is determined by the difference between the yields on fixed and index-linked Government bonds with an adjustment to allow for differences in the demand for these bonds, which can distort this figure. The expected rate of salary growth and pension increases are set with reference to the expected rate of inflation. No change has been made to the basis of inflation applied to pension increases in the scheme. The mortality assumption is kept under review and has been updated. The current life expectancies for a member underlying the value of the accrued liabilities are: Life expectancy at age 65 2022 years Male retiring now 21.9 Male retiring in 25 years\u2019 time 23.6 Female retiring now 23.9 Female retiring in 25 years\u2019 time 25.8 The assets in the scheme are set out in the table below. 2022 \u00a3 million Total market value of assets 254.2 Present value of scheme liabilities 255.4 Deficit in scheme at end of year 1.2 Analysis of the amount charged/(credited) to adjusted profit before interest and tax: 2022 \u00a3 million Current service cost 0.4 Administration expenses 0.9 Total operating charge 1.3 Analysis of the amounts recognised in the Consolidated Statement of Comprehensive Income: 2022 \u00a3 million Actual return less expected return on pension scheme assets 36.2 Actuarial gain on demographic assumptions (0.8) Actuarial loss on experience adjustment 3.0 Actuarial loss arising from changes in financial assumptions (38.1) Actuarial loss remeasurements 0.3 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Disclosure of principal assumptions continued Movements in the present value of defined benefit obligations in the period were as follows: 2022 \u00a3 million At acquisition 1 July 2022 293.1 Movement in period: Service cost 0.4 Interest cost 5.3 Remeasurements \u2013 changes in financial assumptions (38.1) Remeasurements \u2013 changes in demographic assumptions (0.8) Remeasurements \u2013 experience adjustments 3.0 Benefits paid (7.1) Insurance premium for risk benefits (0.4) At end of year 255.4 Movements in the present value of fair value of scheme assets in the period were as follows: 2022 \u00a3 million At acquisition 1 July 2022 292.7 Movement in period: Interest income on plan assets 5.3 Remeasurements \u2013 return on plan assets (excluding interest income) (36.2) Contributions from sponsoring companies 0.8 Administration expenses charged to operating (loss)/profit (0.9) Benefits paid (7.1) Insurance premium for risk benefits (0.4) At end of year 254.2 Sensitivity analysis of the principal assumptions used to measure scheme liabilities The sensitivity of the present value of the scheme\u2019s liabilities to changes in the principal assumptions used to measure these liabilities is illustrated in the table that follows. The illustrations consider the single change shown, with the other assumptions assumed to be unchanged. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). The change to the inflation sensitivity allows for changes to pension increases in deferment and in payment. Although the analysis does not take account of the full distribution of cash flows expected, it does provide an approximation of the sensitivity of the assumptions shown. In addition, as the scheme is now fully bought-in, any changes in the value of the scheme\u2019s liabilities due to changes in the underlying assumptions will be matched by changes in the value of the scheme\u2019s assets (which are measured in line with the obligations). There would therefore be a nil net balance sheet impact from these sensitivities. Assumption Changes in assumption Impact on defined benefit obligation Discount rate Decrease by 0.25% p.a. Increase by \u00a39.0m Discount rate Increase by 0.25% p.a. Decrease by \u00a39.0m Rate of increase in inflation Increase by 0.25% p.a. Increase by \u00a36.0m Rate of increase in inflation Decrease by 0.25% p.a. Decrease by \u00a37.0m Life expectancy Members assumed to live one year longer Increase by \u00a310.0m The sensitivity to price inflation includes the corresponding impact on CPI, revaluation in deferment and pension increases in payment. It does not include any adjustments to future salary increases. Nature and extent of the risks arising from financial instruments held by the defined benefit scheme Through the scheme, following the buy-in, the main risk that the Group has is counterparty risk, with the Insurance company backing the majority of the policies with the exception GMP equalisation which is not included in the contract value of the buy-in insurance policy. At the year-end date, the estimated Defined Benefit Obligation (\u2018DBO\u2019) for all insured members was \u00a3255.4m. The value of the buy-in policies was determined to be \u00a3254.2m. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Funding Alongside the risk assessment above, on 30 September 2020, the Group agreed an ongoing funding requirement with the Trustees which expires on 30 September 2025. The weighted average duration of the scheme\u2019s defined benefit obligation as at 31 December 2022 is 15 years. The undiscounted maturity profile of the defined benefit obligation between one and ten years is shown below: 2022 \u00a3 million Less than one year 12.7 Between one and two years 13.4 Between two and five years 45.7 Between five and ten years 71.7 No allowance is made for commutation lump sums or individual transfers out due to the fluctuating nature of these payments. 30 RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associate are disclosed below. Trading transactions Associates As part of the William Hill acquisition, the Group acquired Sports Information Services (Holdings) Limited, an associate of the William Hill Group. From 1 July to the balance sheet date, the Group made purchases of \u00a315.8m from Sports Information Services Limited, a subsidiary of Sports Information Services (Holdings) Limited. At 31 December 2022, the amount payable to Sports Information Services Limited by the Group was \u00a3nil. Remuneration of Key Management Personnel The aggregate amounts payable to key management personnel, considered to be the Directors of the Company, as well as their share benefit charges, are set out below: 2022 \u00a3 million 2021 \u00a3 million Short-term benefits 2.9 3.6 Post-employment benefits 0.1 0.1 Share benefit charges \u2013 equity-settled 2.4 1.0 7.4 4.7 Further details on Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report. 31 CONTINGENT LIABILITIES Legal claims In common with other businesses in the gambling sector the Group receives claims from consumers relating to the provision of gambling services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses consumer claims as they are resolved or finally determined in consumers\u2019 favour and provides for such claims where an outcome in favour of the consumers in question is probable. The Business has been subject to a particular acceleration of claims in Austria since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Consumers who have obtained judgement against the Business\u2019 entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, which includes a liability measured at fair value on acquisition of \u00a380.6m relating to the William Hill and Mr Green brands and provision of \u00a35.6m relating to 888. Please refer to note 22 for further detail. The \u00a380.6m relating to the William Hill and Mr Green brands was recognised on acquisition representing the fair value of the contingent liability at that point in time, recognised on the basis that it was a possible future liability and in line with IFRS 3. Please refer to note 16 for further detail. Since acquisition, there has been an alignment in strategy and accounting treatment with William Hill and Mr Green aligning to the 888 methodology. William Hill and Mr Green have therefore recognised a provision for probable legal claims and a contingent liability for possible legal claims it expects to receive. As at 31 December 2022, the provision is estimated at \u00a367.0m and the contingent liability is estimated at \u00a313.5m. The contingent liability for the 888 business is estimated at \u00a35.2m. 31 CONTINGENT LIABILITIES CONTINUED
Legal claims continued
The calculation of the customer claims liability includes provision for interest but is gross of gaming tax. Management have
assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset
has been disclosed for the tax reclaims. The contingent asset relating to the tax reclaim on the total liability (both provided
for and disclosed as a contingent liability) is a range in value of up to \u00a324.5m.
Regulatory compliance
Given the nature of the legal and regulatory landscape of the industry, from time to time the Group has self-reported or
received notices, communications and legal actions from regulatory authorities and other parties in respect of its activities.
The Group is furthermore subject to regular compliance assessments of its licensed activities, from time to time. The Group\u2019s
policy is to engage in dialogue with regulators and address any concerns raised in such assessments, to work cooperatively
with the regulator and to take action to address any concerns raised as part of the assessment as soon as possible. The
Group takes legal advice as to the manner in which it should respond and the likelihood of success of such actions. Based on
this advice and the nature of the actions, for the majority of these matters the Board is unable to quantify reliably the outflow
of funds that may result, if any.
For matters where an outflow of funds is probable and can be measured reliably, amounts have been recognised in the
financial statements within Provisions. Except for the regulatory matters described in note 22, these amounts are not material
at 31 December 2022.
32 EVENTS AFTER THE REPORTING DATE
In January 2023, an internal compliance team self-identified failures where the Group\u2019s safer gambling policies were not being
effectively applied. Further investigations identified similar accounts which were later confirmed to be a broader issue within
a specific cohort of players, namely 888 VIPs in the Middle East. The Board, once fully briefed, took the prudent decision to
suspend all of these accounts while the compliance team investigated the situation further. The investigation has concluded
and the Group has remedied the failings and is confident that its policies and procedures are robust, and this failure was
isolated to a very specific cohort of players. It has successfully started reopening accounts and currently expects to recover
40-50% of this revenue.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES
The consolidated financial statements include the following principal subsidiaries of 888 Holdings plc:
Name Country
Percentage
of equity
interest Nature of business
888 (Ireland) Limited Malta 100% Holds Irish online betting licence
888 Acquisitions Limited Gibraltar 100% Acquisition vehicle for the William Hill purchase
888 Acquisitions LLC Delaware 100% Dormant Company
888 Atlantic Limited Gibraltar 100% Holds New Jersey CSIE licence
888 Cayman Finance Limited Cayman Islands 100% Holding Company
888 CZ Limited Gibraltar 100% Dormant Company
888 Denmark Limited Malta 100% Holds Danish online gaming licence
888 France Limited Malta 100% Dormant Company
888 Germany Limited Malta 100% Holds German online gaming licences
888 Italia Ltd Malta 100% Holds Italian online gaming licence
888 Liberty Ltd Gibraltar 100% Holds Delaware CSIE licence
888 Netherlands Limited Malta 100% Holds Netherlands online gaming licence
888 Online Games Espa\u00f1a, S.A. Ceuta 100% Holds Spanish online gaming licence
888 Portugal Ltd Malta 100% Holds Portuguese online gaming licence
888 Romania Limited Malta 100% Holds Romanian online gaming licence
888 Sweden Limited Malta 100% Holds Swedish online gaming licence
888 UK Limited Gibraltar 100% Holds UK online gaming licence
888 US Holdings Inc. Delaware 100% Holding company
888 US Inc. Delaware 100% Holding company
888 US Ltd Gibraltar 100% Holds Nevada IGSP licence
888 US Services Inc. Delaware 100% Employs NJ-based personnel and hold servers/IT
equipment in the US.
888 VHL UK Holdings Limited United Kingdom 100% Holding Company
A.J.Schofield Limited (in liquidation) United Kingdom In liquidation
AAPN Holdings LLC Delaware 100% Holding company
AAPN New Jersey LLC New Jersey 100% Holds New Jersey CSIE licence
Ad-Gency Limited (in liquidation) Israel In liquidation
Admar Services (Gibraltar) Limited Gibraltar 100% Obtaining affiliate marketing payments
Admar Services (Malta) Limited Malta 100% Provides the provision of marketing services to other
companies within William Hill Group
Alfabet S.A.S Colombia 90% Columbian operations
Arena Racing Limited United Kingdom 100% Dormant Company
B.B.O'Connor (Lottery) Limited Jersey 100% Dormant Company
B.J.O'Connor Holdings Limited Jersey 100% Property investment and management
B.J.O'Connor Limited Jersey 100% The operation of Licensed Betting Offices (LBOs)
& is also licensed
Baseflame Limited (in liquidation) United Kingdom In liquidation
Bradlow Limited United Kingdom 100% Dormant Company
Brigend Limited Gibraltar 100% Bingo business operator pursuant to Gibraltar licence
Brooke Bookmakers Limited United Kingdom 100% Dormant Company
Camec (Scotland) Limited United Kingdom 100% Dormant Company
Camec (Southern) Limited
(in liquidation)
United Kingdom In liquidation
Camec Limited United Kingdom 100% Dormant Company
Cassava Enterprises (Gibraltar) Ltd Gibraltar 100% Dormant Company
Cassava Holdings Limited Antigua & Barbuda 100% Held lease of Antigua offices
Cellpoint Investments Limited Cyprus 100% Group service company
City Tote Limited (in liquidation) United Kingdom In liquidation
Concession Bookmakers Limited
(in liquidation)
United Kingdom In liquidation
Dansk Underholdning Limited Malta 100% Dormant Company
Deluxe Online Limited (in liquidation) United Kingdom In liquidation
Deviceguide Limited United Kingdom 100% Dormant Company
Dixie Operations Limited Antigua & Barbuda 100% Operated a call centre in Antigua
Entertainment Ventures Europe
2019 Limited
Malta 100% Maltese licence holder
Evenmedia Limited (In liquidation) United Kingdom In liquidation
Name Country Percentage of equity interest Nature of business Evoke Gaming Ltd Malta 100% Operates a remote gaming licence- Licences: ROI, Malta, Sweden & ROW Customers. Fordart Limited Gibraltar 100% Enters into B2B contracts pursuant to Gibraltar licence and general commercial business activities Fred Parkinson Management Limited United Kingdom 100% Dormant Company Gaming Ventures Europe 2019 Limited Malta 100% Maltese licence holder Gisland Limited Gibraltar 100% Payment transmission services Goodfigure Limited (in liquidation) United Kingdom In liquidation Grand Parade Limited United Kingdom 100% Contract Software Development Grand Parade Sp. z o.o. Poland 100% Software Writing and Maintenance + Project Management Green Gaming Group PLC Malta 100% Holding company for most legal entities located in Malta GUS Carter (Cash) Limited United Kingdom 100% Dormant Company GUS Carter Limited United Kingdom 100% Dormant Company Ivy Lodge Limited Guernsey 100% Property Holding company James Lane (Bookmaker) Limited United Kingdom 100% Dormant Company James Lane (Turf Accountants) Limited United Kingdom 100% Dormant Company James Lane Group Limited United Kingdom 100% Dormant Company Laystall Limited United Kingdom 100% Dormant Company Live 5 Holdings Limited United Kingdom 100% Holding company Live 5 Limited United Kingdom 100% Games studio. Licensed and regulated entity by the UK Gambling Commission. Matsbest Limited United Kingdom 100% Dormant Company Matsgood Limited United Kingdom 100% Dormant Company Mr Green & CO AB Sweden 100% Dormant Company Mr Green & Co Optionsbarare AB Sweden 100% Dormant Compan y Mr Green Consultancy Services Ltd. United Kingdom 100% Dormant Company Mr Green Consulting AB Sweden 100% Dormant Company Mr Green Limited Malta 100% Operates a remote gaming licence & holds the MGA licence for the Mr Green Brand MRG IP Limited Malta 100% Holds intellectual property developed for the Mr Green Brands. MRG Spain PLC Malta 100% Holds a licence in Spain. New Wave Virtual Ventures Gibraltar 100% Holds mobile gaming applications Nimverge Tech India Private Limited India 100% Providing Tech Services to the group. Online Entertainment Limited Gibraltar 100% Held domains, presently dormant Phonethread Limited United Kingdom 100% Dormant Company Random Logic Limited Israel 100% Research, development and marketing service company Random Logic Ventures Limited Israel 100% Holding company Regency Bookmakers (Midlands) Limited United Kingdom 100% Dormant Company Selwyn Demmy (Racing) Limited United Kingdom 100% Dormant Compan y SIA Mr Green Latvia Latvia 100% Gaming entity regulated by the Latvian regulator and servicing the Latvian (Mr Green) marke t Sparkware Technologies SRL Romania 100% Software development Spectate Limited Ireland 100% Research & development centre in Ireland St James Place Limited Guernsey 100% Property Holding Company. T H Jennings (Harlow Pools) Limited United Kingdom 100% Dormant Company Trackcycle Limited United Kingdom 100% Dormant Company VDSL (International) Limited Gibraltar 100% Operator of the gaming sites pursuant to Virtual Global Digital Services Limited's Gibraltar licence for Canadian customers VHL America, LLC Delaware 95.01% Holding company for US B2C VHL Colorado, LLC Colorado 100% Holds Colorado online gaming licence VHL Financing (Malta) Limited Malta 100% Dormant compan y 33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Name Country
Percentage
of equity
interest Nature of business
VHL Financing Limited Gibraltar 100% Holding company
VHL Indiana, LLC Indianapolis 100% Dormant Company
VHL Iowa, LLC Iowa 100% Dormant Company
VHL Louisiana, LLC Louisiana 100% Dormant Company
VHL Maryland, LLC Maryland 90.02% Dormant Company
VHL Massachusetts LLC Massachusetts 100% Dormant Company
VHL Michigan, LLC Michigan 100% Holds Michigan online gaming licence
VHL Missouri, LLC Missouri 100% Dormant Company
VHL New Jersey New Jersey 100% Dormant Company
VHL Ohio, LLC Ohio 100% Dormant Company
VHL Ontario Limited Gibraltar 100% Holds Ontario online gaming licence
VHL Virginia, LLC Virginia 90.02% Holds Virginia online gaming licence
Vickers Bookmakers Limited
(in liquidation)
United Kingdom In liquidation
Virtual Digital Services Limited Malta 100% Operator of the gaming sites pursuant to Malta
licence \u2013 certain European markets
Virtual Emerging Entertainment Limited Gibraltar 100% Licensing of brands for Asian market
Virtual Global Digital Services Limited Gibraltar 100% Operator of the gaming sites pursuant to Gibraltar
licence
Virtual Internet Services Latam S.L.U. Ceuta 100% Dormant Company
Virtual Internet Services Limited Gibraltar 100% Procurement of internet and bandwidth services for
the group, holds Gibraltar office lease and employs
Gibraltar personnel
Virtual IP Assets Limited Antigua & Barbuda 100% IP company
Virtual Marketing Services
(Gibraltar) Limited
Gibraltar 100% Group marketing acquisition company
Virtual Marketing Services
(Ireland) Limited
Ireland 100% Marketing and other services company
Virtual Marketing Services (UK) Limited England & Wales 100% Marketing and other services company
Virtual Share Services Limited Gibraltar 100% Holding of shares to satisfy vesting of equity awards
Vynplex Limited (In liquidation) United Kingdom In liquidation
WHG (International) Limited Gibraltar 100% Trading and licensed entity for all brands and
territories except Spain
WHG (Malta) Limited Malta 100% Dormant and Non trading company. Denmark
Licence applicant
WHG Customer Services
Philippines, INC
Philippines 100% Operating entity of Philippines shared service centre
WHG IP Licensing Limited Gibraltar 100% In partnership with WHG (International) Limited,
holds WH Online IP
WHG ITALIA SrL Italy 100% Payroll related expenses of employees in Italy.
Trading entity that receives income via
Intercompany recharge
WHG Online Marketing Spain S.A. Spain 100% Payroll related expenses of employees in Spain.
Trading entity and income is intercompany recharge
WHG Services (Bulgaria) Limited EOOD Bulgaria 100% The provision of consulting and technical support
WHG Services (Philippines) Limited Gibraltar 100% Holding company and invoicing conduit for WHG
Customer Services Philippines, Inc
WHG Services Limited United Kingdom 100% Providing services related mainly to the technical
development of William Hill Limited's online business.
WHG Spain PLC Malta 100% Operates a Spanish remote gaming license.
WHG Trading Limited Gibraltar 100% Dormant Compan y
Will Hill Limited United Kingdom 100% Holding Company
William Hill (Alba) Limited United Kingdom 100% Dormant Company
William Hill (Caledonian) Limited United Kingdom 100% Dormant Company
William Hill (Course) Limited
(in liquidation)
United Kingdom In liquidation
William Hill (Edgeware Road) Limited United Kingdom 100% Dormant Company
33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED
Name Country
Percentage
of equity
interest Nature of business
William Hill (Effects) Limited United Kingdom 100% Dormant Company
William Hill (Essex) Limited United Kingdom 100% Dormant Company
William Hill (Football) Limited United Kingdom 100% Dormant Company
William Hill (Goods) Limited United Kingdom 100% Dormant Company
William Hill (IOM) No. 3 Limited Isle of Man 100% Dormant Company
William Hill (London) Limited United Kingdom 100% Dormant Company
William Hill (Malta) Limited Malta 100% Dormant Company
William Hill (Midlands) Limited United Kingdom 100% Dormant Company
William Hill (North Eastern) Limited United Kingdom 100% Dormant Company
William Hill (North Western) Limited United Kingdom 100% Dormant Company
William Hill (Northern) Limited
(in liquidation)
United Kingdom In liquidation
William Hill (Products) Limited
(in liquidation)
United Kingdom In liquidation
William Hill (Resources) Limited United Kingdom 100% Dormant Company
William Hill (Scotland) Limited United Kingdom 100% Dormant Company
William Hill (Southern) Limited United Kingdom 100% Dormant Company
William Hill (Strathclyde) Limited
(in liquidation)
United Kingdom In liquidation
William Hill (Supplies) Limited
(in liquidation)
United Kingdom In liquidation
William Hill (Wares) Limited United Kingdom 100% Dormant Company
William Hill (Western) Limited United Kingdom 100% Dormant Company
William Hill Bookmakers (Ireland)
Limited
Ireland 100% Dormant Company
William Hill Call Centre Limited Ireland 100% Dormant Company
William Hill Cayman Holdings Limited Cayman Islands 100% Holding Company
William Hill Credit Limited United Kingdom 100% Dormant Company
William Hill Employee Shares
Trustee Limited
United Kingdom 100% Dormant Company
William Hill Finance Limited United Kingdom 100% Holding Company
William Hill Gametek AB Sweden 100% Limited operations, provides technical and support
services in relation to the platforms/games
William Hill Global PLC Malta 100% Holds the MGA license for the WH Brand & is the
main operating company in Malta
William Hill Holdings Limited United Kingdom 100% Holding Company
William Hill Investments Limited United Kingdom 100% Holding Company
William Hill Latvia SIA Latvia 90% Main license holder in Latvia.
William Hill Limited United Kingdom 100% Previously listed WH Group operating company
William Hill Malta PLC Malta 100% Malta Gaming entity regulated by the MGA
William Hill Offshore Limited Ireland 100% Dormant Company
William Hill Organization Limited United Kingdom 100% Operation of Licensed Betting Offices (LBOs) and,
through its subsidiary companies, the provision
of online and telephone betting services in the
United Kingdom. UK operating entity
William Hill Steeplechase Limited Gibraltar 100% Special purpose vehicle for financing purposes
William Hill Trustee Limited United Kingdom 100% Acting as Trustee to the William Hill Pension Scheme
Willstan Properties Limited United Kingdom 100% Property Investment and Management in
Northern Ireland
Willstan Racing (Ireland) Limited Ireland 100% Dormant Company
Willstan Racing Holdings Limited United Kingdom 100% Dormant Company
Willstan Racing Limited United Kingdom 100% Dormant Company
Windsors (Sporting Investments) Limited United Kingdom 100% Dormant Company
Wise Entertainment DK ApS Denmark 100% Consulting assistance and entry into sales/
marketing agreements for content providers
Wizard's Hat Limited Malta 100% Dormant Company
33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "888 Holdings PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "British Virgin Islands ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "Gibraltar",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "888 Holdings PLC ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "PLC",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "1 ACCOUNTING POLICIES The significant accounting policies applied in the preparation of the consolidated financial statements are as follows: Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. All values are rounded to the closest hundred thousand, except when otherwise indicated. The significant accounting policies applied in the consolidated financial statements in the prior year have been applied consistently in these consolidated financial statements, except for the amendments to accounting standards effective for the annual periods beginning on 1 January 2022 and representation of expenses analysis in the income statement. These are described in more detail below. As a company incorporated in Gibraltar, 888 Holdings plc is not required by UK law or regulation to prepare the Directors\u2019 Remuneration or Strategic reports under regulation that applies to UK incorporated companies. However, by virtue of 888\u2019s Premium Listing on the London Stock Exchange and reflecting the Director\u2019s approach to good governance and investor expectation, we have prepared these reports in line with the requirements under the UK Companies act 2006. The Directors\u2019 Remuneration Report, set out on pages 111 to 125, has been voluntarily prepared in accordance with sections 420 to 422 UK Companies act 2006. The information given in the Strategic Report, set out on pages 2 to 88, has been voluntarily prepared in accordance with section 414 UK Companies act 2006. Change in presentation currency of the Group The Group has changed the currency in which it presents its financial results from US Dollar to Pound sterling (GBP) with effect from 1 January 2022, in consideration of the William Hill acquisition and current business mix which now has significantly higher GBP exposure. 888 US dollar denominated earnings, are a relatively lower proportion of overall earnings. Given the current composition of the Group\u2019s activities, this change is expected to reduce the impact of currency movements on reported results. Accordingly, to satisfy the requirements of IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, the reported results for the year ended 31 December 2022 have been translated from US Dollar to GBP using the following procedures: \u2022 Assets and liabilities denominated in non-GBP currencies were translated into GBP at the relevant closing rates of exchange; \u2022 The trading results of subsidiaries whose functional currency was other than GBP were translated into GBP at the relevant average rates of exchange; \u2022 Movements in other reserves were translated into GBP at the relevant average rates of exchange; \u2022 Share capital, share premium, treasury shares/own shares and dividends were translated at the historic rates prevailing on the date of each transaction; and \u2022 The cumulative translation reserve was set to nil at 1 January 2004, being the earliest practicable date and the date of transition to IFRS, and has been restated on the basis that the Group had reported in GBP since that date. The opening balance sheet and all comparatives have been re-presented in GBP following the change in presentation currency. 1 ACCOUNTING POLICIES CONTINUED Going concern Background The financial statements have been prepared using the going concern basis of accounting. As at the year end the Group had net assets of \u00a3159.2m (31 December 2021: \u00a3124.5m) and incurred a statutory loss before tax of \u00a3115.7m during the year (31 December 2021: \u00a359.0m profit). The Group also had net current liabilities of \u00a3209.0m (31 December 2021: \u00a311.7m). A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages 2 to 88, and in notes 23 to 25 to these financial statements. Business planning and performance management Following the acquisition of William Hill, the Group has developed its forecasting and monitoring processes to reflect the combined group and the new reporting structure. These consists of weekly monitoring and careful management of liquidity, an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future impact so management can take action where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts. Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 56 to 66), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when undertaking the going concern evaluation for the period to 30 June 2024. The Group\u2019s future prospects As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer balances and restricted cash of \u00a3176.3m as at 31 December 2022 (31 December 2021: \u00a3129.3m). In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility which is currently undrawn. The Group entered into significant debt arrangements within the year to fund the acquisition of the William Hill business (also described in note 24). Other than an annual \u00a34.8m repayment on the TLB facility, no borrowings are due within the period of the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a Net Leverage covenant which is not restrictive in the base case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants. The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2024, based on reasonable assumptions including, in the base case, a 3% decline in 2023 revenue on a pro forma basis and lower than expected EBITDA synergies in 2023, indicate that the Group will be able to operate within the level of its currently available and expected future facilities for this period to 30 June 2024. Under the base case forecast, the Group has sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2024. The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future. Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside sensitivities have been run, individually and in aggregate to assess the impact of the following scenarios: \u2022 The adverse impact of suspension of 888 VIP customers in the Middle East region; \u2022 Reductions in profitability for the whole Group of 10% to reflect potential regulatory, macroeconomic or competitive pressures; \u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt; \u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and \u2022 The adverse impact of potential measures that may be imposed following the UK Gambling Act review. Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand a decrease in forecast EBITDA of 31%. The Board considers the likelihood of a decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the disposal of non-core assets and investments. Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures. Conclusion Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements. 1 ACCOUNTING POLICIES CONTINUED 1.1 Basis of preparation continued New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below: IAS 16 (amended) Property, plant and equipment: proceeds before intended use IAS 37 (amended) Onerous contracts: cost of fulfilling a contract IAS 39 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 1 (amended) Annual improvements to IFRS Standards 2018-2020 IFRS 3 (amended) Reference to the conceptual framework IFRS 7 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 9 (amended) Derecognition of financial liabilities Annual improvements to IFRS standards 2018-2020 IFRS 16 (amended) Annual improvements to IFRS standards 2018-2020 Interest rate benchmark reform \u2013 Phase 2 Standards in issue but not effective At the date of authorisation of the Group financial statements, the following Standards, amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: New Standards IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments and interpretations IAS 1 (amended) Disclosure of accounting policies (effective 1 January 2023) Classification of liabilities as current or non-current (effective 1 January 2024) IAS 8 (amended) Definition of accounting estimates (effective 1 January 2023) IAS 12 (amended) Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023) IFRS 16 (amended) Lease liabilities in a sale and leaseback (effective 1 January 2024) The Group does not currently believe that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. Impact of climate change The business continues to consider the impact of climate change in the consolidated and company financial statements and recognise that the most impactful risks are around the cancellation of sporting events due to extreme weather and the longer-term cost of energy. These costs have been factored into future forecasts and the carrying value of assets in these financial statements. The Directors do not believe these risks represent a material risk to managements forecasts this year. Further the group has assessed the impact of climate change in the work on going concern, viability statement and impairment reviews and considers that the above risk of longer-term cost of energy has been factored into these future forecasts. The Group constantly monitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed that will impact the Group. The Group will adjust key assumptions in value in use calculations and sensitise these calculations should a change been required. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described below, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in the period and future periods if it affects both current and future periods. 1 ACCOUNTING POLICIES CONTINUED Critical accounting judgements Internally generated intangible assets Costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. The initial capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility criteria are met. In making this judgement, management considers the progress made in each development project and its latest forecasts for each project. Other expenditure is charged to the consolidated income statement in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. For further information see note 12. IFRS 16 Management addresses the key judgements, including the assessment of the lease term at the point where the lessee can be reasonably certain of its right to use the underlying asset. Given the continued uncertainty surrounding the Retail estate, management determined the lease term under IFRS 16 across the Retail estate as the next available break date, as this means the Group is not \u2018reasonably certain\u2019 that any lease break will not be exercised. The Group has recognised a lease liability of \u00a389.0m at 31 December 2022. Exceptional and adjusted items The Group classifies and presents certain items of income and expense as exceptional items. The Group presents adjusted performance measures which differ from statutory measures due to exclusion of exceptional items and certain non-cash items as the Group considers that it allows a further understanding of the underlying financial performance of the Group. These measures are described as \u201cadjusted\u201d and are used by management to measure and monitor the Group\u2019s underlying financial performance. Non-cash items that are excluded from adjusted performance measures of underlying financial performance include amortisation of acquired intangibles, amortisation of finance fees, share benefit charges and foreign exchange differences. The Group considers any items of income and expense for classification as exceptional if they are one off in nature and by virtue of their size. The items classified as exceptional (and are excluded from the adjusted measures) are described in further detail in note 3. Key accounting estimates Identification and valuation of William Hill intangible assets The Group acquired the International (non-US) business of William Hill on 1 July 2022 for an enterprise value of \u00a31.73bn. As part of the purchase price allocation the Group recognised separately identifiable acquired intangibles comprising brands (\u00a3574.4m); customer relationships (\u00a3595.1m) and gambling licences (\u00a38.5m). Goodwill of \u00a3785.6m was recognised on acquisition. The estimate of the value of each class of asset described above is based on recognised valuation methodologies such as the \u201crelief from royalty\u201d method for brands, recognised industry comparative data and the Group\u2019s industry experience and specialist knowledge, and is therefore a key accounting estimate. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Note that consideration of provisions and contingent liabilities identification and valuation on acquisition are considered in the provision, contingent liabilities and regulatory matters section below. This has been an area where the Group has made significant accounting estimates during the year. However, the Group recognises that it is not an accounting estimate where there are major sources of estimation uncertainty at 31 December 2022 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Further, the Group exercised judgement in determining the intangible assets acquired and their fair value on the William Hill business combination, with the support of external experts to support the valuation process, where appropriate. See Note 16 for additional information. Impairment of goodwill and other long-life intangible assets For the purposes of impairment testing under IAS 36 Impairment of Assets, CGUs are grouped to reflect the level at which goodwill is monitored by management. The key judgement is the level at which the impairment tests are performed. Management have allocated Goodwill to Retail on a group of CGUs basis, International on a group of CGUs basis and UK Online as its own CGU as this is the lowest level at which it is practical to monitor goodwill. These are the levels at which goodwill is assessed for impairment. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Cash flows are typically forecast for periods up to five years. For some cash-generating units it is appropriate to use forecasts extending beyond five years where future investment in the business is expected to result in a long-term growth being achieved outside of five years. For further information see note 12. 1 ACCOUNTING POLICIES CONTINUED Taxation The Group holds a number of provisions for uncertain tax positions on the basis of amounts expected to be paid to the tax authorities. If for example, the tax authorities in the relevant jurisdictions do not regard the arrangements between any of the group companies as being made at arm\u2019s length or insofar as changes occur in transfer pricing regulations or in the interpretation of existing transfer pricing regulations, including through changes to the OECD\u2019s guidelines and/ or recommendations, the amount of tax payable by the Group may increase. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that would be settled. However, the actual outcome could be different to the estimate made, as the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time barred. Provisions, contingent liabilities and regulatory matters The Group makes a number of estimates in respect of the accounting for, and disclosure of, expenses and contingent liabilities for customer claims. Provisions are described in further detail in note 22 and contingent liabilities in note 31. In common with other businesses in the gambling sector the Group receives claims from customers relating to the provision of gambling services. Claims have been received from customers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses customer claims as they are resolved or finally determined in customers\u2019 favour and provides for such claims where an outcome in favour of the customers in question is probable. Specifically, the Group has recognised a provision and contingent liability for customer claims in Austria where the Business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Customers who have obtained judgement against the Business\u2019 entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, mostly related to the Mr Green brand. The value of the provision and contingent liability are both estimates based on the number and individual size of claims received to date and assumptions based on such observations as can be derived from those claims and include an estimate of claims the Group assess it probable, for the provision, and possible, for the contingent liability, that it will receive in the future. If these rate of receipt of claims were to increase by 25% compared to our expectation the value across the provision recognised and contingent liability disclosed would increase by \u00a37.0m before consideration of potential gaming tax reclaim. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated from the date the Parent gained control until such time as control ceases. The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the consideration over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. Revenue Revenue is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for goods and services that the Group is in business to provide, net of discounts, marketing inducements and VAT, as set out below. In the case of licensed betting offices (\u201cLBO\u201d) (including gaming machines), online sportsbook and telebetting and online casino (including games on the Online arcade and other numbers bets) revenue represents gains and losses from gambling activity in the period. This revenue is treated as a derivative under IFRS 9 \u2018Financial Instruments\u2019 and is therefore out of scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019. Open positions are carried at fair value, and gains and losses arising on this valuation are recognised in revenue, as well as gains and losses realised on positions that have closed. Revenue from the Online poker business is within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and reflects the net income (rake) earned when a poker game is completed, which is when the performance obligation is deemed to be satisfied. Revenue from B2B is mainly comprised of services provided to business partners. B2B also includes fees from the provision of certain gaming related services to partners. Customer advances received are treated as deferred income within current liabilities and released as they are earned. 1 ACCOUNTING POLICIES CONTINUED Revenue continued For services provided to business partners through its B2B unit, the Group examines whether the nature of its promise is a performance obligation to provide the defined goods or services itself, which means the Group is a principal and therefore recognises revenue as the gross amount of the revenue generated from use of the Group\u2019s platform in online gaming activities with the partners\u2019 share of the revenue charged to marketing expenses; or to arrange that another party provide the goods or services which means the Group is an agent and therefore recognises revenue as the amount of the net commission from use of the Group\u2019s platform. The Group is a principal when it controls the promised goods or services before their transfer to the customer. Indicators that the Group controls the goods or services before their transfer to the customer include, inter alia, as follows: The Group is the primary obligor for fulfilling the promises in the contract; the Group has inventory risk before the goods or services are transferred to the customer; and the Group has discretion in setting the prices of the goods or services. Cost of Sales Cost of sales consists primarily of gaming duties, payment service providers\u2019 commissions, chargebacks, commission and royalties payable to third parties, all of which are recognised on an accruals basis. Operating expenses Operating expenses consist primarily of marketing, staff costs and corporate professional expenses, both of which are recognised on an accruals basis. Retirement benefit costs Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. For defined benefit retirement schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each period end date. Actuarial remeasurements are recognised in full in the period in which they occur. They are recognised outside profit or loss and presented in the Consolidated Statement of Other Comprehensive Income. The net retirement benefit asset or obligation recognised in the Consolidated Statement of Financial Position represents the present value of the defined benefit obligation as adjusted for unrecognised past service costs and as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service costs plus the present value of available refunds and reductions in future contributions to the plan. Foreign currency Monetary assets and liabilities denominated in currencies other than the functional currency of the relevant company are translated into that functional currency using year-end spot foreign exchange rates. Non-monetary assets and liabilities are translated using exchange rates prevailing at the dates of the transactions. Exchange rate differences on foreign currency transactions are included in financial income or financial expenses in the Consolidated Income Statement, as appropriate. The results and financial position of all Group entities that have a functional currency different from pound sterling are translated into the presentation currency at foreign exchange rates as set out below. Exchange differences arising, if any, are recorded in the Consolidated Statement of Comprehensive Income as a component of other comprehensive income. (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and (ii) income and expenses for each income statement are translated at an average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). Finance income Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable. Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. 1 ACCOUNTING POLICIES CONTINUED Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the period end date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. Intangible assets Acquired intangible assets Intangible assets arising on acquisitions are recorded at their fair value. Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Acquired brands Assessed separately for each asset, with lives ranging up to 20 years. Customer relationships Between 18 months and 13 years. Bookmaking and mobile technology Between three and five years. Licences 10 to 20 years. Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information. Internally generated intangible assets An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified (such as software and new processes); \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the useful life of these assets as between three and five years. 1 ACCOUNTING POLICIES CONTINUED Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date for indicators of impairment. Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated residual values over their expected useful lives. The annual depreciation rates are as follows: Freehold buildings 50 years Long leasehold properties 50 years Short leasehold properties Over the unexpired period of the lease Short leasehold improvements The shorter of ten years or the unexpired period of the lease Fixtures, fittings and equipment and motor vehicles At variable rates between three and ten years Right-of-use asset Reasonably certain lease term Impairment of non-financial assets An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. This process is described in more detail in note 12 to the financial statements. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately. Fair value measurement The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures are included in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between market participants at a particular date, either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for that asset or liability accessible to the Group. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement. Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, IFRS 13 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity\u2019s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). \u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. \u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. \u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. 1 ACCOUNTING POLICIES CONTINUED Assets held for sale Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book value and fair value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact of any adjustment as a part of this assessment is booked through the Consolidated Income Statement. Cash and cash equivalents Cash comprises cash in hand and balances with banks and on-demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash. They include short-term deposits originally purchased with maturities of three months or less . Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost and principally comprise amounts due from credit card companies and from e-payment companies. The Group has applied IFRS 9\u2019s simplified approach and has calculated the expected credit losses (\u2018ECLs\u2019) based on lifetime of expected credit losses. Bad debts are written off when there is objective evidence that the full amount may not be collected. Equity Equity issued by the Company is recorded as the proceeds received from the issue of shares, net of direct issue costs. Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium account. Dividends Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the Board of Directors and paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting. Equity-settled Share benefit charges Where the Company grants its employees or contractors shares or options, the cost of those awards, recognised in the Consolidated Income Statement over the vesting period with a corresponding increase in equity, is measured with reference to the fair value at the date of grant. Market performance conditions are taken into account in determining the fair value at the date of grant. Non-market performance conditions, including service conditions, are taken into account by adjusting the number of instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised within employee benefits expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. Further details of which are given in note 28. The approach used to account for vesting conditions when measuring equity- settled transactions also applies to cash-settled transactions. Severance pay schemes The Group operates two severance pay schemes: Defined benefit severance pay scheme The Group operates a defined benefit severance pay scheme pursuant to the Severance Pay Law in Israel. Under this scheme Group employees are entitled to severance pay upon redundancy or retirement. The liability for termination of employment is measured using the projected unit credit method. Severance pay scheme surpluses and deficits are measured as: \u2022 the fair value of plan assets at the reporting date; less \u2022 plan liabilities calculated using the projected unit credit method, discounted to its present value using yields available for the appropriate government bonds that have maturity dates appropriate to the terms of the liabilities. Remeasurements of the net severance pay scheme assets and liabilities, including actuarial gains and losses on the scheme liabilities due to changes in assumptions or experience within the scheme and any differences between the interest income and the actual return on assets, are recognised in the Consolidated Statement of Comprehensive Income in the period in which they arise. 1 ACCOUNTING POLICIES CONTINUED Defined contribution severance pay scheme In 2017 the Group introduced a defined contribution plan pursuant to section 14 to the Severance Pay Law. Under this scheme the Group pays fixed monthly contributions. Payments to defined contribution plans are charged as an expense as they fall due. Borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and inflation risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges); or \u2022 hedges of a net investment in a foreign operation (net investment hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge are recognised immediately in profit or loss and are included in \u201cfinance income/expense\u201d. 1 ACCOUNTING POLICIES CONTINUED Leasing At inception of a contract, the Group considers whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on the margin requirements of the Group\u2019s revolving credit facilities as well as country specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Group\u2019s retail business. The Group has also applied the below practical expedients: \u2022 exclude leases from measurement and recognition where the lease term ends within 12 months from the date of initial application and account for these leases as short-term leases; \u2022 exclude low value leases for lease values less than \u00a35,000; \u2022 apply a single discount rate to a portfolio of leases with similar characteristics; \u2022 use hindsight to determine the lease term if the contract contains options to extend or terminate; and \u2022 exclude initial direct lease costs in the measurement of the right-of-use asset. The Group has a small number of sublet properties. In these instances, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right-of-use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the lease. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities for most leases. Trade and other payables Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost. Provisions Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is probable that it will result in an outflow of economic benefits that can be reasonably estimated. Liabilities to customers Liabilities to customers comprise the amounts that are credited to customers\u2019 bankroll (the Group\u2019s electronic \u201cwallet\u201d), including provision for bonuses granted by the Group, less fees and charges applied to customer accounts, along with full progressive provision for jackpots. These amounts are repayable in accordance with the applicable terms and conditions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. All values are rounded to the closest hundred thousand, except when otherwise indicated. The significant accounting policies applied in the consolidated financial statements in the prior year have been applied consistently in these consolidated financial statements, except for the amendments to accounting standards effective for the annual periods beginning on 1 January 2022 and representation of expenses analysis in the income statement. These are described in more detail below. As a company incorporated in Gibraltar, 888 Holdings plc is not required by UK law or regulation to prepare the Directors\u2019 Remuneration or Strategic reports under regulation that applies to UK incorporated companies. However, by virtue of 888\u2019s Premium Listing on the London Stock Exchange and reflecting the Director\u2019s approach to good governance and investor expectation, we have prepared these reports in line with the requirements under the UK Companies act 2006. The Directors\u2019 Remuneration Report, set out on pages 111 to 125, has been voluntarily prepared in accordance with sections 420 to 422 UK Companies act 2006. The information given in the Strategic Report, set out on pages 2 to 88, has been voluntarily prepared in accordance with section 414 UK Companies act 2006. Change in presentation currency of the Group The Group has changed the currency in which it presents its financial results from US Dollar to Pound sterling (GBP) with effect from 1 January 2022, in consideration of the William Hill acquisition and current business mix which now has significantly higher GBP exposure. 888 US dollar denominated earnings, are a relatively lower proportion of overall earnings. Given the current composition of the Group\u2019s activities, this change is expected to reduce the impact of currency movements on reported results. Accordingly, to satisfy the requirements of IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019, the reported results for the year ended 31 December 2022 have been translated from US Dollar to GBP using the following procedures: \u2022 Assets and liabilities denominated in non-GBP currencies were translated into GBP at the relevant closing rates of exchange; \u2022 The trading results of subsidiaries whose functional currency was other than GBP were translated into GBP at the relevant average rates of exchange; \u2022 Movements in other reserves were translated into GBP at the relevant average rates of exchange; \u2022 Share capital, share premium, treasury shares/own shares and dividends were translated at the historic rates prevailing on the date of each transaction; and \u2022 The cumulative translation reserve was set to nil at 1 January 2004, being the earliest practicable date and the date of transition to IFRS, and has been restated on the basis that the Group had reported in GBP since that date. The opening balance sheet and all comparatives have been re-presented in GBP following the change in presentation currency. Going concern Background The financial statements have been prepared using the going concern basis of accounting. As at the year end the Group had net assets of \u00a3159.2m (31 December 2021: \u00a3124.5m) and incurred a statutory loss before tax of \u00a3115.7m during the year (31 December 2021: \u00a359.0m profit). The Group also had net current liabilities of \u00a3209.0m (31 December 2021: \u00a311.7m). A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages 2 to 88, and in notes 23 to 25 to these financial statements. Business planning and performance management Following the acquisition of William Hill, the Group has developed its forecasting and monitoring processes to reflect the combined group and the new reporting structure. These consists of weekly monitoring and careful management of liquidity, an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future impact so management can take action where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts. Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 56 to 66), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when undertaking the going concern evaluation for the period to 30 June 2024. The Group\u2019s future prospects As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer balances and restricted cash of \u00a3176.3m as at 31 December 2022 (31 December 2021: \u00a3129.3m). In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility which is currently undrawn. The Group entered into significant debt arrangements within the year to fund the acquisition of the William Hill business (also described in note 24). Other than an annual \u00a34.8m repayment on the TLB facility, no borrowings are due within the period of the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a Net Leverage covenant which is not restrictive in the base case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants. The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2024, based on reasonable assumptions including, in the base case, a 3% decline in 2023 revenue on a pro forma basis and lower than expected EBITDA synergies in 2023, indicate that the Group will be able to operate within the level of its currently available and expected future facilities for this period to 30 June 2024. Under the base case forecast, the Group has sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2024. The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future. Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside sensitivities have been run, individually and in aggregate to assess the impact of the following scenarios: \u2022 The adverse impact of suspension of 888 VIP customers in the Middle East region; \u2022 Reductions in profitability for the whole Group of 10% to reflect potential regulatory, macroeconomic or competitive pressures; \u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt; \u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and \u2022 The adverse impact of potential measures that may be imposed following the UK Gambling Act review. Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand a decrease in forecast EBITDA of 31%. The Board considers the likelihood of a decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the disposal of non-core assets and investments. Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures. Conclusion Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements. 1.1 Basis of preparation continued New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below: IAS 16 (amended) Property, plant and equipment: proceeds before intended use IAS 37 (amended) Onerous contracts: cost of fulfilling a contract IAS 39 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 1 (amended) Annual improvements to IFRS Standards 2018-2020 IFRS 3 (amended) Reference to the conceptual framework IFRS 7 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 9 (amended) Derecognition of financial liabilities Annual improvements to IFRS standards 2018-2020 IFRS 16 (amended) Annual improvements to IFRS standards 2018-2020 Interest rate benchmark reform \u2013 Phase 2 Standards in issue but not effective At the date of authorisation of the Group financial statements, the following Standards, amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: New Standards IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments and interpretations IAS 1 (amended) Disclosure of accounting policies (effective 1 January 2023) Classification of liabilities as current or non-current (effective 1 January 2024) IAS 8 (amended) Definition of accounting estimates (effective 1 January 2023) IAS 12 (amended) Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023) IFRS 16 (amended) Lease liabilities in a sale and leaseback (effective 1 January 2024) The Group does not currently believe that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-480": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards in accordance with the requirements of the Gibraltar Companies Act 2014. The consolidated financial statements have been prepared on a historical cost basis, except where certain assets or liabilities are held at amortised cost or at fair value as described in the Group\u2019s accounting policies. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "Going concern Background The financial statements have been prepared using the going concern basis of accounting. As at the year end the Group had net assets of \u00a3159.2m (31 December 2021: \u00a3124.5m) and incurred a statutory loss before tax of \u00a3115.7m during the year (31 December 2021: \u00a359.0m profit). The Group also had net current liabilities of \u00a3209.0m (31 December 2021: \u00a311.7m). A full description of the Group\u2019s business activities, financial position, cash flows, liquidity position, committed facilities and borrowing position, together with the factors likely to affect its future development and performance, is set out in the Strategic Report on pages 2 to 88, and in notes 23 to 25 to these financial statements. Business planning and performance management Following the acquisition of William Hill, the Group has developed its forecasting and monitoring processes to reflect the combined group and the new reporting structure. These consists of weekly monitoring and careful management of liquidity, an annual budget and a long-term plan, which generates income statement and cash flow projections for assessment by management and the Board. Forecasts are regularly compared with prior forecasts and current trading to identify variances and understand their future impact so management can take action where appropriate. Analysis is undertaken to review and sense check the key assumptions, including the integration and transformation programmes, underpinning the forecasts. Whilst there are risks to the Group\u2019s trading performance (as summarised in the Risks section of the Strategic Report on pages 56 to 66), the Group has established risk management processes to identify and mitigate risks, and such risks have been considered when undertaking the going concern evaluation for the period to 30 June 2024. The Group\u2019s future prospects As highlighted in note 24 to the financial statements, the Group meets its day-to-day working capital requirements from the positive cash flows generated by its trading activities and its available cash resources. The Group holds cash and cash equivalents excluding customer balances and restricted cash of \u00a3176.3m as at 31 December 2022 (31 December 2021: \u00a3129.3m). In addition to this the Group has access, until 31 December 2027, to a \u00a3150m Revolving Credit Facility which is currently undrawn. The Group entered into significant debt arrangements within the year to fund the acquisition of the William Hill business (also described in note 24). Other than an annual \u00a34.8m repayment on the TLB facility, no borrowings are due within the period of the going concern evaluation or in the period soon after it. The next due date on the Group\u2019s debt is in 2026 and the majority is repayable in 2027-28. The Group\u2019s Revolving Credit Facility contains a Net Leverage covenant which is not restrictive in the base case, downside or reverse stress test scenarios. The remainder of the Group\u2019s debt does not contain any financial covenants. The Group\u2019s forecasts, for the going concern evaluation period to 30 June 2024, based on reasonable assumptions including, in the base case, a 3% decline in 2023 revenue on a pro forma basis and lower than expected EBITDA synergies in 2023, indicate that the Group will be able to operate within the level of its currently available and expected future facilities for this period to 30 June 2024. Under the base case forecast, the Group has sufficient cash reserves and available facilities to enable it to meet its obligations as they fall due, for this going concern evaluation period to 30 June 2024. The Group has also assessed a range of downside scenarios to evaluate whether any material uncertainty exists relating to the Group\u2019s ability to continue as a going concern. The forecasts and scenarios consider severe but plausible downsides that could impact the Group, which are linked to the business risks identified by the Group. These scenarios, both individually and in combination, have enabled the Directors to conclude that the Group has adequate resources to continue to operate for the foreseeable future. Specifically, the Directors have given careful consideration to the regulatory and legal environment in which the Group operates. Downside sensitivities have been run, individually and in aggregate to assess the impact of the following scenarios: \u2022 The adverse impact of suspension of 888 VIP customers in the Middle East region; \u2022 Reductions in profitability for the whole Group of 10% to reflect potential regulatory, macroeconomic or competitive pressures; \u2022 An increase in interest expense as a result of higher interest rates on the Group\u2019s remaining floating rate debt; \u2022 The phasing of cash outflows relating to regulatory and other provisions and accrual settlements; and \u2022 The adverse impact of potential measures that may be imposed following the UK Gambling Act review. Management has performed a separate reverse stress test to identify the conditions that would be required to compromise the Group\u2019s liquidity. Having done so, management has identified further actions to conserve or generate cash to mitigate any impact of such a scenario occurring. Management has calculated mitigating cost savings that can be implemented by reducing variable operating expenditure to offset a reduction in cash generation resulting from lower profitability. Following these actions, the Group could withstand a decrease in forecast EBITDA of 31%. The Board considers the likelihood of a decline of this magnitude to be remote. Other initiatives, not directly in the Group\u2019s control at the date of approval of these financial statements, could be considered including the disposal of non-core assets and investments. Should a more extreme downside scenario occur, or mitigations and initiatives not be achieved, further mitigating actions that can be executed in the necessary timeframe could be taken, such as a temporary reduction of marketing expenditures. Conclusion Based on the above considerations, the Directors continue to adopt the going concern basis in preparing these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-501": {
"value": "New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below: IAS 16 (amended) Property, plant and equipment: proceeds before intended use IAS 37 (amended) Onerous contracts: cost of fulfilling a contract IAS 39 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 1 (amended) Annual improvements to IFRS Standards 2018-2020 IFRS 3 (amended) Reference to the conceptual framework IFRS 7 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 9 (amended) Derecognition of financial liabilities Annual improvements to IFRS standards 2018-2020 IFRS 16 (amended) Annual improvements to IFRS standards 2018-2020 Interest rate benchmark reform \u2013 Phase 2 Standards in issue but not effective At the date of authorisation of the Group financial statements, the following Standards, amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: New Standards IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments and interpretations IAS 1 (amended) Disclosure of accounting policies (effective 1 January 2023) Classification of liabilities as current or non-current (effective 1 January 2024) IAS 8 (amended) Definition of accounting estimates (effective 1 January 2023) IAS 12 (amended) Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023) IFRS 16 (amended) Lease liabilities in a sale and leaseback (effective 1 January 2024) The Group does not currently believe that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-482": {
"value": "New standards, interpretations and amendments adopted by the Group In preparing the Group financial statements for the current period, the Group has adopted the following new IFRSs, amendments to IFRSs and IFRS Interpretations Committee (IFRIC) interpretations. All standards do not have a significant impact on the results or net assets of the Group. Changes are detailed below: IAS 16 (amended) Property, plant and equipment: proceeds before intended use IAS 37 (amended) Onerous contracts: cost of fulfilling a contract IAS 39 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 1 (amended) Annual improvements to IFRS Standards 2018-2020 IFRS 3 (amended) Reference to the conceptual framework IFRS 7 (amended) Interest rate benchmark reform \u2013 Phase 2 IFRS 9 (amended) Derecognition of financial liabilities Annual improvements to IFRS standards 2018-2020 IFRS 16 (amended) Annual improvements to IFRS standards 2018-2020 Interest rate benchmark reform \u2013 Phase 2 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-483": {
"value": "Standards in issue but not effective At the date of authorisation of the Group financial statements, the following Standards, amendments and Interpretations, which have not been applied in these Group financial statements, were in issue but not yet effective: New Standards IFRS 17 Insurance Contracts (effective 1 January 2023) Amendments and interpretations IAS 1 (amended) Disclosure of accounting policies (effective 1 January 2023) Classification of liabilities as current or non-current (effective 1 January 2024) IAS 8 (amended) Definition of accounting estimates (effective 1 January 2023) IAS 12 (amended) Deferred tax related to assets and liabilities arising from a single transaction (effective 1 January 2023) IFRS 16 (amended) Lease liabilities in a sale and leaseback (effective 1 January 2024) The Group does not currently believe that the adoption of these new standards or amendments would have a material effect on the results or financial position of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Impact of climate change The business continues to consider the impact of climate change in the consolidated and company financial statements and recognise that the most impactful risks are around the cancellation of sporting events due to extreme weather and the longer-term cost of energy. These costs have been factored into future forecasts and the carrying value of assets in these financial statements. The Directors do not believe these risks represent a material risk to managements forecasts this year. Further the group has assessed the impact of climate change in the work on going concern, viability statement and impairment reviews and considers that the above risk of longer-term cost of energy has been factored into these future forecasts. The Group constantly monitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed that will impact the Group. The Group will adjust key assumptions in value in use calculations and sensitise these calculations should a change been required. ",
"dimensions": {
"concept": "_888holdingsplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described below, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in the period and future periods if it affects both current and future periods. Critical accounting judgements Internally generated intangible assets Costs relating to internally generated intangible assets are capitalised if the criteria for recognition as assets are met. The initial capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility criteria are met. In making this judgement, management considers the progress made in each development project and its latest forecasts for each project. Other expenditure is charged to the consolidated income statement in the year in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. For further information see note 12. IFRS 16 Management addresses the key judgements, including the assessment of the lease term at the point where the lessee can be reasonably certain of its right to use the underlying asset. Given the continued uncertainty surrounding the Retail estate, management determined the lease term under IFRS 16 across the Retail estate as the next available break date, as this means the Group is not \u2018reasonably certain\u2019 that any lease break will not be exercised. The Group has recognised a lease liability of \u00a389.0m at 31 December 2022. Exceptional and adjusted items The Group classifies and presents certain items of income and expense as exceptional items. The Group presents adjusted performance measures which differ from statutory measures due to exclusion of exceptional items and certain non-cash items as the Group considers that it allows a further understanding of the underlying financial performance of the Group. These measures are described as \u201cadjusted\u201d and are used by management to measure and monitor the Group\u2019s underlying financial performance. Non-cash items that are excluded from adjusted performance measures of underlying financial performance include amortisation of acquired intangibles, amortisation of finance fees, share benefit charges and foreign exchange differences. The Group considers any items of income and expense for classification as exceptional if they are one off in nature and by virtue of their size. The items classified as exceptional (and are excluded from the adjusted measures) are described in further detail in note 3. Key accounting estimates Identification and valuation of William Hill intangible assets The Group acquired the International (non-US) business of William Hill on 1 July 2022 for an enterprise value of \u00a31.73bn. As part of the purchase price allocation the Group recognised separately identifiable acquired intangibles comprising brands (\u00a3574.4m); customer relationships (\u00a3595.1m) and gambling licences (\u00a38.5m). Goodwill of \u00a3785.6m was recognised on acquisition. The estimate of the value of each class of asset described above is based on recognised valuation methodologies such as the \u201crelief from royalty\u201d method for brands, recognised industry comparative data and the Group\u2019s industry experience and specialist knowledge, and is therefore a key accounting estimate. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer relationships by \u00a3(123.0)m/\u00a3176.0m respectively. Note that consideration of provisions and contingent liabilities identification and valuation on acquisition are considered in the provision, contingent liabilities and regulatory matters section below. This has been an area where the Group has made significant accounting estimates during the year. However, the Group recognises that it is not an accounting estimate where there are major sources of estimation uncertainty at 31 December 2022 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Further, the Group exercised judgement in determining the intangible assets acquired and their fair value on the William Hill business combination, with the support of external experts to support the valuation process, where appropriate. See Note 16 for additional information. Impairment of goodwill and other long-life intangible assets For the purposes of impairment testing under IAS 36 Impairment of Assets, CGUs are grouped to reflect the level at which goodwill is monitored by management. The key judgement is the level at which the impairment tests are performed. Management have allocated Goodwill to Retail on a group of CGUs basis, International on a group of CGUs basis and UK Online as its own CGU as this is the lowest level at which it is practical to monitor goodwill. These are the levels at which goodwill is assessed for impairment. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which the goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Cash flows are typically forecast for periods up to five years. For some cash-generating units it is appropriate to use forecasts extending beyond five years where future investment in the business is expected to result in a long-term growth being achieved outside of five years. For further information see note 12. Taxation The Group holds a number of provisions for uncertain tax positions on the basis of amounts expected to be paid to the tax authorities. If for example, the tax authorities in the relevant jurisdictions do not regard the arrangements between any of the group companies as being made at arm\u2019s length or insofar as changes occur in transfer pricing regulations or in the interpretation of existing transfer pricing regulations, including through changes to the OECD\u2019s guidelines and/ or recommendations, the amount of tax payable by the Group may increase. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that would be settled. However, the actual outcome could be different to the estimate made, as the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time barred. Provisions, contingent liabilities and regulatory matters The Group makes a number of estimates in respect of the accounting for, and disclosure of, expenses and contingent liabilities for customer claims. Provisions are described in further detail in note 22 and contingent liabilities in note 31. In common with other businesses in the gambling sector the Group receives claims from customers relating to the provision of gambling services. Claims have been received from customers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses customer claims as they are resolved or finally determined in customers\u2019 favour and provides for such claims where an outcome in favour of the customers in question is probable. Specifically, the Group has recognised a provision and contingent liability for customer claims in Austria where the Business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Customers who have obtained judgement against the Business\u2019 entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, mostly related to the Mr Green brand. The value of the provision and contingent liability are both estimates based on the number and individual size of claims received to date and assumptions based on such observations as can be derived from those claims and include an estimate of claims the Group assess it probable, for the provision, and possible, for the contingent liability, that it will receive in the future. If these rate of receipt of claims were to increase by 25% compared to our expectation the value across the provision recognised and contingent liability disclosed would increase by \u00a37.0m before consideration of potential gaming tax reclaim. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. The subsidiaries are companies controlled by 888 Holdings PLC. Control exists where the Company has power over an entity; exposure, or rights, to variable returns from its involvement with an entity; and the ability to use its power over an entity to affect the amount of its returns. Subsidiaries are consolidated from the date the Parent gained control until such time as control ceases. The financial statements of subsidiaries are included in the consolidated financial statements using the purchase method of accounting. On the date of the acquisition, the assets and liabilities of a subsidiary are measured at their fair values and any excess of the fair value of the consideration over the fair values of the identifiable net assets acquired is recognised as goodwill. Intercompany transactions and balances are eliminated on consolidation. The financial statements of subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "Revenue Revenue is measured at the fair value of the consideration received or receivable from customers and represents amounts receivable for goods and services that the Group is in business to provide, net of discounts, marketing inducements and VAT, as set out below. In the case of licensed betting offices (\u201cLBO\u201d) (including gaming machines), online sportsbook and telebetting and online casino (including games on the Online arcade and other numbers bets) revenue represents gains and losses from gambling activity in the period. This revenue is treated as a derivative under IFRS 9 \u2018Financial Instruments\u2019 and is therefore out of scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019. Open positions are carried at fair value, and gains and losses arising on this valuation are recognised in revenue, as well as gains and losses realised on positions that have closed. Revenue from the Online poker business is within the scope of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and reflects the net income (rake) earned when a poker game is completed, which is when the performance obligation is deemed to be satisfied. Revenue from B2B is mainly comprised of services provided to business partners. B2B also includes fees from the provision of certain gaming related services to partners. Customer advances received are treated as deferred income within current liabilities and released as they are earned. Revenue continued For services provided to business partners through its B2B unit, the Group examines whether the nature of its promise is a performance obligation to provide the defined goods or services itself, which means the Group is a principal and therefore recognises revenue as the gross amount of the revenue generated from use of the Group\u2019s platform in online gaming activities with the partners\u2019 share of the revenue charged to marketing expenses; or to arrange that another party provide the goods or services which means the Group is an agent and therefore recognises revenue as the amount of the net commission from use of the Group\u2019s platform. The Group is a principal when it controls the promised goods or services before their transfer to the customer. Indicators that the Group controls the goods or services before their transfer to the customer include, inter alia, as follows: The Group is the primary obligor for fulfilling the promises in the contract; the Group has inventory risk before the goods or services are transferred to the customer; and the Group has discretion in setting the prices of the goods or services. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "Cost of Sales Cost of sales consists primarily of gaming duties, payment service providers\u2019 commissions, chargebacks, commission and royalties payable to third parties, all of which are recognised on an accruals basis. ",
"dimensions": {
"concept": "_888holdingsplc:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "Operating expenses Operating expenses consist primarily of marketing, staff costs and corporate professional expenses, both of which are recognised on an accruals basis. ",
"dimensions": {
"concept": "_888holdingsplc:DescriptionOfAccountingPolicyForOperatingExpenses",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "Retirement benefit costs Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. For defined benefit retirement schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at each period end date. Actuarial remeasurements are recognised in full in the period in which they occur. They are recognised outside profit or loss and presented in the Consolidated Statement of Other Comprehensive Income. The net retirement benefit asset or obligation recognised in the Consolidated Statement of Financial Position represents the present value of the defined benefit obligation as adjusted for unrecognised past service costs and as reduced by the fair value of scheme assets. Any asset resulting from this calculation is limited to past service costs plus the present value of available refunds and reductions in future contributions to the plan. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Foreign currency Monetary assets and liabilities denominated in currencies other than the functional currency of the relevant company are translated into that functional currency using year-end spot foreign exchange rates. Non-monetary assets and liabilities are translated using exchange rates prevailing at the dates of the transactions. Exchange rate differences on foreign currency transactions are included in financial income or financial expenses in the Consolidated Income Statement, as appropriate. The results and financial position of all Group entities that have a functional currency different from pound sterling are translated into the presentation currency at foreign exchange rates as set out below. Exchange differences arising, if any, are recorded in the Consolidated Statement of Comprehensive Income as a component of other comprehensive income. (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; and (ii) income and expenses for each income statement are translated at an average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Finance income Finance income relates to interest income and is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable. Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-484": {
"value": "Finance costs Finance costs arising on interest-bearing financial instruments carried at amortised cost are recognised in the Consolidated Income Statement using the effective interest rate method. Finance costs include the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods, and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the period end date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-485": {
"value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the period end date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Goodwill Goodwill represents the excess of the fair value of the consideration in a business combination over the Group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities acquired. Consideration comprises the fair value of any assets transferred, liabilities assumed and equity instruments issued. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the Consolidated Income Statement and not subsequently reversed. Where the fair values of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition. Changes in the fair value of the contingent consideration and direct costs of acquisition are charged or credited immediately to the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "Intangible assets Acquired intangible assets Intangible assets arising on acquisitions are recorded at their fair value. Amortisation is provided at rates calculated to write off the valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: Acquired brands Assessed separately for each asset, with lives ranging up to 20 years. Customer relationships Between 18 months and 13 years. Bookmaking and mobile technology Between three and five years. Licences 10 to 20 years. Amortisation of assets arising on acquisition is recognised as an adjusted item, please see note 3 for further information. Internally generated intangible assets An internally generated intangible asset arising from the Group\u2019s development of computer systems is recognised only if all of the following conditions are met: \u2022 an asset is created that can be identified (such as software and new processes); \u2022 it is probable that the asset created will generate future economic benefits; and \u2022 the development cost of the asset can be measured reliably. Expenditure incurred on development activities of gaming platforms is capitalised only when the expenditure will lead to new or substantially improved products or processes, the products or processes are technically and commercially feasible and the Group has sufficient resources to complete development. All other development expenditure is expensed. Subsequent expenditure on intangible assets is capitalised only where it clearly increases the economic benefits to be derived from the asset to which it relates. The Group estimates the useful life of these assets as between three and five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Assets are assessed at each balance sheet date for indicators of impairment. Depreciation is calculated using the straight-line method, at annual rates estimated to write off the cost of the assets less their estimated residual values over their expected useful lives. The annual depreciation rates are as follows: Freehold buildings 50 years Long leasehold properties 50 years Short leasehold properties Over the unexpired period of the lease Short leasehold improvements The shorter of ten years or the unexpired period of the lease Fixtures, fittings and equipment and motor vehicles At variable rates between three and ten years Right-of-use asset Reasonably certain lease term ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Impairment of non-financial assets An intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. At each period end date, the Group reviews the carrying amounts of its goodwill, property plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. This process is described in more detail in note 12 to the financial statements. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but only to the point that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior periods. A reversal of an impairment loss is recognised as income immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "Fair value measurement The Group measures certain financial instruments at fair value at each balance sheet date. The fair value related disclosures are included in notes 24 and 25. Fair value is the price that would be received or paid in an orderly transaction between market participants at a particular date, either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for that asset or liability accessible to the Group. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. IFRS 13 \u2018Fair Value Measurement\u2019 emphasises that fair value is a market-based measurement, not an entity-specific measurement. Therefore, fair value measurements under IFRS 13 should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, IFRS 13 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity\u2019s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). \u2022 Level 1 inputs utilise quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. \u2022 Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. \u2022 Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity\u2019s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company\u2019s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the asset or liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "Assets held for sale Assets categorised as held for sale are held on the Consolidated Statement of Financial Position at the lower of the book value and fair value less costs to sell. This assessment is carried out when assets are transferred to held for sale. The impact of any adjustment as a part of this assessment is booked through the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "Cash and cash equivalents Cash comprises cash in hand and balances with banks and on-demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash. They include short-term deposits originally purchased with maturities of three months or less ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "Trade receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost and principally comprise amounts due from credit card companies and from e-payment companies. The Group has applied IFRS 9\u2019s simplified approach and has calculated the expected credit losses (\u2018ECLs\u2019) based on lifetime of expected credit losses. Bad debts are written off when there is objective evidence that the full amount may not be collected. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "Equity Equity issued by the Company is recorded as the proceeds received from the issue of shares, net of direct issue costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "Treasury shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium account. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "Dividends Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when declared by the Board of Directors and paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Equity-settled Share benefit charges Where the Company grants its employees or contractors shares or options, the cost of those awards, recognised in the Consolidated Income Statement over the vesting period with a corresponding increase in equity, is measured with reference to the fair value at the date of grant. Market performance conditions are taken into account in determining the fair value at the date of grant. Non-market performance conditions, including service conditions, are taken into account by adjusting the number of instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of instruments that eventually vest. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Cash-settled transactions A liability is recognised for the fair value of cash-settled transactions. The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised within employee benefits expenses. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability. Further details of which are given in note 28. The approach used to account for vesting conditions when measuring equity- settled transactions also applies to cash-settled transactions. ",
"dimensions": {
"concept": "_888holdingsplc:DescriptionOfAccountingPolicyForCashSettledTransactions",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Severance pay schemes The Group operates two severance pay schemes: Defined benefit severance pay scheme The Group operates a defined benefit severance pay scheme pursuant to the Severance Pay Law in Israel. Under this scheme Group employees are entitled to severance pay upon redundancy or retirement. The liability for termination of employment is measured using the projected unit credit method. Severance pay scheme surpluses and deficits are measured as: \u2022 the fair value of plan assets at the reporting date; less \u2022 plan liabilities calculated using the projected unit credit method, discounted to its present value using yields available for the appropriate government bonds that have maturity dates appropriate to the terms of the liabilities. Remeasurements of the net severance pay scheme assets and liabilities, including actuarial gains and losses on the scheme liabilities due to changes in assumptions or experience within the scheme and any differences between the interest income and the actual return on assets, are recognised in the Consolidated Statement of Comprehensive Income in the period in which they arise. Defined contribution severance pay scheme In 2017 the Group introduced a defined contribution plan pursuant to section 14 to the Severance Pay Law. Under this scheme the Group pays fixed monthly contributions. Payments to defined contribution plans are charged as an expense as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "Borrowings The Group records bank and other borrowings initially at fair value, which equals the proceeds received, or acquired in a business transaction, net of direct issue costs, and subsequently at amortised cost. The Group accounts for finance charges, including premiums payable on settlement or redemption and direct issue costs, using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and inflation risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges); or \u2022 hedges of a net investment in a foreign operation (net investment hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge are recognised immediately in profit or loss and are included in \u201cfinance income/expense\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "Derivatives and hedging activities The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate, foreign exchange rate and inflation risks. Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether or not the derivative is designated for hedge accounting. Hedge accounting The Company designates certain derivatives as hedging instruments as either: \u2022 hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges); or \u2022 hedges of the fair value of recognised assets or liabilities or a firm commitment (fair value hedges); or \u2022 hedges of a net investment in a foreign operation (net investment hedges). At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge, and on an ongoing basis, the Company documents whether a hedging relationship meets the hedge effectiveness requirements under IFRS 9 and whether there continues to be an economic relationship between the hedged item and the hedging instrument. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedge reserve. The gain or loss relating to the ineffective portion is recognised immediately within profit and loss. Amounts previously recognised in other comprehensive income are reclassified to earnings in the periods when the hedged item is recognised in profit and loss. These earnings are included within the same line of the Consolidated Income Statement as the recognised hedged item. However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised in other comprehensive income and accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer meets the criteria for hedge accounting. Any gain or loss recognised in the cash flow hedge reserve remains in equity and is recognised in profit or loss when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge are recognised immediately in profit or loss and are included in \u201cfinance income/expense\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "Leasing At inception of a contract, the Group considers whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on the margin requirements of the Group\u2019s revolving credit facilities as well as country specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Group\u2019s retail business. The Group has also applied the below practical expedients: \u2022 exclude leases from measurement and recognition where the lease term ends within 12 months from the date of initial application and account for these leases as short-term leases; \u2022 exclude low value leases for lease values less than \u00a35,000; \u2022 apply a single discount rate to a portfolio of leases with similar characteristics; \u2022 use hindsight to determine the lease term if the contract contains options to extend or terminate; and \u2022 exclude initial direct lease costs in the measurement of the right-of-use asset. The Group has a small number of sublet properties. In these instances, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Where the Group is an intermediate lessor, the sublease classification is assessed with reference to the head lease right-of-use asset. Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group\u2019s net investment in the lease. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Group\u2019s net investment in the lease. Rental income from operating leases is recognised on a straight-line basis over the term of the lease. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities for most leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "Trade and other payables Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "Provisions Provisions are recognised when the Group has a present or constructive obligation as a result of a past event from which it is probable that it will result in an outflow of economic benefits that can be reasonably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Liabilities to customers Liabilities to customers comprise the amounts that are credited to customers\u2019 bankroll (the Group\u2019s electronic \u201cwallet\u201d), including provision for bonuses granted by the Group, less fees and charges applied to customer accounts, along with full progressive provision for jackpots. These amounts are repayable in accordance with the applicable terms and conditions. 888 Holding",
"dimensions": {
"concept": "_888holdingsplc:DescriptionOfAccountingPolicyForLiabilitiesToCustomers",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "2 SEGMENT INFORMATION The Board has reviewed and confirmed the Group\u2019s reportable segments in line with the guidance provided by IFRS 8 \u2018Operating Segments\u2019. The segments disclosed below are aligned with the reports that the Group\u2019s Chief Executive Officer and Chief Financial Officer as Chief Operating Decision Makers review to make strategic decisions. During the year ended 31 December 2022, subsequent to the acquisition of William Hill, the Group changed its segments to be Retail, UK Online and International. As such, the comparative information below has been re-presented from the prior year to display results under the new reported segments. The Retail segment comprises all activity undertaken in LBOs including gaming machines. The UK Online segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within the UK and Ireland. The International segment comprises all online activity, including sports betting, casino, poker and other gaming products along with telephone betting services that are incurred within all territories excluding the UK. There are no inter-segmental sales within the Group. Segment performance is shown on an adjusted EBITDA basis, with a reconciliation from adjusted EBITDA to statutory results for clarity. Information for the year ended 31 December 2022 is as follows: 2022 Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other 2 \u00a3 million Corporate \u00a3 million Total \u00a3 million Revenue 1 255.5 455.5 508.3 19.5 \u2014 1,238.8 Gaming duties and other cost of sales (55.0) (163.7) (184.7) (10.5) \u2014 (413.9) Adjusted Gross Profit 200.5 291.8 323.6 9.0 \u2014 824.9 Marketing (3.3) (148.1) (105.2) (2.5) \u2014 (259.1) Contribution 197.2 143.7 218.4 6.5 \u2014 565.8 Operating expenses (156.0) (82.1) (100.1) (4.8) (5.2) (348.2) Associate income \u2014 \u2014 \u2014 \u2014 0.3 0.3 Adjusted EBITDA 41.2 61.6 118.3 1.7 (4.9) 217.9 Depreciation (30.8) Amortisation (excluding acquired intangibles) (32.8) Amortisation of acquired intangibles (56.7) Exceptional items \u2013 cost of sales and operating expenses (93.2) Share benefit charges (5.2) Foreign exchange (4.0) Finance expenses (111.7) Finance income 0.8 Loss before tax (115.7) 1. Revenue recognised under IFRS 9 is \u00a3255.5m in Retail, \u00a3455.5m in UK Online, \u00a3502.7m in International and \u00a310,9m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK Online, \u00a35.6m in International and \u00a38.6m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during the year. See note 16 for further information. Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other \u00a3 million Corporate \u00a3 million Total \u00a3 million Total segment assets 542.6 1,395.5 961.3 \u2014 11.7 2,911.1 Total segment liabilities 176.3 341.6 562.3 \u2014 1,458.7 2,538.9 Included within total assets: Goodwill 99.4 360.4 326.2 \u2014 \u2014 786.0 Interests in associates \u2014 \u2014 \u2014 \u2014 38.4 38.4 Capital additions 13.4 24.6 68.3 \u2014 1.1 107.4 2 SEGMENT INFORMATION CONTINUED 2021 Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other 2 \u00a3 million Corporate \u00a3 million Total \u00a3 million Revenue 1 \u2014 255.2 410.4 46.7 \u2014 712.3 Gaming duties and other cost of sales \u2014 (88.7) (129.2) (24.4) \u2014 (242.3) Adjusted Gross Profit \u2014 166.5 281.2 22.3 \u2014 470.0 Marketing \u2014 (118.9) (97.4) (6.2) \u2014 (222.5) Contribution \u2014 47.6 183.8 16.1 \u2014 247.5 Operating expenses \u2014 (39.9) (69.7) (8.8) (9.4) (127.8) Associate income \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Adjusted EBITDA \u2014 7.7 114.1 7. 3 (9.4) 119.7 Depreciation (10.3) Amortisation (excluding acquired intangibles) (16.1) Exceptional items \u2013 cost of sales and operating expenses (17.3) Share benefit charges (6.1) Foreign exchange (6.7) Finance income \u2014 Finance expenses (4.2) Profit before tax 59.0 1. Revenue recognised under IFRS 9 is \u00a3nil in Retail, \u00a3255.2m in UK Online, \u00a3410.4m in International and \u00a328.6m in Other. Revenue recognised under IFRS 15 is \u00a3nil in Retail, \u00a3nil in UK Online, \u00a3nil in International and \u00a318.1m in Other. 2. \u2018Other\u2019 represents the Bingo business that was disposed of during 2022. See note 16 for further information. Retail \u00a3 million UK Online \u00a3 million International \u00a3 million Other \u00a3 million Corporate \u00a3 million Total \u00a3 million Total segment assets \u2014 79.4 304.6 \u2014 13.9 397.9 Total segment liabilities \u2014 132.2 100.7 \u2014 18.1 251.0 Included within total assets: Goodwill \u2014 36.9 23.2 \u2014 \u2014 60.1 Interests in associates \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Capital additions \u2014 0.6 22.1 \u2014 \u2014 22.7 Geographical information The Group\u2019s performance can also be reviewed by considering the geographical markets and geographical locations within which the Group operates. This information is outlined below: Revenue by geographical market (based on location of customer) 2022 \u00a3 million 2021 \u00a3 million United Kingdom 711.9 300.6 Rest of World 343.1 276.6 Italy 116.4 86.0 Spain 67.4 49.1 1,238.8 712.3 Non-current assets by geographical location 2022 \u00a3 million 2021 \u00a3 million United Kingdom 536.0 45.8 Gibraltar 1,194.9 58.8 Rest of World 721.0 53.1 2,451.9 157.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "3 EXCEPTIONAL ITEMS AND ADJUSTMENTS
In determining the classification and presentation of exceptional items we have applied consistently the guidelines issued by
the Financial Reporting Council (\u2018FRC\u2019) that primarily addressed the following:
\u2022 Consistency and even-handedness in classification and presentation;
\u2022 Guidance on whether and when recurring items should be considered as part of underlying results; and
\u2022 Clarity in presentation, explanation and disclosure of exceptional items and their relevance.
3 EXCEPTIONAL ITEMS AND ADJUSTMENTS CONTINUED
In preparing the ARA, we also note the European Securities and Markets Authority (\u2018ESMA\u2019) guidance on Alternative
Performance Measures (APM), including:
\u2022 Clarity of presentation and explanation of the APM;
\u2022 Reconciliation of each APM to the most directly reconcilable financial statement caption;
\u2022 APMs should not be displayed with more prominence than statutory financials;
\u2022 APMs should be accompanied by comparatives; and
\u2022 The definition and calculation of APMs should be consistent over time.
We are satisfied that our policies and practice conform to the above guidelines.
Adjusted results
The Group reports adjusted results, both internally and externally, that differ from statutory results prepared in accordance
with IFRS. These adjusted results, which include our key metrics of adjusted EBITDA and adjusted EPS, are considered to be a
useful reflection of the underlying performance of the Group and its businesses, since they exclude transactions which impair
visibility of the underlying activity in each segment. More specifically, visibility can be impaired in one or both of the following
instances:
\u2022 a transaction is of such a material or infrequent nature that it would obscure an understanding of underlying outcomes
and trends in revenues, costs or other components of performance (for example, a significant impairment charge); or
\u2022 a transaction that results from a corporate activity that has neither a close relationship to the Group\u2019s operations nor any
associated operational cash flows (for example, the amortisation of intangibles recognised on acquisitions).
Adjusted results are used as the primary measures of business performance within the Group and align with the results shown
in management accounts, with the key uses being:
\u2022 management and Board reviews of performance against expectations and over time, including assessments of segmental
performance (see note 2 and the Strategic Report);
\u2022 in support of business decisions by the Board and by management, encompassing both strategic and operational levels
of decision-making.
The Group\u2019s policies on adjusted measures are consistently applied over time, but they are not defined by IFRS and,
therefore, may differ from adjusted measures as used by other companies.
The Consolidated Income Statement presents adjusted results alongside statutory measures, with the reconciling items being
itemised and described below. We discriminate between two types of reconciling items: exceptional items and adjusted items.
Exceptional items
Exceptional items are those items the Directors consider to be one-off or material in nature that should be brought to the
reader\u2019s attention in understanding the Group\u2019s financial performance.
Exceptional items are as follows:
2022
\u00a3 million
2021
\u00a3 million
Cost of sales
Retroactive duties and associated (credit)/charges (3.9) 4.2
Exceptional items \u2013 cost of sales (3.9) 4.2
Operating expenses
Acquisition related costs 24.5 10.9
Integration and transformation costs 14.4 2.2
Disposal of 888 Bingo 11.7 \u2014
Impairment of US Goodwill and other assets 55.7 \u2014
Revaluation of contingent consideration (9.2) \u2014
Exceptional items \u2013 operating expenses 97.1 13.1
Finance expenses
Senior Unsecured Notes early redemption fees 14.1 \u2014
Gain on settlement of Senior Unsecured Notes (7.1) \u2014
Exceptional items \u2013 finance expenses 7.0 \u2014
Total exceptional items before tax 100.2 17. 3
Tax on exceptional items 2.8 2.5
Total exceptional items 103.0 19.8
Total tax on exceptional items and adjustments is a credit of \u00a311.4m, \u00a314.2m of which relates to adjustments.
3 EXCEPTIONAL ITEMS AND ADJUSTMENTS CONTINUED Retroactive gaming duties and associated charges The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may, in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and damages. In 2021, a provision was recognised in 888 relating to a liability in Spain of \u00a34.2m. In the year \u00a30.3m was settled, leading to a release of \u00a33.9m. Acquisition related costs The Group has incurred legal and M&A costs associated with the acquisition of William Hill of \u00a324.5m (2021: \u00a310.9m). Integration and transformation costs Following the acquisition of the William Hill International (non-US) business, the integration and transformation program began and is expected to take three years until 2025. The cash costs to achieve the targeted integration synergies are expected to cost approximately \u00a3100.0m over the lifetime of the programme. In 2022, there were a total of \u00a38.8m of costs relating to the integration programme, namely redundancy costs of \u00a35.8m and legal and consultancy fees of \u00a33.0m and a further \u00a33.7m of platform separation and other integration costs. Alongside this, the transformation of the Retail operating model has led to a \u00a31.9m charge, albeit the savings from this are not classified as synergies. In the prior year, the Group incurred \u00a32.0m of redundancy costs related to the decision to close the Antigua office, as well as \u00a30.2m relating to the disposal of property, plant and equipment. Disposal of 888 Bingo On 7 July 2022, the Group announced that it had completed the sale of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming group, for a total cash consideration of \u00a337.4 million (US$45.25 million), out of which \u00a335.7 million was paid on completion and a further \u00a31.7 million will unconditionally be paid in one year. As a result, the Group reclassified Bingo assets and liabilities as \u2018Held for sale\u2019 and recognised an impairment loss of \u00a311.2 million. An additional \u00a30.5m loss was recorded on the disposal of the business. Refer to note 16. Impairment of US Goodwill and other assets During the year, as a part of the annual impairment review, management performed a value in use calculation to assess the recoverable amount of the Group\u2019s US business, using that business\u2019s underlying cash flow forecasts. The recoverable amount was lower than the book value of its assets and, as such, the Group impaired the goodwill on the US business in full, totalling \u00a325.7m. Additionally as part of the integration, the business intends to use the existing 888 technology platform as the basis for the future platform of the Group, leading to a write off of the Unity platform, a proprietary technology system William Hill was building that is no longer needed, at a cost of \u00a328.1m. A further \u00a31.4m of smaller technology assets were written off. \u00a30.5m of freehold assets were written off when reclassified to held for sale at the year end, due to the assets being tested for impairment as a result of the transfer. Revaluation of contingent consideration As a part of the transaction agreement with Caesars for the purchase of William Hill, an amount of up to \u00a3100.0m consideration was contingent subject to the enlarged group hitting specific EBITDA metrics. This was fair valued on acquisition at \u00a39.6m and revalued at the year-end date to \u00a30.4m, leading to a release in this contingent consideration of \u00a39.2m. Senior Unsecured Notes early redemption fees As part of the William Hill acquisition, the Group acquired certain Senior Unsecured Notes, \u00a3350.0m 4.875% due May 2023 and \u00a3350.0m 4.75% due May 2026. Subsequent to the acquisition, the \u00a3350.0m Note due May 2023 was fully redeemed as well as a partial redemption amounting to \u00a3339.5m of the Note due May 2026. The total cost to the Group of settling the Notes consisted of \u00a312.2m in early redemption fees together with a combined \u00a31.9m of unamortised finance fees, which were written off to profit and loss immediately on redemption of each note. All of the costs were considered as exceptional due to their one-off nature. Gain on settlement of Senior Unsecured Notes The Senior Unsecured Notes acquired in the acquisition of William Hill were accounted for at fair value. Subsequently these Notes have been settled and as such the gain on settlement of these Notes of \u00a37.1m has been recognised. Adjusted items Adjusted items are recurring items that are excluded from internal measures of underlying performance and which are not considered by the Directors to be exceptional. This relates to the amortisation of specific intangible assets recognised in acquisitions, foreign exchange and share benefit charges. These items are defined as adjusted items as it is believed it would impair the visibility of the underlying activities across each segment as it is not closely related to the businesses\u2019 or any associated operational cash flows. Each of these items are recurring and occur in each reporting period and will be consistently adjusted in future periods. Note that the adjusted items are all shown on the face of the consolidated income statement in the reconciliations of both adjusted EBITDA and adjusted profit after tax. ",
"dimensions": {
"concept": "_888holdingsplc:DisclosureOfExceptionalItemsAndAdjustments",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "4 SHARE OF RESULTS OF ASSOCIATES 2022 \u00a3 million 2021 \u00a3 million Share of post-tax profit of equity accounted associate 0.3 \u2014 The above represents the Group\u2019s share of the results of Sports Information Services (Holdings) Limited (see note 14) for the period in which the Group owned the associate. ",
"dimensions": {
"concept": "_888holdingsplc:DisclosureOfShareOfResultsOfAssociates",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "5 OPERATING PROFIT
Notes
2022
\u00a3 million
2021
\u00a3 million
Operating profit is stated after charging:
Gaming duties 256.3 133.7
Marketing expenses 257.8 222.6
Staff costs (including Executive Directors) 6 227.4 112.9
Exceptional items \u2013 cost of sales 3 (3.9) 4.2
Exceptional items \u2013 operating expenses 3 97.1 13.1
Depreciation (within operating expenses) 13 30.8 10.3
Amortisation (within operating expenses) 12 89.5 16.1
Auditor remuneration
2022
\u00a3 million
2021
1
\u00a3 million
Audit of Company 1.0 0.6
Audit of Group 2.0 0.1
Total fees for audit services 3.0 0.7
Audit related assurance services \u2013 half year review 0.1 \u2014
Other assurance services 0.1 0.2
Total assurance services 0.2 0.2
Other non-audit services 0.8 2.0
Total fees for non-audit services 1.0 2.2
Total fees 4.0 2.9
1. Non-Audit fees for the year ended 31 December 2021 have increased by \u00a30.3 million compared to the amount previously reported due to fees agreed during the
year ended 31 December 2022 but which related to the year ended 31 December 2021.
The auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition
of William Hill International and Capital Raise that will be published during Q2 2022. Total non-audit fees payable to Ernst &
Young for permissible non-audit services relating to the transaction are \u00a30.9m. Total fees for non-audit services represented
34% (2021: 296%) of the total fees for audit services. Further considerations in respect of the audit and non-audit fees for the
year are set out in the Audit Committee Report.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "Auditor remuneration 2022 \u00a3 million 2021 1 \u00a3 million Audit of Company 1.0 0.6 Audit of Group 2.0 0.1 Total fees for audit services 3.0 0.7 Audit related assurance services \u2013 half year review 0.1 \u2014 Other assurance services 0.1 0.2 Total assurance services 0.2 0.2 Other non-audit services 0.8 2.0 Total fees for non-audit services 1.0 2.2 Total fees 4.0 2.9 1. Non-Audit fees for the year ended 31 December 2021 have increased by \u00a30.3 million compared to the amount previously reported due to fees agreed during the year ended 31 December 2022 but which related to the year ended 31 December 2021. The auditor acted as reporting accountants in connection with the Company\u2019s circular and prospectus for the acquisition of William Hill International and Capital Raise that will be published during Q2 2022. Total non-audit fees payable to Ernst & Young for permissible non-audit services relating to the transaction are \u00a30.9m. Total fees for non-audit services represented 34% (2021: 296%) of the total fees for audit services. Further considerations in respect of the audit and non-audit fees for the year are set out in the Audit Committee Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "6 STAFF COSTS Staff costs, including Executive Directors\u2019 remuneration, comprises the following elements: 2022 \u00a3 million 2021 \u00a3 million Wages and salaries 196.8 101.0 Social security 17.4 5.5 Employee benefits and severance pay scheme costs 13.2 6.4 227.4 112.9 In the consolidated income statement, total staff costs, including share benefit charges of \u00a35.2m (2021: \u00a36.1m), are included within the Operating expenses. The average number of employees during the year was 12,019 1 (2021: 1,759). 1. The current year includes an average of 10,213 William Hill staff from 1 July 2022. 6 STAFF COSTS CONTINUED Severance pay scheme \u2013 Israel The Group has a defined contribution plan pursuant to section 14 to the Severance Pay Law under which the Group pays fixed contributions and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service at the date of their departure. The Group recognised an expense in respect of contribution to the defined contribution plan during the year of \u00a31.9m (2021: \u00a31.6m). The Group\u2019s employees in Israel, who are not subject to section 14 to the Severance Pay Law, are eligible to receive certain benefits from the Group in specific circumstances on leaving the Group. As such the Group operates a defined benefit severance pay plan which requires contributions to be made to separately administered funds. The funds are held by an independent third-party company. The current service cost and the present value of the defined benefit obligation are measured using the projected unit credit method. Under this schedule, the Company contributes on a monthly basis at the rate of 8.3% of the aggregate of members\u2019 salaries. The disclosures set out below are based on calculations carried out as at 31 December 2022 by a qualified independent actuary. The following table summarises the employee benefits figures as included in the consolidated financial statements: 2022 \u00a3 million 2021 \u00a3 million Included in the balance sheet: Severance pay liability 1.2 3.7 Included in the income statement: Current service costs (within Operating expenses) 1.9 2.6 Included in the statement of comprehensive income: Gain on remeasurement of severance pay scheme liability (2.3) (2.5) Movement in severance pay scheme asset and liability: Severance pay scheme assets 2022 \u00a3 million 2021 \u00a3 million At beginning of year 19.2 18.0 Interest income 0.6 0.5 Contributions by the Group 1.9 2.0 Benefits paid (4.2) (4.4) Return on assets less interest income already recorded (1.0) 2.3 Exchange differences (0.3) 0.8 At end of year 16.2 19.2 Severance pay plan liabilities 2022 \u00a3 million 2021 \u00a3 million At beginning of year 23.0 24.5 Interest expense 0.7 0.7 Current service costs 1.8 2.5 Benefits paid (4.4) (4.5) Actuarial (gain)/loss on past experience (0.2) 0.9 Actuarial gain on changes in financial assumptions (3.1) (1.2) Exchange differences (0.4) 0.1 At end of year 17.4 23.0 As at 31 December 2022 the net accounting deficit of the defined benefit severance pay plan was \u00a31.2m (2021: \u00a33.7m). The Scheme is backed by substantial assets amounting to \u00a316.2m at 31 December 2022 (2021: \u00a319.3m). The net accounting deficit of defined benefit severance plan is a result of: \u2022 Potential liability to pay further contributions to employees who will be made redundant, if the fund does not hold sufficient assets to pay all benefits relating to employee service at the date of their departure. \u2022 Volatility of Israeli government bond rates may have substantial impact in absolute terms on the net liability. An increase in the discount rate from 3.45% in 2021 to 5.54% in 2022 resulted in a \u00a33.1m decrease of the plan liabilities. A further increase in the discount rate by 0.25% per annum (i.e. 5.54% to 5.79%) would decrease the plan liabilities by \u00a30.1m (2021: \u00a30.4m). 6 STAFF COSTS CONTINUED Severance pay scheme \u2013 Israel continued The impact of the severance deficit on the level of distributable reserves is monitored on an on-going basis. Monitoring enables planning for any potential adverse volatility and helps the Group to assess the likely impact on distributable reserves. Employees can determine individually into which type of investment their share of the plan assets are invested, therefore the Group is unable to accurately disclose the proportions of the plan assets invested in each class of asset. The expected contribution for 2023 is \u00a31.9m. The main actuarial assumptions used in determining the fair value of the Group\u2019s severance pay plan are shown below: 2022 % 2021 % Discount rate (nominal) 5.54 3.45 Estimated increase in employee benefits costs 5.05 5.14 Voluntary termination rate 75 75 Inflation rates based on Israeli bonds 2.68 2.54 Sensitivity of balance sheet at 31 December 2022 IAS 19 calculations could result in volatility in the Consolidated Statement of Financial Position principally because the market value of assets (with significant exposure to equities) is being compared with a liability assessment derived from corporate bond yields. The table below shows the sensitivity of the IAS 19 balance sheet position to changes in some of the assumptions. Where one assumption has been changed all the other assumptions are kept as disclosed above. Resulted (surplus)/ deficit \u00a3 million Change from disclosed \u00a3 million Discount rate less 0.25% (1.5) (0.3) Estimated increase in employee benefits costs plus 1% (2.3) (1.1) Voluntary termination rate decrease 5% (1.3) (0.1) Inflation rates up 0.25% (1.1) (0.1) 29 RETIREMENT BENEFIT SCHEMES William Hill pension schemes On acquisition, the Group acquired a number of defined contribution and defined benefit pension schemes, operated by William Hill. The UK schemes are operated under a single trust and the assets of all the schemes are held separately from those of the Group in funds under the control of trustees. The respective costs of these schemes are as follows: 2022 \u00a3 million Defined contribution schemes (charged to operating(loss)/profit) 4.3 Defined benefit scheme (charged to operating(loss)/profit) 1.3 Defined contribution schemes The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible employees. The only obligation of the Group with respect to these schemes is to make the specified contributions. The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates specified in the rules of the respective schemes. At 31 December 2022, contributions of \u00a3nil due in respect of the current reporting period were outstanding to be paid over to the schemes. Defined benefit scheme The Group also operates a defined benefit scheme in the UK for eligible employees which closed to new members in 2002. Under the scheme, employees are entitled to retirement benefits varying between 1.67% and 3.33% of final pensionable pay for each year of service on attainment of a retirement age of 63. With effect from 1 April 2011, the defined benefit scheme was closed to future accrual but maintains the link for benefits accrued up to 31 March 2011 with future salary increases (up to a maximum of 5% per annum). Employed members of this scheme were automatically transferred into one of the defined contribution schemes. The costs of administering the scheme are borne by the Group. For the purposes of preparing the information disclosed in these accounts, a full actuarial valuation of the scheme was carried out at 30 September 2019 and updated to 31 December 2022 by a qualified independent actuary. The present values of the defined benefit obligation and the related current service cost were measured using the projected unit credit method and by rolling forward the results of the 30 September 2019 technical provisions using actuarial techniques, allowing for cash flows and interest over the period, differences between the assumptions used to set the technical provisions and those selected for accounting under IAS 19, experience from making an allowance for actual deferred revaluation and pension increases in payment over the period and the PIE exercise carried out in 2019. Pension buy-in During 2021, prior to the acquisition by the Group of William Hill, William Hill agreed a buy-in of the scheme\u2019s liabilities. On 28 June 2021, a transaction was completed which insured the liabilities of the scheme with Rothesay Life. As a result of the transaction, the scheme holds annuities with Rothesay Life which are qualifying insurance policies as defined in IAS 19.8 \u2018Employee benefits\u2019. The income from these policies exactly matches the amount and timing of all benefits to those members covered under the policies. As with other bulk annuity purchases the Scheme has carried out, the change was treated as a change in investment strategy. At the year-end date, the estimated Defined Benefit Obligation (\u2018DBO\u2019) for all insured members was \u00a3255.4m. The value of the buy-in policies was determined to be \u00a3254.2m, as the effects of GMP equalisation was not included in the contract value of the buy-in insurance policy. As a result, \u00a31.2m is recognised in the Statement of Financial Position as a non-current liability. Funding valuation The general principles adopted by the Trustees for the purposes of this funding valuation are that the assumptions used, taken as a whole, will be sufficiently prudent for pensions already in payment to continue to be paid and to reflect the commitments which will arise from members\u2019 accrued pension rights. The William Hill group agreed to pay \u00a31.9m per annum in respect of the costs of insured death benefits, expenses and levies until September 2025. The William Hill group has the right to a refund of any surplus on wind up of the scheme. In April 2018, the Trustees of the William Hill pension scheme signed a buy-in bulk annuity policy. The policy was taken out to insure a proportion of the defined benefit pension scheme obligation against the risk of rising costs in the future. As a result of the buy-in transaction in the period, the entire scheme obligations are now insured. 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Disclosure of principal assumptions The financial assumptions used by the actuary in determining the present value of the defined benefit scheme\u2019s liabilities were: 2022 % Rate of increase of salaries n/a Rate of increase of pensions (non-pensioner) 3.0 Rate of increase of pensions (pensioner) 3.3 Discount rate 4.7 Rate of RPI inflation (non-pensioner) 3.1 Rate of RPI inflation (pensioner) 3.4 Rate of CPI inflation 2.5 In accordance with the relevant accounting standard, the discount rate has been determined by reference to market yields at the period end date on high-quality fixed income investments at a term consistent with the expected duration of the liabilities. Price inflation is determined by the difference between the yields on fixed and index-linked Government bonds with an adjustment to allow for differences in the demand for these bonds, which can distort this figure. The expected rate of salary growth and pension increases are set with reference to the expected rate of inflation. No change has been made to the basis of inflation applied to pension increases in the scheme. The mortality assumption is kept under review and has been updated. The current life expectancies for a member underlying the value of the accrued liabilities are: Life expectancy at age 65 2022 years Male retiring now 21.9 Male retiring in 25 years\u2019 time 23.6 Female retiring now 23.9 Female retiring in 25 years\u2019 time 25.8 The assets in the scheme are set out in the table below. 2022 \u00a3 million Total market value of assets 254.2 Present value of scheme liabilities 255.4 Deficit in scheme at end of year 1.2 Analysis of the amount charged/(credited) to adjusted profit before interest and tax: 2022 \u00a3 million Current service cost 0.4 Administration expenses 0.9 Total operating charge 1.3 Analysis of the amounts recognised in the Consolidated Statement of Comprehensive Income: 2022 \u00a3 million Actual return less expected return on pension scheme assets 36.2 Actuarial gain on demographic assumptions (0.8) Actuarial loss on experience adjustment 3.0 Actuarial loss arising from changes in financial assumptions (38.1) Actuarial loss remeasurements 0.3 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Disclosure of principal assumptions continued Movements in the present value of defined benefit obligations in the period were as follows: 2022 \u00a3 million At acquisition 1 July 2022 293.1 Movement in period: Service cost 0.4 Interest cost 5.3 Remeasurements \u2013 changes in financial assumptions (38.1) Remeasurements \u2013 changes in demographic assumptions (0.8) Remeasurements \u2013 experience adjustments 3.0 Benefits paid (7.1) Insurance premium for risk benefits (0.4) At end of year 255.4 Movements in the present value of fair value of scheme assets in the period were as follows: 2022 \u00a3 million At acquisition 1 July 2022 292.7 Movement in period: Interest income on plan assets 5.3 Remeasurements \u2013 return on plan assets (excluding interest income) (36.2) Contributions from sponsoring companies 0.8 Administration expenses charged to operating (loss)/profit (0.9) Benefits paid (7.1) Insurance premium for risk benefits (0.4) At end of year 254.2 Sensitivity analysis of the principal assumptions used to measure scheme liabilities The sensitivity of the present value of the scheme\u2019s liabilities to changes in the principal assumptions used to measure these liabilities is illustrated in the table that follows. The illustrations consider the single change shown, with the other assumptions assumed to be unchanged. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). The change to the inflation sensitivity allows for changes to pension increases in deferment and in payment. Although the analysis does not take account of the full distribution of cash flows expected, it does provide an approximation of the sensitivity of the assumptions shown. In addition, as the scheme is now fully bought-in, any changes in the value of the scheme\u2019s liabilities due to changes in the underlying assumptions will be matched by changes in the value of the scheme\u2019s assets (which are measured in line with the obligations). There would therefore be a nil net balance sheet impact from these sensitivities. Assumption Changes in assumption Impact on defined benefit obligation Discount rate Decrease by 0.25% p.a. Increase by \u00a39.0m Discount rate Increase by 0.25% p.a. Decrease by \u00a39.0m Rate of increase in inflation Increase by 0.25% p.a. Increase by \u00a36.0m Rate of increase in inflation Decrease by 0.25% p.a. Decrease by \u00a37.0m Life expectancy Members assumed to live one year longer Increase by \u00a310.0m The sensitivity to price inflation includes the corresponding impact on CPI, revaluation in deferment and pension increases in payment. It does not include any adjustments to future salary increases. Nature and extent of the risks arising from financial instruments held by the defined benefit scheme Through the scheme, following the buy-in, the main risk that the Group has is counterparty risk, with the Insurance company backing the majority of the policies with the exception GMP equalisation which is not included in the contract value of the buy-in insurance policy. At the year-end date, the estimated Defined Benefit Obligation (\u2018DBO\u2019) for all insured members was \u00a3255.4m. The value of the buy-in policies was determined to be \u00a3254.2m. 29 RETIREMENT BENEFIT SCHEMES CONTINUED William Hill pension schemes continued Funding Alongside the risk assessment above, on 30 September 2020, the Group agreed an ongoing funding requirement with the Trustees which expires on 30 September 2025. The weighted average duration of the scheme\u2019s defined benefit obligation as at 31 December 2022 is 15 years. The undiscounted maturity profile of the defined benefit obligation between one and ten years is shown below: 2022 \u00a3 million Less than one year 12.7 Between one and two years 13.4 Between two and five years 45.7 Between five and ten years 71.7 No allowance is made for commutation lump sums or individual transfers out due to the fluctuating nature of these payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "7 FINANCE INCOME 2022 \u00a3 million 2021 \u00a3 million Total finance income 0.8 \u2014 8 FINANCE EXPENSES Note 2022 \u00a3 million 2021 \u00a3 million Interest expenses related to lease liabilities 3.0 0.9 Bank loans and bonds 74.9 \u2014 Amortisation of finance fees 0.1 \u2014 Hedging activities 3.3 \u2014 Interest expenses related to settlement of tax liability \u2014 2.8 Interest expenses related to severance pay liability, net \u2014 0.1 Foreign exchange on financing activities 22.7 \u2014 Other finance charges and fees 0.7 0.4 Finance expenses \u2013 underlying 104.7 4.2 Senior Unsecured Notes early redemption fees 3 14.1 \u2014 Gain on settlement of Senior Unsecured Notes 3 (7.1) \u2014 Finance expenses \u2013 exceptional 3 7.0 \u2014 Total finance expenses 111.7 4.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "7 FINANCE INCOME 2022 \u00a3 million 2021 \u00a3 million Total finance income 0.8 \u2014 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "8 FINANCE EXPENSES Note 2022 \u00a3 million 2021 \u00a3 million Interest expenses related to lease liabilities 3.0 0.9 Bank loans and bonds 74.9 \u2014 Amortisation of finance fees 0.1 \u2014 Hedging activities 3.3 \u2014 Interest expenses related to settlement of tax liability \u2014 2.8 Interest expenses related to severance pay liability, net \u2014 0.1 Foreign exchange on financing activities 22.7 \u2014 Other finance charges and fees 0.7 0.4 Finance expenses \u2013 underlying 104.7 4.2 Senior Unsecured Notes early redemption fees 3 14.1 \u2014 Gain on settlement of Senior Unsecured Notes 3 (7.1) \u2014 Finance expenses \u2013 exceptional 3 7.0 \u2014 Total finance expenses 111.7 4.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "9 TAXATION Corporate taxes 2022 \u00a3 million Current taxation UK corporation tax at 19% 6.5 Other jurisdictions taxation 17.8 Adjustments in respect of prior years 1.3 25.6 Deferred taxation Origination and reversal of temporary differences (3.0) Adjustments in respect of prior years (17.7) (20.7) Taxation expense 4.9 Deferred taxation related to items recognised in OCI Remeasurement of severance pay liability 0.6 2021 \u00a3 million Current taxation Gibraltar corporation tax at 12.5% 0.7 Other jurisdictions taxation 8.6 Adjustments in respect of prior years (0.1) 9.2 Deferred taxation Origination and reversal of temporary differences (0.2) Adjustments in respect of prior years \u2014 (0.2) Taxation expense 9.0 Deferred taxation related to items recognised in OCI Remeasurement of severance pay liability 0.2 The Group previously reported its current tax with Gibraltar taxation as the headline tax and the Gibraltar tax rate as the rate to which the actual tax charge was reconciled. In 2022, 888 Holdings PLC became tax resident in the UK by virtue of its central management and control being situated in the UK and as a result the Group has changed its disclosures to refer to the UK tax as the headline tax and the UK tax rate for the reconciliations. The effective tax rate in respect of ordinary activities before adjusting and exceptional items for the year ended 31 December 2022 is 20.0%. The effective tax rate in respect of ordinary activities after exceptional items is -4.2% (31 December 2021: 15%). The Group monitors developments in respect of the global design, consultation and implementation of Pillar Two, which is the OECD term for a global minimum tax rate. Pillar Two is expected to lead to further corporation tax being payable by the Group in the future giving its online operating model. The Group expects that the UK will substantively enact Pillar Two in the first half of 2023 and that Pillar Two will impact the Group\u2019s current tax starting in 2024. The Group\u2019s effective tax rate for 2023 is expected to be 7.7%. 9 TAXATION CONTINUED Corporate taxes continued The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the (loss)/profit before tax is as follows: 2022 \u00a3 million (Loss)/profit before taxation (115.7) Standard tax rate in UK (19.0%) (22.0) Difference in effective tax rate in other jurisdictions 2.5 Expenses not allowed for taxation 32.9 Accrual of liabilities for uncertain tax positions 5.2 Tax on share of result of associate 0.1 Deferred tax not recognised 0.4 Difference in current and deferred tax rate 5.1 Non-taxable income (2.9) Adjustments to prior years\u2019 tax charges (16.4) Total tax charge for the year 4.9 2021 \u00a3 million (Loss)/profit before taxation 59.0 Standard tax rate in Gibraltar (12.5%) 8.1 Difference in effective tax rate in other jurisdictions 4.1 Expenses not allowed for taxation 0.7 Deferred tax not recognised (1.5) Losses utilised previously not recognised for deferred tax (0.2) Non-taxable income (2.1) Adjustments to prior years\u2019 tax charges (0.1) Total tax charge for the year 9.0 The expenses not allowed for tax purposes mainly relate to the acquisition of William Hill for which no tax relief is available. The difference in effective tax rates in other jurisdictions primarily reflect the lower effective tax rate in Gibraltar. The adjustments in respect of prior periods mainly relate to a higher than expected restriction on interest deductions in the UK in earlier periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "10 EARNINGS PER SHARE Basic earnings per share Basic earnings per share (EPS) has been calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of shares in issue and outstanding during the year. Diluted earnings per share The weighted average number of shares for diluted earnings per share takes into account all potentially dilutive equity instruments granted, which are not included in the number of shares for basic earnings per share. Potential ordinary shares are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share because they are not dilutive. The number of equity instruments included in the diluted EPS calculation consist of 6,235,340 Ordinary Shares (2021: 6,315,271) and no market-value options (2021: nil). The number of equity instruments excluded from the diluted EPS calculation is 1,986,155 (2021: 577,979). 2022 2021 Profit for the period attributable to equity holders of the parent (\u00a3 million) (120.5) 49.9 Weighted average number of Ordinary Shares in issue and outstanding 426,536,392 371,383,109 Effect of dilutive Ordinary Shares and Share options 6,235,340 6,315,271 Weighted average number of dilutive Ordinary Shares 432,771,732 377,698,380 Basic earnings per share (pence) (28.3) 13.4 Diluted earnings per share (pence) (28.3) 13.2 The diluted loss per share in the current year is the same as the basic loss per share as the potentially dilutive share options are considered antidilutive as they would reduce the loss per share and therefore, they are disregarded in the calculation. 10 EARNINGS PER SHARE CONTINUED Adjusted earnings per share The Directors believe that EPS excluding exceptional and adjusted items and tax on exceptional and adjusted items (\u201cAdjusted EPS\u201d) allows for a further understanding of the underlying performance of the business and assists in providing a clearer view of the performance of the Group. 2022 2021 Adjusted profit after tax (\u00a3 million) 64.2 82.6 Weighted average number of Ordinary Shares in issue 426,536,392 371,383,109 Weighted average number of dilutive Ordinary Shares 432,771,732 377,698,380 Adjusted basic earnings per share (pence) 15.1 22.2 Adjusted diluted earnings per share (pence) 14.8 21.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "11 DIVIDENDS 2022 \u00a3 million 2021 \u00a3 million Dividends paid \u2014 43.8 The Board of Directors does not recommend a final dividend to be paid in respect of the year ended 31 December 2022. No final dividend was recommended as at 31 December 2021. The 2020 final dividend of 10.4\u00a2 (7.4p) per share plus an additional one-off 1.6\u00a2 (1.1p) per share was paid on 24 May 2021 totalling US$44.5 million (\u00a331.8m) and the 2021 interim regular dividend of 4.5\u00a2 (3.2p) per share in accordance with 888\u2019s dividend policy was paid on 13 October 2021 of US$16.8 million (\u00a312.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "12 GOODWILL AND OTHER INTANGIBLES Goodwill \u00a3 million Brands, customer relationships and licences \u00a3 million Software \u00a3 million Total \u00a3 million Cost or valuation At 31 December 2021 134.3 61.0 107.4 302.7 Additions via business combinations 785.6 1,178.0 226.2 2,189.8 Additions \u2014 2.3 65.1 67.4 Disposals (124.2) (17.4) (6.4) (148.0) Effect of foreign exchange rates 16.0 6.9 11.0 33.9 At 31 December 2022 811.7 1,230.8 403.3 2,445.8 Amortisation and impairments: At 31 December 2021 74.2 34.0 70.6 178.8 Amortisation charge for the year \u2014 45.9 43.6 89.5 Impairment charge for the year 36.9 \u2014 29.5 66.4 Disposals (94.5) (10.4) (5.5) (110.4) Effect of foreign exchange rates 9.1 4.0 11.4 24.5 At 31 December 2022 25.7 73.5 149.6 248.8 Carrying amounts At 31 December 2022 786.0 1,157.3 253.7 2,197.0 At 31 December 2021 60.1 27.0 36.8 123.9 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Goodwill Goodwill recognised on the acquisition of William Hill was \u00a3785.6m as outlined in note 16. Based on the estimated synergies from the combination management has allocated this goodwill between Retail (\u00a399.4m), UK Online (\u00a3360.4m) and International (\u00a3325.8m). This represents the lowest level at which goodwill is monitored for internal management purposes. The Group previously had \u00a325.7m goodwill related to its US B2C CGU which has been impaired at year end. See impairment reviews below for more detail. As part of the disposal of the Group\u2019s Bingo business, an \u00a311.2m impairment charge was recognised at the half year against the goodwill in the Bingo business, representing the difference between the agreed sales price and the carrying value of the Bingo businesses net assets. Upon completion of the sale in the second half of the year, the remaining \u00a329.7m of goodwill was disposed. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software. On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of these assets with their recoverable amount. This is an area where the directors exercise judgement and estimation, as noted on pages 152 to 154. Testing is carried out by allocating the carrying value of these assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the previous period, the Group defined its groups of CGUs as Bingo B2C and US B2C. In the year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK Online and International. Prior to the impairment of the CGU, the pre-existing goodwill relating to the US B2C CGU continued to be monitored at the US B2C CGU level consistent with the previous period. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assume that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in the Group\u2019s business model or expected changes in the wider industry or economy; \u2022 management\u2019s forecasts include assumptions on synergy cost savings as a result of the William Hill acquisition, which have been removed to the extent they were not committed at 31 December 2022; \u2022 management assume that the Group will achieve its target sports betting gross win margins as set for each territory, which management base upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2023 budget for each segment in November 2022, as well as a further four-year strategic forecast covering years 2024 to 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Impairment reviews continued The other significant assumptions incorporated into our impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs: CGUs 2022 Discount rate % 2022 Long-term growth rate % Retail 13.3 0.0 UK Online 12.1 2.5 International 13.8 5.0 US B2C 18.0 2.0 Discount rates are applied to each CGU or group of CGU\u2019s cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGU\u2019s leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2022 for each CGU or group of CGUs are as follows: 2022 CGUs Recoverable amount \u00a3 million Headroom/ (impairment) \u00a3 million Retail 668.6 165.5 UK Online 1,534.5 359.3 International 1,725.2 996.2 US B2C 19.4 (25.7) As a result of a revision in the growth projections for the US B2C CGU, the entire goodwill balance of \u00a325.7m has been impaired, as the projected cash flows no longer support the carrying value of the CGU. Sensitivity of impairment reviews For the Retail and UK Online group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated, would lead to the following changes in the recoverable amount of the CGU or group of CGUs: 20% fall in cash flows 1% increase in discount rate Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Retail (133.7) 31.8 (45.2) 120.3 UK Online (306.9) 52.4 (142.9) 210.1 For the International group of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated. A 1% increase in the long-term growth rate in the US B2C CGU would have resulted in a reduction to the impairment of \u00a34.0m. A 1% reduction in the discount rate used would have resulted in a reduction to the impairment of \u00a37.0m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "12 GOODWILL AND OTHER INTANGIBLES Goodwill \u00a3 million Brands, customer relationships and licences \u00a3 million Software \u00a3 million Total \u00a3 million Cost or valuation At 31 December 2021 134.3 61.0 107.4 302.7 Additions via business combinations 785.6 1,178.0 226.2 2,189.8 Additions \u2014 2.3 65.1 67.4 Disposals (124.2) (17.4) (6.4) (148.0) Effect of foreign exchange rates 16.0 6.9 11.0 33.9 At 31 December 2022 811.7 1,230.8 403.3 2,445.8 Amortisation and impairments: At 31 December 2021 74.2 34.0 70.6 178.8 Amortisation charge for the year \u2014 45.9 43.6 89.5 Impairment charge for the year 36.9 \u2014 29.5 66.4 Disposals (94.5) (10.4) (5.5) (110.4) Effect of foreign exchange rates 9.1 4.0 11.4 24.5 At 31 December 2022 25.7 73.5 149.6 248.8 Carrying amounts At 31 December 2022 786.0 1,157.3 253.7 2,197.0 At 31 December 2021 60.1 27.0 36.8 123.9 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Goodwill Goodwill recognised on the acquisition of William Hill was \u00a3785.6m as outlined in note 16. Based on the estimated synergies from the combination management has allocated this goodwill between Retail (\u00a399.4m), UK Online (\u00a3360.4m) and International (\u00a3325.8m). This represents the lowest level at which goodwill is monitored for internal management purposes. The Group previously had \u00a325.7m goodwill related to its US B2C CGU which has been impaired at year end. See impairment reviews below for more detail. As part of the disposal of the Group\u2019s Bingo business, an \u00a311.2m impairment charge was recognised at the half year against the goodwill in the Bingo business, representing the difference between the agreed sales price and the carrying value of the Bingo businesses net assets. Upon completion of the sale in the second half of the year, the remaining \u00a329.7m of goodwill was disposed. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software. On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of these assets with their recoverable amount. This is an area where the directors exercise judgement and estimation, as noted on pages 152 to 154. Testing is carried out by allocating the carrying value of these assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the previous period, the Group defined its groups of CGUs as Bingo B2C and US B2C. In the year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK Online and International. Prior to the impairment of the CGU, the pre-existing goodwill relating to the US B2C CGU continued to be monitored at the US B2C CGU level consistent with the previous period. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assume that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in the Group\u2019s business model or expected changes in the wider industry or economy; \u2022 management\u2019s forecasts include assumptions on synergy cost savings as a result of the William Hill acquisition, which have been removed to the extent they were not committed at 31 December 2022; \u2022 management assume that the Group will achieve its target sports betting gross win margins as set for each territory, which management base upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2023 budget for each segment in November 2022, as well as a further four-year strategic forecast covering years 2024 to 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Impairment reviews continued The other significant assumptions incorporated into our impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs: CGUs 2022 Discount rate % 2022 Long-term growth rate % Retail 13.3 0.0 UK Online 12.1 2.5 International 13.8 5.0 US B2C 18.0 2.0 Discount rates are applied to each CGU or group of CGU\u2019s cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGU\u2019s leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2022 for each CGU or group of CGUs are as follows: 2022 CGUs Recoverable amount \u00a3 million Headroom/ (impairment) \u00a3 million Retail 668.6 165.5 UK Online 1,534.5 359.3 International 1,725.2 996.2 US B2C 19.4 (25.7) As a result of a revision in the growth projections for the US B2C CGU, the entire goodwill balance of \u00a325.7m has been impaired, as the projected cash flows no longer support the carrying value of the CGU. Sensitivity of impairment reviews For the Retail and UK Online group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated, would lead to the following changes in the recoverable amount of the CGU or group of CGUs: 20% fall in cash flows 1% increase in discount rate Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Retail (133.7) 31.8 (45.2) 120.3 UK Online (306.9) 52.4 (142.9) 210.1 For the International group of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated. A 1% increase in the long-term growth rate in the US B2C CGU would have resulted in a reduction to the impairment of \u00a34.0m. A 1% reduction in the discount rate used would have resulted in a reduction to the impairment of \u00a37.0m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "12 GOODWILL AND OTHER INTANGIBLES Goodwill \u00a3 million Brands, customer relationships and licences \u00a3 million Software \u00a3 million Total \u00a3 million Cost or valuation At 31 December 2021 134.3 61.0 107.4 302.7 Additions via business combinations 785.6 1,178.0 226.2 2,189.8 Additions \u2014 2.3 65.1 67.4 Disposals (124.2) (17.4) (6.4) (148.0) Effect of foreign exchange rates 16.0 6.9 11.0 33.9 At 31 December 2022 811.7 1,230.8 403.3 2,445.8 Amortisation and impairments: At 31 December 2021 74.2 34.0 70.6 178.8 Amortisation charge for the year \u2014 45.9 43.6 89.5 Impairment charge for the year 36.9 \u2014 29.5 66.4 Disposals (94.5) (10.4) (5.5) (110.4) Effect of foreign exchange rates 9.1 4.0 11.4 24.5 At 31 December 2022 25.7 73.5 149.6 248.8 Carrying amounts At 31 December 2022 786.0 1,157.3 253.7 2,197.0 At 31 December 2021 60.1 27.0 36.8 123.9 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Goodwill Goodwill recognised on the acquisition of William Hill was \u00a3785.6m as outlined in note 16. Based on the estimated synergies from the combination management has allocated this goodwill between Retail (\u00a399.4m), UK Online (\u00a3360.4m) and International (\u00a3325.8m). This represents the lowest level at which goodwill is monitored for internal management purposes. The Group previously had \u00a325.7m goodwill related to its US B2C CGU which has been impaired at year end. See impairment reviews below for more detail. As part of the disposal of the Group\u2019s Bingo business, an \u00a311.2m impairment charge was recognised at the half year against the goodwill in the Bingo business, representing the difference between the agreed sales price and the carrying value of the Bingo businesses net assets. Upon completion of the sale in the second half of the year, the remaining \u00a329.7m of goodwill was disposed. Brands, customer relationships and licences This category of assets includes brands, customer relationships and licences primarily recognised in business combinations. As outlined in note 16, in 2022 the Group acquired William Hill and recognised brands of \u00a3574.4m, customer relationships of \u00a3595.1m and licences of \u00a38.5m. These assets are being amortised over 20-30 years for brands, 7-13 years for customer relationships and 20 years for licences. Software This category relates to the cost of both acquired software, through purchase or acquisition, as well as the capitalisation of internally developed software. On the acquisition of William Hill, the Group acquired software with a fair value of \u00a3226.2m. The software acquired primarily consisted of proprietary software platforms owned by William Hill. Subsequent to the acquisition, the decision was made to migrate a number of William Hill platforms onto the existing 888 platforms, resulting in an asset impairment of \u00a329.5m. Impairment reviews The Group performs an annual impairment review for goodwill, by comparing the carrying amount of these assets with their recoverable amount. This is an area where the directors exercise judgement and estimation, as noted on pages 152 to 154. Testing is carried out by allocating the carrying value of these assets to CGUs or group of CGUs and determining the recoverable amount of those CGUs through value in use calculations. Where the recoverable amount exceeds the carrying value of the assets, the assets are considered as not impaired. For the purposes of impairment testing under IAS 36, CGUs are grouped in order to reflect the level at which goodwill is monitored by management. In the previous period, the Group defined its groups of CGUs as Bingo B2C and US B2C. In the year, the Group completed the acquisition of William Hill and disposed of the Group\u2019s Bingo business which changed the groups of CGUs to which goodwill is allocated and monitored. The goodwill generated from the acquisition of William Hill is monitored in line with the Group\u2019s segments, being Retail, UK Online and International. Prior to the impairment of the CGU, the pre-existing goodwill relating to the US B2C CGU continued to be monitored at the US B2C CGU level consistent with the previous period. Value in use calculations are based upon estimates of future cash flows derived from the Group\u2019s profit forecasts by segments. Profit forecasts are derived from the Group\u2019s annual strategic planning or similarly scoped exercise. The principal assumptions underlying our cash flow forecasts are as follows: \u2022 management assume that the underlying business model will continue to operate on a comparable basis, as adjusted for known regulatory or tax changes and planned business initiatives; \u2022 management\u2019s forecasts anticipate the continuation of recent growth or decline trends in staking, gaming net revenues and expenses, as adjusted for changes in the Group\u2019s business model or expected changes in the wider industry or economy; \u2022 management\u2019s forecasts include assumptions on synergy cost savings as a result of the William Hill acquisition, which have been removed to the extent they were not committed at 31 December 2022; \u2022 management assume that the Group will achieve its target sports betting gross win margins as set for each territory, which management base upon its experience of the outturn of sports results over the long term, given the tendency for sports results to vary in the short term but revert to a norm over a longer term; and \u2022 in management\u2019s annual forecasting process, expenses incorporate a bottom-up estimation of the Group\u2019s cost base. For employee remuneration, this takes into account staffing numbers and models by segment, while other costs are assessed separately by category, with principal assumptions including an extrapolation of recent cost inflation trends and the expectation that the Group will incur costs in line with agreed contractual rates. The Board approved the 2023 budget for each segment in November 2022, as well as a further four-year strategic forecast covering years 2024 to 2027. These five years form the basis of our value in use calculation. Cash flows beyond that five-year period were extrapolated using long-term growth rates as estimated for each group of CGUs separately. 12 GOODWILL AND OTHER INTANGIBLES CONTINUED Impairment reviews continued The other significant assumptions incorporated into our impairment reviews are those relating to discount rates and long-term growth assumptions, as noted below separately for each CGU or group of CGUs: CGUs 2022 Discount rate % 2022 Long-term growth rate % Retail 13.3 0.0 UK Online 12.1 2.5 International 13.8 5.0 US B2C 18.0 2.0 Discount rates are applied to each CGU or group of CGU\u2019s cash flows that reflect both the time value of money and the risks that apply to the cash flows of that CGU or group of CGUs. Discount rates are calculated using the weighted average cost of capital formula based on the CGU\u2019s or group of CGU\u2019s leveraged beta. The leveraged beta is determined by management as the mean unleveraged beta of listed gaming and betting companies, with samples chosen where applicable from comparable markets or territories as the CGU or group of CGUs, leveraged to the Group\u2019s capital structure. Further risk premia and discounts are applied, if appropriate, to this rate to reflect the risk profile of the specific CGU or group of CGUs relative to the market in which it operates. Our discount rates are calculated on a post-tax basis and converted to a pre-tax basis using the tax rate applicable to each CGU or group of CGUs. Discount rates disclosed below are pre-tax discount rates. The long-term growth rates included in the impairment review do not exceed the observed long-term growth rate for each respective CGU or group of CGUs. Results of impairment reviews The recoverable amount and headroom above carrying amount or impairment below carrying amount based on the impairment review performed at 31 December 2022 for each CGU or group of CGUs are as follows: 2022 CGUs Recoverable amount \u00a3 million Headroom/ (impairment) \u00a3 million Retail 668.6 165.5 UK Online 1,534.5 359.3 International 1,725.2 996.2 US B2C 19.4 (25.7) As a result of a revision in the growth projections for the US B2C CGU, the entire goodwill balance of \u00a325.7m has been impaired, as the projected cash flows no longer support the carrying value of the CGU. Sensitivity of impairment reviews For the Retail and UK Online group of CGUs, the following reasonably possible changes in assumptions upon which the recoverable amount was estimated, would lead to the following changes in the recoverable amount of the CGU or group of CGUs: 20% fall in cash flows 1% increase in discount rate Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Reduction in recoverable amount \u00a3 million Remaining headroom \u00a3 million Retail (133.7) 31.8 (45.2) 120.3 UK Online (306.9) 52.4 (142.9) 210.1 For the International group of CGUs, no impairment would occur under any reasonable possible changes in assumptions upon which the recoverable amount was estimated. A 1% increase in the long-term growth rate in the US B2C CGU would have resulted in a reduction to the impairment of \u00a34.0m. A 1% reduction in the discount rate used would have resulted in a reduction to the impairment of \u00a37.0m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "13 PROPERTY, PLANT AND EQUIPMENT Land and buildings \u00a3 million Fixtures, fittings and equipment \u00a3 million Right-of-use asset \u00a3 million Total \u00a3 million Cost At 31 December 2021 13.5 35.9 31.1 80.5 Additions via business combinations 28.3 81.2 72.3 181.8 Additions 1.2 10.0 9.3 20.5 Disposals (0.6) (0.9) (3.2) (4.7) Transferred to assets held for sale (7.5) \u2014 \u2014 (7.5) Effect of foreign exchange rates 1.7 4.2 3.9 9.8 At 31 December 2022 36.6 130.4 113.4 280.4 Accumulated depreciation At 31 December 2021 11.2 28.9 12.4 52.5 Charge for the period 3.2 9.2 18.4 30.8 Disposals (0.5) (0.7) (1.1) (2.3) Transferred to assets held for sale (0.1) \u2014 \u2014 (0.1) Effect of foreign exchange rates 1.4 4.0 1.8 7.2 At 31 December 2022 15.2 41.4 31.5 88.1 Carrying amounts At 31 December 2022 21.4 89.0 81.9 192.3 At 31 December 2021 2.3 7.0 18.7 28.0 In addition to the amounts above, the Group holds \u00a36.9m of land and buildings that were classified as assets held for sale (see note 17). The net book value of land and buildings comprises: 2022 \u00a3 million 2021 \u00a3 million Freehold 3.7 \u2014 Long leasehold improvements 5.9 2.3 Short leasehold improvements 11.8 \u2014 21.4 2.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "14 INTERESTS IN ASSOCIATES The Group holds an associate interest in Sports Information Services (Holdings) Limited (SIS), at a value of \u00a338.4m. The Group uses the equity method of accounting for associates. The following table shows the aggregate movement in the Group\u2019s interests in its associate: \u00a3 million Acquired on acquisition at 1 July 2022 39.0 Share of results before interest and taxation 0.3 Share of interest 0.1 Share of taxation (0.1) Dividend received (0.9) At 31 December 2022 38.4 14 INTERESTS IN ASSOCIATES CONTINUED SIS At 31 December 2022, William Hill Organization Limited, a principal subsidiary of the Company, held an investment of 19.5% of the ordinary share capital of SIS, a company incorporated in Great Britain. The Group is able to exert significant influence over SIS by way of its 19.5% holding and its seat on the Board of Directors. The SIS group of companies provides real time, pre-event information and results, as well as live coverage of horseracing, greyhound racing and other sporting activities and events via satellite. The statutory financial statements of SIS are prepared to the year ending 31 March. The results recognised are based on statutory accounts to March 2022 and management accounts thereafter. The following financial information relates to SIS as at 31 December 2022 and for the period owned by the Group: \u00a3 million Total assets 124.1 Total liabilities (65.6) Total revenue 116.6 Total profit after tax 1.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "15 INVESTMENTS Good Luck Have Fun Group AB (\u2018GLHF Group\u2019) shares On 1 July 2022, as a part of the acquisition of William Hill, the Group obtained an investment in Good Luck Have Fun Group AB. The Group has a 4.3% holding in the equity in GLHF Group and it is held as a financial asset and designated as fair value through other comprehensive income, in line with the previous William Hill designation. Subsequent to the acquisition, and as a result of updates in the strategy by the GLHF Group management team, the Group has considered the recoverability of the investment. As a part of this assessment of recoverability, the Group has written off the investment of \u00a31.0m in its entirety through other comprehensive income. The Group therefore holds \u00a3nil value in this investment at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "16 ACQUISITIONS & DISPOSALS
Acquisitions
On 1 July 2022, the Group acquired all of the equity interests in William Hill. Total consideration for the transaction was
\u00a3554.3m, consisting of \u00a3544.7m cash consideration and up to \u00a3100.0m of contingent consideration, fair valued on acquisition
date at \u00a39.6m. The contingent consideration is based on the enlarged Group hitting specific EBITDA metrics and is fair
valued using a probability weighting analysis. Based on the performance of the combined Group since the acquisition, the
fair value of this contingent consideration at 31 December 2022 is \u00a30.4m, with \u00a39.2m being released to the Income Statement,
see note 3 for further detail.
Identifiable assets acquired and liabilities assumed
Provisional
Fair Value
1
Intangible assets 1,404.2
Property, plant and equipment 109.5
Right-of-use assets 72.3
Investment in sublease 1.4
Investments and investments in associates 40.0
Cash and cash equivalents 157.9
Trade and other receivables 32.9
Income tax asset 10.8
Assets held for sale 0.2
Trade and other payables (399.3)
Provisions and contingent liabilities (178.8)
Derivative financial instruments (3.5)
Lease liabilities (76.6)
Retirement benefit liability (0.4)
Deferred tax liabilities (236.2)
Long term debt (1,165.7)
Total net identifiable liabilities (231.3)
Goodwill 785.6
Consideration transferred 554.3
1. The Group has invested significant resources during the year in performing the purchase price allocation for the William Hill acquisition, including involving experts
where appropriate. However, the Group acknowledges that, given the size and scale of the acquisition, the fair values of assets acquired and liabilities assumed
remain provisional and may change within the measurement period.
In the period from 1 July 2022 to 31 December 2022, the acquired business contributed revenue of \u00a3614.3m and a loss after
tax of \u00a345.7m. If the acquisition had occurred on 1 January 2022, the contributed revenue and loss before tax would have
been \u00a31,225.1m and \u00a356.7m respectively.
16 ACQUISITION & DISPOSALS CONTINUED
Intangible assets
Acquired identifiable intangible assets include \u00a3574.4m in respect of brands, \u00a3595.1m in respect of customer relationships
and \u00a38.5m in respect of licences. Software and technology of \u00a3226.2m, inclusive of a fair value uplift of \u00a370.6m has also been
recognised on acquisition. Management considers the residual goodwill of \u00a3785.6m to represent a number of factors including
the future growth of the William Hill business and the potential to achieve buyer specific synergies and workforce.
The fair value of the brand assets was assessed by considering the benefit to the Group\u2019s future revenue of the acquired brand
and assessing the royalty costs that would be incurred in deriving the same benefit. The key assumptions in the assessments are
the forecast revenue growth and royalty cost applied. A royalty cost of 5.0% of revenue was applied. The fair value of the customer
relationships was assessed using the multi-period excess earnings methodology. The key assumption in the assessments is customer
retention rates. The fair value of the licences has been derived by calculation a replacement cost for each individual
licence. A 5% increase/decrease in estimated customer churn rates would (decrease)/increase the fair value of customer
relationships by \u00a3(123.0)m/\u00a3176.0m respectively.
Provisions and contingent liabilities
A contingent liability with a fair value of \u00a380.6m has been recognised on acquisition to reflect the possible future economic
outflow resulting from customer claims in Austria. The contingent liability has been fair valued in line with IFRS 3 based on the
expected cash outflow of settled claims and recognised on the basis that it is a possible future liability. Additional provisions
of \u00a3115.2m have been recognised based on pre-existing provisions within William Hill. The carrying amount at acquisition was
assessed to be the fair value. Refer to note 22 for further details on these acquired provisions.
Other fair value adjustments
A fair value uplift of \u00a31.1m has been recognised on property, plant and equipment, representing the depreciated replacement
cost of the assets in comparison to their pre-acquisition net book value.
A fair value uplift of \u00a30.8m has been recognised on the acquired right-of-use assets, representing favourable market positions
on William Hill\u2019s portfolio of leases. This has been offset by a \u00a36.8m reduction to the right-of-use asset and \u00a36.4m reduction
to the lease liability that reflects matching the right-of-use asset to the new fair value of the lease liability, based on a new
discount rate for the liability at the acquisition date.
The fair value of the Group\u2019s investment in SIS (refer to note 14) was increased by \u00a327.4m to a fair value of \u00a339.0m, reflecting
the Group\u2019s holding and the estimated market value of the entity at the acquisition date.
The fair value of the Group\u2019s outstanding listed debt was increased by \u00a37.1m, reflecting the current market price of the debt
at acquisition date.
Deferred tax liabilities of \u00a3216.9m have been recognised on the resultant fair value uplifts to assets.
The fair value of all other assets and liabilities acquired are considered to be equal to their net book value as at the acquisition date.
Disposals
On 7 July 2022, the Group disposed of its entire Bingo business to Saphalata Holdings Ltd., a member of the Broadway Gaming
group, for a total cash consideration of \u00a337.4m (US$45.25m), out of which \u00a335.7m was paid on completion and a further \u00a31.7m
will unconditionally be paid in one year. As at 30 June 2022, the Group reclassified the Bingo business assets and liabilities as
\u2018Held for sale\u2019, at which time an impairment loss of \u00a311.2m was recognised on the Bingo goodwill, representing the difference
between the carrying value of the businesses net assets and the fair value at the date of reclassification to held for sale.
2022
\u00a3 million
Consideration received 35.7
Deferred consideration 1.7
Less:
Cash disposed of (3.2)
Net proceeds on disposal 34.2
Less:
Net assets disposed of (excluding cash):
Intangible assets (37.6)
Trade and other receivables (0.5)
Trade and other payables 3.3
Net assets disposed of (excluding cash) (34.7)
Loss on disposal (0.5)
",
"dimensions": {
"concept": "_888holdingsplc:DisclosureOfAcquisitionDisposals",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "17 ASSETS HELD FOR SALE In the year, the Group began the process of auctioning 75 freehold properties in a sale and leaseback transaction. At the year end, all properties were underwritten with a reserve price and were awaiting auction dates in the first quarter of 2023. As a result of the proposed sales, the properties have been reclassified as assets held for sale. The carrying value of the properties prior to reclassification was \u00a37.4m. Upon classification as assets held for sale, the fair value of the properties was assessed against the carrying value, resulting in a \u00a30.5m impairment of the overall property value, which has been classified within exceptional items in the consolidated income statement. The properties classified as held for sale are part of the Retail segment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "18 LEASES The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on a series of inputs including a risk-free rate based on our debt portfolio as well as country-specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its Retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Retail business. The Group note that leases not included due to either being low value or having a term of less than 12 months are deemed immaterial. The Group has a small number of sublet properties which have been assessed in accordance with IFRS 16 and have been deemed immaterial. The accounting policy applied to these small number of sublet properties can be seen on page 160. The Group will continue to monitor both the above scenarios and disclose these if they are deemed material to users of the Annual Report and Accounts. 2022 \u00a3 million 2021 \u00a3 million Right-of-use asset depreciation 18.4 5.3 Finance costs 3.0 0.9 A maturity analysis of the contractual undiscounted cash flows is as follows: 2022 \u00a3 million 2021 \u00a3 million Due within one year 29.4 5.0 Due between one and two years 23.0 4.3 Due between two and three years 17.3 4.1 Due between three and four years 13.4 4.1 Due between four and five years 7.5 4.1 Due beyond five years 8.7 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "18 LEASES The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the lease payments that have not been paid at the commencement date, discounted using an appropriate discount rate. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. The Group uses an incremental borrowing rate for its leases, which is determined based on a series of inputs including a risk-free rate based on our debt portfolio as well as country-specific adjustments. A right-of-use asset is also recognised equal to the lease liability and depreciated over the period from the commencement date to the earlier of, the end of the useful life of the right-of-use asset or the lease term. The Group has assessed the lease term of properties within its Retail estate to be up to the first available contractual break within the lease. The Group has deemed that it cannot be reasonably certain that it will continue beyond this time given the continued uncertainty surrounding the Retail business. The Group note that leases not included due to either being low value or having a term of less than 12 months are deemed immaterial. The Group has a small number of sublet properties which have been assessed in accordance with IFRS 16 and have been deemed immaterial. The accounting policy applied to these small number of sublet properties can be seen on page 160. The Group will continue to monitor both the above scenarios and disclose these if they are deemed material to users of the Annual Report and Accounts. 2022 \u00a3 million 2021 \u00a3 million Right-of-use asset depreciation 18.4 5.3 Finance costs 3.0 0.9 A maturity analysis of the contractual undiscounted cash flows is as follows: 2022 \u00a3 million 2021 \u00a3 million Due within one year 29.4 5.0 Due between one and two years 23.0 4.3 Due between two and three years 17.3 4.1 Due between three and four years 13.4 4.1 Due between four and five years 7.5 4.1 Due beyond five years 8.7 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "A maturity analysis of the contractual undiscounted cash flows is as follows: 2022 \u00a3 million 2021 \u00a3 million Due within one year 29.4 5.0 Due between one and two years 23.0 4.3 Due between two and three years 17.3 4.1 Due between three and four years 13.4 4.1 Due between four and five years 7.5 4.1 Due beyond five years 8.7 3.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "19 TRADE AND OTHER RECEIVABLES 2022 \u00a3 million 2021 \u00a3 million Trade receivables 56.7 19.2 Other receivables 18.4 11.3 Loans receivable 3.9 \u2014 Prepayments 32.1 13.3 Restricted short-term deposits 21.6 7.0 Current trade and other receivables 132.7 50.8 Non-current prepayments 6.2 5.8 138.9 56.6 Restricted short-term deposits represent amounts held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. Non-current prepayments refer to prepayment to partners in relation to costs and certain fees to be recognised over a period longer than 12 months. The carrying value of trade receivables and other receivables approximates to their fair value as the credit risk has been addressed as part of impairment provisioning and, due to the short-term nature of the receivables they are not subject to ongoing fluctuations in market rates. Note 24 provides credit risk disclosures on trade and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "20 CASH AND CASH EQUIVALENTS 2022 \u00a3 million 2021 \u00a3 million Cash and cash equivalents 317.6 189.4 Less: Customer deposits 141.3 60.1 Cash (excluding customer balances) 176.3 129.3 Customer deposits represent bank deposits matched by liabilities to customers of an equal value (see note 21). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "21 TRADE AND OTHER PAYABLES 2022 \u00a3 million 2021 \u00a3 million Trade payables 61.1 26.8 Accrued expenses 208.0 87.6 Other payables 98.9 30.9 Total trade and other payables 368.0 145.3 The carrying value of trade and other payables approximates to their fair value given the short maturity date of these balances. Customer deposits of \u00a3141.3m (31 December 2021: \u00a360.1m) represents deposits received from customers, customer winnings and progressive prize pools. This is offset by an equivalent or greater amount of cash held, which is included in cash and cash equivalents (see note 20). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "22 PROVISIONS Indirect tax provision \u00a3 million Legal and regulatory \u00a3 million Shop closure provision \u00a3 million Other restructuring costs \u00a3 million Total \u00a3 million At 31 December 2021 \u2014 19.0 \u2014 \u2014 19.0 Acquired on acquisition 1 July 2022 57.0 111.5 5.8 4.5 178.8 Charged/(credited) to profit or loss Additional provisions recognised 12.7 12.3 0.8 \u2014 25.8 Provisions released to profit and loss (3.2) (5.1) \u2014 \u2014 (8.3) Utilised during the year (6.0) (9.9) (1.8) (0.8) (18.5) Foreign exchange differences 1.2 (0.3) \u2014 \u2014 0.9 At 31 December 2022 61.7 127.5 4.8 3.7 197.7 Customer claims provisions of \u00a386.2m within legal and regulatory are classified as non-current. The remaining provisions are all classified as current. Indirect tax provision As part of the acquisition of William Hill, the Group acquired a provision relating to a gaming tax liability in Austria, where the Austrian tax authority believes that foreign gaming companies should be liable to pay gaming taxes in Austria. Post- acquisition, the Group has continued to provide for the gaming taxes including interest, as management considers that an outflow is probable. The Group is in constructive discussions with the Austrian tax authority over the timing of settlement. Legal and regulatory provisions The Group has recorded a provision in respect of legal and regulatory matters, including customer claims, and updated it to reflect the Group\u2019s revised assessment of these risks in light of developments arising during 2022 such that this represents management\u2019s best estimate of probable cash outflows related to these matters. The industry in which the Group operates is subject to continuing scrutiny by regulators and other governmental authorities, which may, in certain circumstances, lead to enforcement actions, sanctions, fines and penalties or the assertion of private litigations, claims and damages. Within this provision, there is a provision acquired relating to a periodic compliance assessment undertaken by the UK Gambling Commission (\u201cUKGC\u201d) in July and August 2021 of the William Hill business. William Hill has been subject to an ongoing licence review and has addressed certain action points raised by the UKGC in relation to William Hill\u2019s social responsibility and anti-money laundering obligations. The Group has agreed a regulatory settlement of \u00a319.2m, including divestments of \u00a30.7m. This provision was acquired at 1 July 2022 and is expected to be settled in 2023. 22 PROVISIONS CONTINUED Legal and regulatory provisions continued In common with other businesses in the gambling sector, the Group receives claims from consumers relating to the provision of gambling services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses consumer claims as they are resolved or finally determined in consumers\u2019 favour and provides for such claims where an outcome in favour of the consumers in question is probable. Within this provision, there is a provision for customer claims in Austria where the Business has been subject to a particular acceleration of claims since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Consumers who have obtained judgement against the Business\u2019s entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, which includes a provision of \u00a380.6m relating to the William Hill and Mr Green brands and \u00a35.6m relating to 888. The \u00a380.6m relating to the William Hill and Mr Green brands was recognised on acquisition representing the fair value of the contingent liability at that point in time, recognised on the basis that it was a possible future liability and in line with IFRS 3. Please refer to note 16 for further detail. Since acquisition, there has been an alignment in strategy and accounting treatment with William Hill and Mr Green aligning to the 888 strategy. William Hill and Mr Green have therefore recognised a provision for probable legal claims they expect to receive and a contingent liability for possible legal claims they may receive. As at 31 December 2022, the provision is estimated at \u00a367.0m and the contingent liability is estimated at \u00a313.5m (note 31). Note that the provision is less than the liability recognised on acquisition but the liability recognised on acquisition is not released to the income statement until the final outcome of the customer claims is resolved and as such the liability of \u00a380.6m remains the balance provided. The calculation of the customer claims liability includes provision for both legal fees and interest but is gross of gaming tax. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset of up to \u00a324.3m has been disclosed for the tax reclaims, please refer to note 31 for further detail. The timing and amount of the outflows is ultimately determined by the settlement reached with the relevant authority. There has also been a similar uptick in claims in Germany, but to a much lesser extent. Shop closure provisions As a result of the acquisition of William Hill, the Group holds provisions relating to the associated costs of closure of 713 shops in 2019, 119 shops in 2020, and certain shops that ceased to trade as part of normal trading activities. Other restructuring costs The Group has recognised certain provisions for staff severance as a result of restructuring due to the acquisition of William Hill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "23 BORROWINGS
Interest
rate
% Maturity
31 December
2022
\u00a3 million
Borrowings at amortised cost
Bank facilities
\u20ac473.5m term loan facility EURIBOR + 5.5% 2028 392.6
$575.0m term loan facility CME term SOFR + 5.35% 2028 420.7
\u00a3150.0m Equivalent Multi-Currency Revolving Credit Facility \u2014 2028 \u2014
Loan Notes
\u20ac582.0m Senior Secured Fixed Rate Notes 7.56 2027 498.6
\u20ac450.0m Senior Secured Floating Rate Notes EURIBOR + 5.5% 2028 379.9
\u00a3350.0m Senior Unsecured Notes 4.75 2026 10.5
Total Borrowings 1,702.3
Less: Borrowings as due for settlement in 12 months 4.8
Total Borrowings as due for settlement after 12 months 1,697.5
The Group had no borrowings in 2021 and as such no comparative is presented in the above table.
23 BORROWINGS CONTINUED Bank facilities Term loan facilities In July 2022, the Group entered into a Senior Facilities Agreement in connection with the William Hill Group acquisition, under which the following term loan facilities were made available: \u2022 a 6-year euro-denominated bullet term facility of \u20ac473.5m, of which \u20ac6.4m was repaid in September 2022. \u2022 a 6-year sterling-denominated delayed-draw bullet term facility of \u00a3351.8 million which was partially drawn in September 2022 (\u201cGBP Term Loan\u201d) and used to partially prepay the William Hill Group\u2019s \u00a3350m 4.75% Senior Unsecured Notes due 2026 and partially prepay the Group\u2019s euro-denominated bullet term facility. \u2022 a 6-year US Dollar-denominated term facility of $500.0m. In December 2022, the GBP Term Loan was prepaid and partially replaced with a $75.0m increase under the Group\u2019s 6-year US Dollar-denominated term facility, with the remaining amount replaced with senior secured note issuances. At 31 December 2022, the following amounts were outstanding under the term facilities made available to the Group under the Senior Facilities Agreement: \u2022 \u20ac467.1 million under the Group\u2019s 6-year euro-denominated term facility. \u2022 $573.7 million under the Group\u2019s 6-year US Dollar-denominated term facility Loan notes Senior Secured Notes (i) \u20ac582m 7.558% Senior Secured Fixed Rate Notes due July 2027 In July 2022, as part of the William Hill Group acquisition funding, the Group issued \u20ac400m of guaranteed senior secured fixed rate notes and used the net proceeds to finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and certain of the Group\u2019s operating subsidiaries, mature in July 2027. In December 2022, a further \u20ac182m in principal amount was issued under the same terms as the initial \u20ac400m issuance and used to partially refinance the GBP Term Loan. (ii) \u20ac450m Senior Secured Floating Rate Notes due July 2028 In July 2022, the Group issued \u20ac300m of guaranteed senior secured floating rate notes and used the net proceeds to partially finance the William Hill Group acquisition. The notes, which are guaranteed by certain members of the Group and certain of the Group\u2019s operating subsidiaries, mature in July 2028. In December 2022, a further \u20ac150m in principal amount was issued under the same terms as the initial \u20ac300m issuance to partially refinance the GBP Term Loan. Senior Unsecured Notes \u00a3350m 4.875% Senior Unsecured Fixed Rate Notes due 2023 & \u00a3350m 4.75% Senior Unsecured Fixed Rate Notes due 2026 The Group acquired two separate listed Senior Unsecured notes, due 2023 and 2026 respectively as at 1 July 2022. The acquisition triggered a change in control and the exercise of a put option by a number of Noteholders (refer below). The \u00a3350m 4.875% Senior Unsecured Notes due 2023 were settled in full and, on 22 September 2022, Noteholders of \u00a3339.5m out of \u00a3350.0m 4.75% Senior Unsecured Notes due 2026 took the option to exercise. As a result, this reduced the \u00a3350.0m 4.75% Senior Unsecured Notes due 2023 to \u00a310.5m at 31 December 2022. The cash purchase price of both notes was equal to 101 per cent of the principal amount together with the interest accrued. Finance fees and associated costs incurred on the issue of both notes were held in the William Hill Statement of Financial Position at acquisition, which were subsequently fair valued which led to an increase of \u00a37.1m, reflecting the current market price of the debt at acquisition date. This is being amortised over the life of the respective notes using the effective interest rate method. On redemption of the Notes, any unamortised fees were written off to profit and loss as exceptional costs (see note 3). Change of control Following the occurrence of a change of control, either (i) each lender under the Senior Facilities Agreement shall be entitled to require prepayment of outstanding amounts and cancellation of its commitments within a prescribed time period or (ii) the Group may elect that all outstanding undrawn commitments of each lender shall be cancelled and outstanding drawn commitments shall become due and payable. In addition, the Group will be required to make an offer to purchase all of the Fixed Rate Notes, the Floating Rate Notes and the 4.75% senior unsecured notes due 2026 as a result of such change of control at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest. 23 BORROWINGS CONTINUED
Undrawn credit facilities
At 31 December 2022, the Group had the following undrawn credit facilities:
\u00a3150m Equivalent Multi-Currency Revolving Credit Facility
In July 2022, as part of the William Hill Group acquisition, the Group entered into a new Senior Facilities Agreement under
which its \u00a350m revolving credit facility was replaced with a multi-currency revolving credit facility. The replacement facility
has an aggregate principal amount of \u00a3150m with a five and a half year maturity (maturing on 31 December 2027). The
drawn balance on this facility at 31 December 2022 was \u00a3nil.
Financial Covenant
The Revolving Credit Facilities are subject to a Senior Facilities Agreement whereby any applicable revolving Incremental
Senior Facilities (together the \u201cFinancial Covenant Facilities\u201d) are tested at the Financial year end to ensure that they do
not exceed a pre-agreed threshold to be agreed with the Mandated Lead Arrangers prior to the entry into the Senior
Facilities Agreement.
The directors are satisfied that, at the year-end, the net leverage ratio has not exceeded the pre-agreed threshold and,
as a consequence, the Financial Covenants have not been breached.
Overdraft facility
In July 2022, as part of the William Hill Group acquisition, the Group acquired an overdraft facility with National Westminster
Bank plc of \u00a35.0m. The balance on this facility at 31 December 2022 was \u00a3nil.
Weighted average interest rates
The weighted average interest rates paid, including commitment fees, were as follows:
31 December
2022
%
\u20ac473.5m term loan facility 7.25%
$575.0m term loan facility 11.47%
\u20ac582.0m Senior Secured Fixed Rate Notes 8.47%
\u20ac450.0m Senior Secured Floating Rate Notes 7.58%
\u00a3350.0m Senior Unsecured Fixed rate Notes 4.75%
The Group had no borrowings in 2021 and as such no comparative is presented in the above table.
Net debt reconciliation
Debt
Opening
\u00a3m
Inflows
\u00a3m
Acquired
\u00a3m
Outflows
\u00a3m
Fees on
debt
\u00a3m
Non-cash
\u00a3m
FV
adjustment
\u00a3m
FX
\u00a3m
Total
\u00a3m
2023 Senior Unsecured Notes \u2014 \u2014 352.3 (349.0) \u2014 \u2014 (3.3) \u2014 \u2014
2026 Senior Unsecured Notes \u2014 \u2014 351.9 (339.0) \u2014 \u2014 (2.4) \u2014 10.5
\u00a3351.8m term loan facility \u2014 347.0 \u2014 (347.0) \u2014 \u2014 \u2014 \u2014 \u2014
\u00a3461.5m asset bridge loan \u2014 \u2014 461.5 (461.5) \u2014 \u2014 \u2014 \u2014 \u2014
\u20ac473.5m term loan facility \u2014 420.4 \u2014 (5.7) (23.5) 1.7 \u2014 (0.3) 392.6
$575.0m term loan facility \u2014 479.1 \u2014 (1.0) (57.4) 3.5 \u2014 (3.6) 420.6
\u20ac582.0m Senior Secured
Fixed Rate Notes \u2014 517.0 \u2014 \u2014 (18.9) 0.9 \u2014 (0.3) 498.7
\u20ac450.0m Senior Secured
Floating Rate Notes \u2014 399.6 \u2014 \u2014 (20.3) 0.9 \u2014 (0.3) 379.9
\u2014 2,163.1 1,165.7 (1,503.2) (120.1) 7.0 (5.7) (4.5) 1,702.3
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "24 FINANCIAL RISK MANAGEMENT The Group\u2019s activities expose it to a variety of financial risks. Financial risk management is primarily carried out by the Group\u2019s Treasurer with reference to risk management policies approved by the Board and supervised by the Chief Financial Officer. The Board approves written principles for risk management. The principal financial risks faced by the Group comprise liquidity risk, financing risk, credit risk, interest rate risk, currency risk and pensions risk. These risks are managed as described below. The main financial instruments used by the Group, on which financial risk arises, are as follows: \u2022 Cash and cash equivalents; \u2022 Trade and other receivables; \u2022 Investment in associates \u2022 Trade and other payables; \u2022 Customer deposits; \u2022 Lease liabilities; \u2022 Borrowings; \u2022 Derivative financial instruments; Detailed analysis of these financial instruments is as follows: 2022 \u00a3 million 2021 \u00a3 million Assets at amortised cost Investment in associates (note 14) 38.4 \u2014 Cash and cash equivalents (note 20) 317.6 189.4 Trade and other receivables (note 19) 100.6 50.8 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 17.7 \u2014 \u2013 Interest rate swaps 0.9 \u2014 Total financial assets 475.2 240.2 Non-financial assets 2,476.3 159.9 Total assets 2,951.5 400.1 Fair value through the Income Statement Ante post bets (note 25) 7.8 \u2014 Liabilities at amortised cost Borrowings (note 23) 1,702.3 \u2014 Trade and other payables (note 21) 160.0 145.3 Customer deposits (note 21) 141.3 60.1 Lease liabilities (note 18) 89.0 22.9 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 30.4 \u2014 \u2013 Interest rate swaps \u2014 \u2014 Total financial liabilities 2,130.8 228.3 Non-financial liabilities 661.5 47.3 Total liabilities 2,792.3 275.6 Net assets 159.2 124.5 24 FINANCIAL RISK MANAGEMENT CONTINUED Capital management and financing risk The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these elements are managed to balance the requirements of the Business and the interests of debt providers. The Group manages its capital structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors. Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an appropriately balanced debt maturity profile. Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk is primarily attributable to trade receivables, most of which are due from the Group\u2019s payment service providers (PSP). These are third party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of credit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and \u201cKnow Your Customer\u201d procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and as a limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2021: \u00a30.4m). This has been charged to the consolidated income statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards (\u201cchargebacks\u201d) or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an impairment provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2022 was \u00a31.0m (2021: \u00a31.1m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third party measures. Cash and cash equivalents The Group controls its cash position from its Gibraltar headquarters. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function in Gibraltar. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Client funds Client funds are matched by customer liabilities and progressive prize pools of an equal value. 24 FINANCIAL RISK MANAGEMENT CONTINUED Credit risk continued Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3479.7m (2021: \u00a3240.2m). Liquidity risk Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be satisfied by drawings under the Group\u2019s revolving credit facility and overdraft facility. The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments): 2022 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 160.0 \u2014 \u2014 160.0 Customer deposits 141.3 \u2014 \u2014 \u2014 141.3 Borrowings \u2014 129.9 1,062.7 1,319.5 2,512.1 Derivatives and embedded derivatives 7.8 14.2 273.3 \u2014 295.3 Lease liabilities \u2013 IFRS 16 \u2014 29.4 61.0 8.7 99.1 149.1 333.5 1,397.0 1,328.2 3,207.8 2021 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 145.3 \u2014 \u2014 145.3 Customer deposits 60.1 \u2014 \u2014 \u2014 60.1 Lease liabilities \u2013 IFRS 16 \u2014 5.0 16.6 3.9 25.5 60.1 150.3 16.6 3.9 230.9 Market risk Currency risk A substantial part of the Group\u2019s deposits and revenues are generated in Pounds Sterling (\u2018GBP\u2019), Euro (\u2018EUR\u2019) and other currencies, and its operating expenses are largely incurred in local currencies, primarily EUR, Israeli New Shekel (\u2018ILS\u2019), US Dollar (\u2018USD\u2019), Canadian Dollar (\u2018CAD\u2019) and Romanian leu (\u2018RON\u2019), with incremental exposure to operating expenses in Swedish krona and Polish Z\u0142oty (\u2018PLN\u2019). The Group has debt servicing costs, which are denominated in USD and EUR. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain costs. During 2022, the Group entered into FX or cross currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance that such hedging will eliminate the potentially material adverse effect of such fluctuations. The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to: \u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are settled in the currency of the customer\u2019s choice. \u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies. \u2022 Expenses that are denominated in foreign currencies. The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known liabilities when considered appropriate. 24 FINANCIAL RISK MANAGEMENT CONTINUED Market risk continued Currency risk continued The tables below detail the monetary assets and liabilities by currency: 2022 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 119.2 55.1 143.3 317.6 Trade and other receivables 47.7 12.3 40.6 100.6 Derivatives and embedded derivatives 15.4 3.2 \u2014 18.6 Monetary assets 182.3 70.6 183.9 436.8 Trade and other payables (70.2) (43.1) (46.7) (160.0) Customer deposits (43.0) (50.5) (47.8) (141.3) Borrowings (1,271.1) (420.7) (10.5) (1,702.3) Derivatives and embedded derivatives (10.5) (21.0) (6.7) (38.2) Lease liabilities \u2013 IFRS 16 (7.5) (0.5) (81.0) (89.0) Monetary liabilities (1,402.3) (535.8) (192.7) (2,130.8) Net financial position (1,220.0) (465.2) (8.8) (1,694.0) 2021 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 48.4 70.9 70.1 189.4 Trade and other receivables 17.2 3.7 29.9 50.8 Monetary assets 65.6 74.6 100.0 240.2 Trade and other payables (23.2) (39.3) (82.8) (145.3) Customer deposits (15.0) (28.5) (16.6) (60.1) Lease liabilities \u2013 IFRS 16 (8.3) (0.1) (14.5) (22.9) Monetary liabilities (46.5) (67.9) (113.9) (228.3) Net financial position 19.1 6.7 (13.9) 11.9 Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros: EUR \u00a3 million 10% strengthening 28.9 10% weakening (28.9) There is no comparative shown as the Group\u2019s balance sheet was translated from USD in that year. Interest rate risk The Group\u2019s exposure to interest rate risk is limited to the interest-bearing deposits in which the Group invests surplus funds. The Group\u2019s policy is to invest surplus funds in low-risk money market funds and in interest bearing bank accounts. The Group arranges for excess funds to be placed in these interest-bearing accounts with its principal bankers in order to maximise availability of funds for investments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 2022 Increase of 100 basis points \u00a3 million Decrease of 100 basis points \u00a3 million Increase/(decrease) in profit 3.4 3.4 Increase/(decrease) in equity reserves 3.4 3.4 The Group had no borrowings in 2021 and therefore had no exposure to interest rate risk . 24 FINANCIAL RISK MANAGEMENT CONTINUED Cross Currency Swaps and Interest Rate Swaps The Group has executed a series of USD to GBP cross-currency swaps and EUR to GBP cross-currency swaps in order to hedge certain of its USD and floating rate exposure under Euro and USD debt. As at 31 December 2022, the Group had entered into cross currency swaps in total of US$ 407m and \u20ac482m to hedge both the currency risk and interest rate risk. In addition, the Group entered into an Interest swap of \u20ac150m to hedge the interest rate risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "2022 \u00a3 million 2021 \u00a3 million Assets at amortised cost Investment in associates (note 14) 38.4 \u2014 Cash and cash equivalents (note 20) 317.6 189.4 Trade and other receivables (note 19) 100.6 50.8 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 17.7 \u2014 \u2013 Interest rate swaps 0.9 \u2014 Total financial assets 475.2 240.2 Non-financial assets 2,476.3 159.9 Total assets 2,951.5 400.1 Fair value through the Income Statement Ante post bets (note 25) 7.8 \u2014 Liabilities at amortised cost Borrowings (note 23) 1,702.3 \u2014 Trade and other payables (note 21) 160.0 145.3 Customer deposits (note 21) 141.3 60.1 Lease liabilities (note 18) 89.0 22.9 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 30.4 \u2014 \u2013 Interest rate swaps \u2014 \u2014 Total financial liabilities 2,130.8 228.3 Non-financial liabilities 661.5 47.3 Total liabilities 2,792.3 275.6 Net assets 159.2 124.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "2022 \u00a3 million 2021 \u00a3 million Assets at amortised cost Investment in associates (note 14) 38.4 \u2014 Cash and cash equivalents (note 20) 317.6 189.4 Trade and other receivables (note 19) 100.6 50.8 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 17.7 \u2014 \u2013 Interest rate swaps 0.9 \u2014 Total financial assets 475.2 240.2 Non-financial assets 2,476.3 159.9 Total assets 2,951.5 400.1 Fair value through the Income Statement Ante post bets (note 25) 7.8 \u2014 Liabilities at amortised cost Borrowings (note 23) 1,702.3 \u2014 Trade and other payables (note 21) 160.0 145.3 Customer deposits (note 21) 141.3 60.1 Lease liabilities (note 18) 89.0 22.9 Designated cash flow hedging relationships Derivative assets designated and effective as cash flow hedging instruments: (note 25) \u2013 Cross-currency swaps 30.4 \u2014 \u2013 Interest rate swaps \u2014 \u2014 Total financial liabilities 2,130.8 228.3 Non-financial liabilities 661.5 47.3 Total liabilities 2,792.3 275.6 Net assets 159.2 124.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "Capital management and financing risk The Group seeks to maintain an appropriate capital structure which enables it to continue as a going concern, supports its business strategy and takes into account the wider economic environment. The Group\u2019s capital comprises equity and debt finance, and these elements are managed to balance the requirements of the Business and the interests of debt providers. The Group manages its capital structure through cash flows from operations, the raising or repayment of debt and the raising of equity capital from investors. Financing risk is the risk that the Group is unable to access sufficient finance to refinance its debt obligations as they fall due. The Group manages this risk by maintaining a balance between different funding sources including equity and debt. It seeks to mitigate its debt financing risk by diversifying its sources of debt capital. The Board also seeks to mitigate the Group\u2019s refinancing risk by having an appropriately balanced debt maturity profile. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "Credit risk The Group is exposed to credit risk from counterparties defaulting on their obligations, resulting in financial loss to the Group. It arises in relation to transactions with commercial counterparties and financial institutions. It also arises from customers who have been granted access to credit facilities. The Group manages its counterparty risk by closely monitoring and, where appropriate, limiting the amount that can be deposited or accumulated with any one counterparty. The Group will only deposit funds with pre-approved financial institutions with specified minimum credit ratings or strong balance sheet. The Group\u2019s policy is to mitigate its credit risk with respect to derivative transactions by using a number of different counterparties for material transactions. Trade receivables The Group\u2019s credit risk is primarily attributable to trade receivables, most of which are due from the Group\u2019s payment service providers (PSP). These are third party companies that facilitate deposits and withdrawals of funds to and from customers\u2019 virtual wallets with the Group. These are mainly intermediaries that transact on behalf of credit card companies. The risk is that a PSP would fail to discharge its obligation with regard to the balance owed to the Group. The Group reduces this credit risk by: \u2022 Monitoring balances with PSPs on a regular basis; \u2022 Arranging for the shortest possible cash settlement intervals; \u2022 Replacing rolling reserve requirements, where they exist, with a Letter of Credit by a reputable financial institution; \u2022 Ensuring a new PSP is only contracted following various due diligence and \u201cKnow Your Customer\u201d procedures; and \u2022 Ensuring policies are in place to reduce dependency on any specific PSP and as a limit any concentration of risk. The Group considers that based on the factors above and on extensive past experience, the PSP receivables are of good credit quality and there is a low level of potential bad debt as at the year-end amounting to \u00a30.4m arising from a PSP failing to discharge its obligation (2021: \u00a30.4m). This has been charged to the consolidated income statement. An additional credit risk the Group faces relates to customers disputing charges made to their credit cards (\u201cchargebacks\u201d) or any other funding method they have used in respect of the services provided by the Group. Customers may fail to fulfil their obligation to pay, which will result in funds not being collected. These chargebacks and uncollected deposits, when occurring, will be deducted at source by the PSPs from any amount due to the Group. As such the Group provides for these eventualities by way of an impairment provision based on analysis of past transactions. This provision is set off against trade receivables and at 31 December 2022 was \u00a31.0m (2021: \u00a31.1m). The Group\u2019s in-house Fraud and Risk Management department carefully monitors deposits and withdrawals by following prevention and verification procedures using internally-developed bespoke systems integrated with commercially-available third party measures. Cash and cash equivalents The Group controls its cash position from its Gibraltar headquarters. Subsidiaries in its other main locations maintain minimal cash balances as required for their operations. Cash settlement proceeds from PSPs, as described above, are paid into bank accounts controlled by the Treasury function in Gibraltar. The Group holds the majority of its funds with highly reputable financial institutions and will not hold funds with financial institutions with a low credit rating save for limited balances for specific operational needs. The Group maintains its cash reserves in highly liquid deposits and regularly monitors interest rates in order to maximise yield. Client funds Client funds are matched by customer liabilities and progressive prize pools of an equal value. Credit risk continued Restricted short-term deposits Restricted short-term deposits are short-term deposits held by banks primarily to support guarantees in respect of regulated markets licence requirements and office leases. The Group\u2019s maximum exposure to credit risk is the amount of financial assets presented above, totalling \u00a3479.7m (2021: \u00a3240.2m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "Liquidity risk Liquidity risk is the risk that the Group has insufficient funds available to settle its liabilities as they fall due. The Group generates strong operating cash flows and aims to maintain sufficient cash balances to meet its anticipated working capital requirements based on regularly updated cash flow forecasts. Liquidity requirements that cannot be met from operational cash flow or existing cash resources would be satisfied by drawings under the Group\u2019s revolving credit facility and overdraft facility. The following table details the contractual maturity analysis of the Group\u2019s financial liabilities (undiscounted payments): 2022 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 160.0 \u2014 \u2014 160.0 Customer deposits 141.3 \u2014 \u2014 \u2014 141.3 Borrowings \u2014 129.9 1,062.7 1,319.5 2,512.1 Derivatives and embedded derivatives 7.8 14.2 273.3 \u2014 295.3 Lease liabilities \u2013 IFRS 16 \u2014 29.4 61.0 8.7 99.1 149.1 333.5 1,397.0 1,328.2 3,207.8 2021 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Trade and other payables \u2014 145.3 \u2014 \u2014 145.3 Customer deposits 60.1 \u2014 \u2014 \u2014 60.1 Lease liabilities \u2013 IFRS 16 \u2014 5.0 16.6 3.9 25.5 60.1 150.3 16.6 3.9 230.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-497": {
"value": "Market risk Currency risk A substantial part of the Group\u2019s deposits and revenues are generated in Pounds Sterling (\u2018GBP\u2019), Euro (\u2018EUR\u2019) and other currencies, and its operating expenses are largely incurred in local currencies, primarily EUR, Israeli New Shekel (\u2018ILS\u2019), US Dollar (\u2018USD\u2019), Canadian Dollar (\u2018CAD\u2019) and Romanian leu (\u2018RON\u2019), with incremental exposure to operating expenses in Swedish krona and Polish Z\u0142oty (\u2018PLN\u2019). The Group has debt servicing costs, which are denominated in USD and EUR. As a result of this, the Group is exposed to the impact of foreign currency fluctuations. The Group mitigates its exposure to the impact of foreign exchange fluctuations on its cost base by adopting policies to hedge certain costs. During 2022, the Group entered into FX or cross currency swaps in order to hedge its ongoing USD and EUR exposure under the Senior Facilities Agreement and its ongoing EUR exposure under the Existing Notes and Additional Notes. However, there can be no assurance that such hedging will eliminate the potentially material adverse effect of such fluctuations. The Group\u2019s financial risk arising from exchange rate fluctuations is mainly attributed to: \u2022 Mismatches between customer deposits, which are predominantly denominated in GBP, and the net receipts from customers, which are settled in the currency of the customer\u2019s choice. \u2022 Mismatches between reported revenue, which is mainly generated in GBP (the Group\u2019s reporting currency and the functional currency of the majority of its subsidiaries), and a significant portion of deposits settled in local currencies. \u2022 Expenses that are denominated in foreign currencies. The Group continually monitors the foreign currency risk and takes steps, where practical, to ensure that the net exposure is kept to an acceptable level. This includes the potential use of foreign exchange forward contracts designed to fix the economic impact of known liabilities when considered appropriate. Market risk continued Currency risk continued The tables below detail the monetary assets and liabilities by currency: 2022 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 119.2 55.1 143.3 317.6 Trade and other receivables 47.7 12.3 40.6 100.6 Derivatives and embedded derivatives 15.4 3.2 \u2014 18.6 Monetary assets 182.3 70.6 183.9 436.8 Trade and other payables (70.2) (43.1) (46.7) (160.0) Customer deposits (43.0) (50.5) (47.8) (141.3) Borrowings (1,271.1) (420.7) (10.5) (1,702.3) Derivatives and embedded derivatives (10.5) (21.0) (6.7) (38.2) Lease liabilities \u2013 IFRS 16 (7.5) (0.5) (81.0) (89.0) Monetary liabilities (1,402.3) (535.8) (192.7) (2,130.8) Net financial position (1,220.0) (465.2) (8.8) (1,694.0) 2021 EUR \u00a3 million USD \u00a3 million Other \u00a3 million Total \u00a3 million Cash and cash equivalents 48.4 70.9 70.1 189.4 Trade and other receivables 17.2 3.7 29.9 50.8 Monetary assets 65.6 74.6 100.0 240.2 Trade and other payables (23.2) (39.3) (82.8) (145.3) Customer deposits (15.0) (28.5) (16.6) (60.1) Lease liabilities \u2013 IFRS 16 (8.3) (0.1) (14.5) (22.9) Monetary liabilities (46.5) (67.9) (113.9) (228.3) Net financial position 19.1 6.7 (13.9) 11.9 Sensitivity analysis The table below details the effect on profit before tax of a 10% strengthening (and weakening) in the GBP exchange rate at the balance sheet date for balance sheet items denominated in Euros: EUR \u00a3 million 10% strengthening 28.9 10% weakening (28.9) There is no comparative shown as the Group\u2019s balance sheet was translated from USD in that year. Interest rate risk The Group\u2019s exposure to interest rate risk is limited to the interest-bearing deposits in which the Group invests surplus funds. The Group\u2019s policy is to invest surplus funds in low-risk money market funds and in interest bearing bank accounts. The Group arranges for excess funds to be placed in these interest-bearing accounts with its principal bankers in order to maximise availability of funds for investments. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings, as follows: 2022 Increase of 100 basis points \u00a3 million Decrease of 100 basis points \u00a3 million Increase/(decrease) in profit 3.4 3.4 Increase/(decrease) in equity reserves 3.4 3.4 The Group had no borrowings in 2021 and therefore had no exposure to interest rate risk Cross Currency Swaps and Interest Rate Swaps The Group has executed a series of USD to GBP cross-currency swaps and EUR to GBP cross-currency swaps in order to hedge certain of its USD and floating rate exposure under Euro and USD debt. As at 31 December 2022, the Group had entered into cross currency swaps in total of US$ 407m and \u20ac482m to hedge both the currency risk and interest rate risk. In addition, the Group entered into an Interest swap of \u20ac150m to hedge the interest rate risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "25 FINANCIAL INSTRUMENTS On acquisition, under IFRS 3 \u2018Business Combinations\u2019, the assets and liabilities of William Hill were recorded at fair value. Refer to note 16 for details of values and valuation methods used. The hierarchy (as defined in IFRS 13 \u2018Fair Value Measurement\u2019) of the Group\u2019s financial instruments carried at fair value as at 31 December 2022 was as follows: 2022 Contractual /notional amount \u00a3 million Level 1 \u00a3 million Level 2 \u00a3 million Level 3 \u00a3 million Financial assets Cross-currency swaps 397.1 \u2014 17.7 \u2014 Interest rate swaps 132.2 \u2014 0.9 \u2014 529.3 \u2014 18.6 \u2014 Financial liabilities Cross-currency swaps 365.3 \u2014 30.4 \u2014 Interest rate swaps \u2014 \u2014 \u2014 \u2014 Ante post bet liabilities \u2014 \u2014 \u2014 7.8 Contingent consideration (note 16) 100.0 \u2014 \u2014 0.4 465.3 \u2014 30.4 8.2 The Group did not have any financial instruments carried at fair value during the year ended 31 December 2021. Ante post bets Ante post bets are a liability arising from an open position at the period end date in accordance with the Group\u2019s accounting policy for derivative financial instruments. Ante post bets at the period end totalled \u00a37.8m and are classified as current liabilities. Ante post bet liabilities are valued using methods and inputs that are not based upon observable market data and all fair value movements are recognised in revenue in the Income Statement. Although the final value will be determined by future betting outcomes, there are no reasonably possible changes to assumptions or inputs that would lead to material changes in the fair value determined. The principal assumptions relate to the Group\u2019s historical gross win margins by betting markets and segments. Although these margins vary across markets and segments, they are expected to stay broadly consistent over time, only varying in the short term. The gross win margins are reviewed annually at period end. As at 31 December 2022, the gross win margins ranged from 2%-25%. A reconciliation of movements in the ante post bets liability in the year is provided below. Ante post bet liabilities \u00a3 million Total \u00a3 million At 31 December 2021 \u2014 \u2014 Acquired via business combination 3.5 3.5 To profit or loss 4.3 4.3 At 31 December 2022 7.8 7.8 25 FINANCIAL INSTRUMENTS CONTINUED Hedging activities The table below illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge item. These are for items designated as in a cash flow hedging relationship. Carrying amount Change in fair value in period for calculating ineffectiveness (hedging instrument) Cash settlements and accruals in the period (hedging instrument) Change in fair value in period for calculating ineffectiveness (hedged item) Cash settlements and accruals in the period (hedged item) Hedge ineffectiveness in the period \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades 1.0 1.0 \u2014 0.9 \u2014 (0.1) Total 1.0 1.0 \u2014 0.9 \u2014 (0.1) Cross-currency swaps EUR trades 5.1 5.1 (1.4) 4.7 (1.4) (0.4) USD trades (17.8) (17.8) (2.3) (18.7) (2.3) (0.9) Total (12.7) (12.7) (3.7) (14.0) (3.7) (1.3) The Group did not have any hedge accounting during the year ended 31 December 2021. Cash flow hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Reclassification in the period Opening balance Change in fair value recorded in OCI Fixed assets Interest expense FX remeasurement Missed forecast Closing balance \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Total \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Cross-currency swaps EUR trades \u2014 (3.3) \u2014 (1.4) 12.7 \u2014 8.0 USD trades \u2014 22.2 \u2014 (3.4) (11.7) \u2014 7.2 Total \u2014 18.9 \u2014 (4.8) 1.0 \u2014 15.2 Cost of hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Opening balance Change in fair value recorded in OCI Reclassifications during the period Closing balance Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Designated cash flow hedging relationships Cross-currency swaps EUR trades \u2014 \u2014 \u2014 (0.1) \u2014 \u2014 \u2014 (0.1) USD trades \u2014 \u2014 \u2014 (1.2) \u2014 0.3 \u2014 (0.9) Total \u2014 \u2014 \u2014 (1.3) \u2014 0.3 \u2014 (1.0) 25 FINANCIAL INSTRUMENTS CONTINUED Contractual maturity analysis The tables below analyse the Group\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities for net and gross settled derivative financial instruments. The amounts disclosed in the table are the contractual undiscounted cash flows: 2022 On demand \u00a3 million Less than 1 year \u00a3 million 1 to 5 years \u00a3 million More than 5 years \u00a3 million Total \u00a3 million Interest rate swaps \u2014 \u2014 \u2014 \u2014 \u2014 Cross currency swaps EUR trades \u2014 (6.2) 316.9 \u2014 310.7 USD trades \u2014 (8.0) (43.6) \u2014 (51.6) Total \u2014 (14.2) 273.3 \u2014 259.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-498": {
"value": "Hedging activities The table below illustrates the effects of hedge accounting on the consolidated statement of financial position and consolidated income statement by disclosing separately by risk category each type of hedge and the details of the associated hedging instrument and hedge item. These are for items designated as in a cash flow hedging relationship. Carrying amount Change in fair value in period for calculating ineffectiveness (hedging instrument) Cash settlements and accruals in the period (hedging instrument) Change in fair value in period for calculating ineffectiveness (hedged item) Cash settlements and accruals in the period (hedged item) Hedge ineffectiveness in the period \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades 1.0 1.0 \u2014 0.9 \u2014 (0.1) Total 1.0 1.0 \u2014 0.9 \u2014 (0.1) Cross-currency swaps EUR trades 5.1 5.1 (1.4) 4.7 (1.4) (0.4) USD trades (17.8) (17.8) (2.3) (18.7) (2.3) (0.9) Total (12.7) (12.7) (3.7) (14.0) (3.7) (1.3) The Group did not have any hedge accounting during the year ended 31 December 2021. Cash flow hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Reclassification in the period Opening balance Change in fair value recorded in OCI Fixed assets Interest expense FX remeasurement Missed forecast Closing balance \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million \u00a3 million Interest rate swaps EUR trades \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Total \u2014 (0.8) \u2014 \u2014 \u2014 \u2014 (0.8) Cross-currency swaps EUR trades \u2014 (3.3) \u2014 (1.4) 12.7 \u2014 8.0 USD trades \u2014 22.2 \u2014 (3.4) (11.7) \u2014 7.2 Total \u2014 18.9 \u2014 (4.8) 1.0 \u2014 15.2 Cost of hedging reserve The following table identifies the movements in the cash flow hedging reserve during the year for items designated as in a cash flow hedging relationship: Opening balance Change in fair value recorded in OCI Reclassifications during the period Closing balance Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Time value \u00a3m Currency basis \u00a3m Designated cash flow hedging relationships Cross-currency swaps EUR trades \u2014 \u2014 \u2014 (0.1) \u2014 \u2014 \u2014 (0.1) USD trades \u2014 \u2014 \u2014 (1.2) \u2014 0.3 \u2014 (0.9) Total \u2014 \u2014 \u2014 (1.3) \u2014 0.3 \u2014 (1.0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "26 DEFERRED TAX Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Group\u2019s deferred tax assets and liabilities resulting from temporary differences, some of which are expected to be settled on a net basis, are as follows: As at 1 January 2022 \u00a3 million Acquisition of William Hill \u00a3 million Prior year adjustments \u00a3 million Exchange differences \u00a3 million Credit/ (charge) to income \u00a3 million Exceptional credit to income \u00a3 million Exceptional charge to OCI \u00a3 million As at 31 December 2022 \u00a3 million Fixed asset temporary differences 1.6 0.6 3.0 0.3 (6.6) \u2014 \u2014 (1.1) Intangible assets (2.7) (252.0) 1.9 0.7 12.7 8.4 \u2014 (231.0) Other temporary differences 1.4 3.5 (0.8) (0.1) (4.9) \u2014 (0.6) (1.5) Restricted interest \u2014 11.6 13.1 \u2014 (10.3) \u2014 \u2014 14.4 Tax credits \u2014 \u2014 0.4 (0.2) (0.2) \u2014 \u2014 \u2014 Tax losses \u2014 0.1 \u2014 \u2014 3.9 \u2014 \u2014 4.0 Total 0.3 (236.2) 17.6 0.7 (5.4) 8.4 (0.6) (215.2) As at 1 January 2021 \u00a3 million Prior year adjustments \u00a3 million Exchange differences \u00a3 million Credit/ (charge) to income \u00a3 million Exceptional credit to income \u00a3 million Exceptional charge to OCI \u00a3 million As at 31 December 2021 \u00a3 million Fixed asset temporary differences 1.1 \u2014 \u2014 0.5 \u2014 \u2014 1.6 Intangible assets (2.6) \u2014 \u2014 (0.1) \u2014 \u2014 (2.7) Other temporary differences 1.8 \u2014 \u2014 (0.2) \u2014 (0.2) 1.4 Restricted interest \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Tax credits \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Tax losses \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Total 0.3 \u2014 \u2014 0.2 \u2014 (0.2) 0.3 2022 \u00a3 million 2021 \u00a3 million Reflected in the statement of financial position as follows: Deferred tax assets 5.2 2.2 Deferred tax liabilities (220.4) (1.9) 26 DEFERRED TAX CONTINUED Tax rates The enacted future rate of UK corporation tax of 25.0% (31 December 2021: 19%), the Gibraltar statutory income tax rate of 12.5% (31 December 2021: 12.5%), the Maltese effective tax rate of 35.0% (31 December 2021: 5%) and the Irish effective tax rate of 12.5% (31 December 2021: 12.5%) have been used to calculate the amount of deferred tax. Tax losses The Group has recognised \u00a35.2m (31 December 2021: \u00a32.8m) of deferred tax assets, including \u00a34.0m (31 December 2021: \u00a3nil) in respect of unutilised tax losses which are available in companies which are anticipated to make future profits. The losses in Gibraltar arising in 2022 of \u00a34.0m are due to a temporary tax incentive for capital expenditure in Gibraltar and the Group\u2019s operations in Gibraltar remain profitable in the absence of this adjustment and show forecast accounting and taxable profits for 2023 and future periods. 2022 is the last year in which the temporary tax incentive is expected to apply. All losses and tax credits, recognised and unrecognised, may be carried forward indefinitely. Management have based their assessment of the recognition of deferred tax assets on unused tax losses of \u00a363.8m (31 December 2021: \u00a332.0m) at the period end on the forecast also used for the impairment review. Restricted interest Restricted interest represents a deferred tax asset of \u00a314.4m (31 December 2021: \u00a3nil) in relation to interest restrictions for which an asset has been recognised to the extent that sufficient taxable temporary differences exist at the balance sheet date. Other temporary differences Certain deferred tax assets and liabilities have been offset in the above analysis. The deferred tax liability for other temporary differences of \u00a31.5m includes deferred tax assets of \u00a30.8m offset by deferred tax liabilities in other jurisdictions of \u00a32.3m. Included within other temporary differences is a liability of \u00a31.8m (31 December 2021: nil) which has been recognised in respect of taxes that will be due on a repatriation of funds from the Groups overseas operations. Unrecognised deferred tax attributes Deferred tax is not recognised in respect of the value of the Group\u2019s investments in subsidiaries and interests in joint ventures where we are able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the future. The amount of the temporary differences for which deferred tax has not been recognised was \u00a317.2m (and tax thereon \u00a31.5m) (31 December 2021: nil). The Group has unutilised tax losses of \u00a363.8m (31 December 2021: \u00a332.0m) in entities which are not anticipated to make profits in the foreseeable future and for which no deferred tax has been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "27 SHARE CAPITAL Share capital comprises the following: Authorised 31 December 2022 Number 31 December 2021 Number 31 December 2022 \u00a3 million 31 December 2021 \u00a3 million Ordinary Shares of \u00a30.005 each 1,026,387,500 1 1,026,387,500 5.1 5.1 1. Including 447,020 treasury shares held by the Group as at 31 December 2022 (2021: 307,422). Allotted, called up and fully paid 31 December 2022 Number 31 December 2021 Number 31 December 2022 \u00a3 million 31 December 2021 \u00a3 million Ordinary Shares of \u00a30.005 each at beginning of year 372,759,202 369,017,422 1.9 1.9 Issue of Ordinary Shares of \u00a30.005 each 73,572,454 3,741,780 0.3 \u2014 Ordinary Shares of \u00a30.005 each at end of year 446,331,656 372,759,202 2.2 1.9 The narrative below includes details on issue of Ordinary Shares of \u00a30.005 each as part of the Group\u2019s employee share option plan during 2022 and 2021: On 7 April 2022 the Company issued 70.8 million new ordinary shares to partly fund the acquisition of the international (non-US) business of William Hill, representing approximately 19% of its issued capital, at \u00a32.30 per share. After issue costs of \u00a34.3 million, the net proceeds were \u00a3158.5 million. Issue costs directly attributable to the transaction have been accounted for as a deduction from share premium. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "28 SHARE BASED PAYMENTS Equity-settled share benefit charges As at 31 December 2022 the Group has equity-settled employee shares and share options granted under two equity-settled employee share incentive plans \u2013 the 888 All-Employee Share Plan (\u201cAEP\u201d), which expired according to its terms in August 2015, and the 888 Long-Term Incentive Plan 2015 (\u201cLTIP\u201d) which was adopted at the Extraordinary General Meeting on 29 September 2015. The 888 Long-Term Incentive Plan 2015 is open to employees (including Executive Directors) and full-time consultants of the Group, at the discretion of the Remuneration Committee. Awards under this scheme will vest in instalments over a fixed period of at least three years subject to the relevant individuals remaining in service. Certain of these awards are subject to additional performance conditions imposed by the Remuneration Committee at the dates of grant, further details of which are given in the Directors\u2019 Remuneration Report. In addition, on 8 May 2017, the Board adopted a Deferred Share Bonus Plan (\u201cDSBP\u201d) in order to allow the Company to comply with the requirement contained in its Remuneration Policy pursuant to which any annual bonus payment made to an Executive Director in excess of 100% of such Executive Director\u2019s annual salary is deferred into equity awards of the Company in the form of nil cost options or share awards. After the acquisition of William Hill, certain equity-settled employee share incentives were granted to members of William Hill\u2019s senior management. Awards under this scheme will vest in instalments over a three-year period, subject to the relevant individuals remaining in service. These incentives are included as a part of the LTIP scheme referenced above. The Company grants equity awards under which shares of the Company are issued to employees at nil consideration. The nominal value of such shares is covered internally. Details of equity settled shares as part of the AEP, the LTIP and the DSBP are set out below: Ordinary Shares granted (without performance conditions) 2022 Number 2021 Number Outstanding future vesting equity awards at the beginning of the year 5,446,420 5,541,569 Future vesting equity awards granted during the year 3,269,343 2,801,667 Future vesting equity awards lapsed during the year (821,961) (286,830) Shares issued upon vesting during the year (1,340,207) (2,609,986) Outstanding future vesting equity awards at the end of the year 6,553,595 5,446,420 Averaged remaining life until vesting 1.27 years 1.68 years Deferred Share Bonus Plan 2022 Number 2021 Number Outstanding future vesting equity awards at the beginning of the year 307,422 196,488 Future vesting equity awards granted during the year 220,225 220,225 Shares exercised during the year (217,379) (109,291) Outstanding future vesting equity awards at the end of the year 310,268 307,422 Averaged remaining life until vesting 0.81 years 0.62 years The aforementioned grants under the DSBP were approved by the Board as part of the annual bonus award to the Executive Directors and Operational Management for 2016\u20132021, pursuant to which an amount equal to 100% of salary was granted in cash, with any addition exceeding 100% of salary deferred into shares of the Company. The outstanding future vesting equity awards at the end of the year are set out below: (i) 10 March 2022 to the CEO (196,141 Shares), the CFO (54,123 Shares) and Operational Management (106,713 Shares), (ii) 18 March 2021 to the CEO (42,490 Shares) and the CFO (3,953 Shares), (iii) 16 April 2020 to the CEO (7,182 Shares), the then former CEO and CFO (36,418 Shares). Ordinary Shares granted for future vesting are valued at the share price at grant date, which the Group considers approximates to the fair value. The Group recognised the following as treasury shares as of 31 December 2023: (i) 11 March 2022, the Group purchased 356,977 shares on the open market at an average price of 193.0\u00a2 per share, (ii) 22 March 2021, the Group purchased 220,225 shares on the open market at an average price of 362.0\u00a2 per share, (iii) 29 April 2020, the Group purchased 130,796 shares on the open market at an average price of 143.7\u00a2 per share, of which 43,599 shares were exercised during the year. 28 SHARE BASED PAYMENTS CONTINUED Ordinary shares granted (subject to performance conditions) 2022 Number 2021 Number Outstanding at the beginning of the year 3,208,384 3,936,354 Shares granted during the year 1,006,013 530,976 Lapsed future vesting shares (353,333) (127,152) Shares issued during the year (1,425,743) (1,131,794) Outstanding at the end of the year 2,435,321 3,208,384 Averaged remaining life until vesting 1.28 years 0.84 years Shares granted during the year were 1,006,013 (2021: 530,976). The share price at the grant date was 187.2\u00a2. Shares outstanding at the end of the year consist of 2,435,321 shares subject to 50% EPS growth target, and 50% total shareholder return (TSR) compared to a peer group of companies. Further details of performance conditions that have to be satisfied on these awards are set out in the directors\u2019 remuneration report. The EPS growth target is taken into account when determining the number of shares expected to vest at each reporting date, and the TSR target is taken into account when calculating the fair value of the share grant. Valuation information \u2013 shares granted under TSR condition: Shares granted during the year: 2022 2021 Share pricing model used Monte Carlo Monte Carlo Determined fair value \u00a31.15 \u00a32.45 Number of shares granted 503,007 265,488 Average risk-free interest rate 0.1% 0.1% Average standard deviation 46% 46% Average standard deviation of peer group 53% 48% Valuation information \u2013 shares granted 2022 2021 Without performance conditions With performance conditions Without performance conditions With performance conditions Weighted average share price at grant date \u00a31.55 \u00a31.87 \u00a33.67 \u00a33.49 Weighted average share price at issue of shares \u00a32.08 \u00a31.95 \u00a33.69 \u00a33.53 Ordinary shares granted for future vesting with EPS growth performance conditions are valued at the share price at grant date, which the Group considers approximates to the fair value. The restrictions on the shares during the vesting period, primarily relating to non-receipt of dividends, are considered to have an immaterial effect on the share option charge. In accordance with IFRS 2 a charge to the consolidated income statement in respect of any shares or options granted under the above schemes is recognised and spread over the vesting period of the shares or options based on the fair value of the shares or options at the grant date, adjusted for changes in vesting conditions at each balance sheet date. These charges have no cash impact. Share benefit charges 2022 \u00a3 million 2021 \u00a3 million Equity-settled charge for the year 7.9 5.2 Cash-settled charge for the year (2.7) 0.9 Total share benefit charges 5.2 6.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-499": {
"value": "Defined contribution schemes The defined contribution schemes, to which both the Group and employees contribute to fund the benefits, are available for all eligible employees. The only obligation of the Group with respect to these schemes is to make the specified contributions. The total cost charged to income in respect of these schemes represents contributions payable to the schemes by the Group at rates specified in the rules of the respective schemes. At 31 December 2022, contributions of \u00a3nil due in respect of the current reporting period were outstanding to be paid over to the schemes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-500": {
"value": "Defined benefit scheme The Group also operates a defined benefit scheme in the UK for eligible employees which closed to new members in 2002. Under the scheme, employees are entitled to retirement benefits varying between 1.67% and 3.33% of final pensionable pay for each year of service on attainment of a retirement age of 63. With effect from 1 April 2011, the defined benefit scheme was closed to future accrual but maintains the link for benefits accrued up to 31 March 2011 with future salary increases (up to a maximum of 5% per annum). Employed members of this scheme were automatically transferred into one of the defined contribution schemes. The costs of administering the scheme are borne by the Group. For the purposes of preparing the information disclosed in these accounts, a full actuarial valuation of the scheme was carried out at 30 September 2019 and updated to 31 December 2022 by a qualified independent actuary. The present values of the defined benefit obligation and the related current service cost were measured using the projected unit credit method and by rolling forward the results of the 30 September 2019 technical provisions using actuarial techniques, allowing for cash flows and interest over the period, differences between the assumptions used to set the technical provisions and those selected for accounting under IAS 19, experience from making an allowance for actual deferred revaluation and pension increases in payment over the period and the PIE exercise carried out in 2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "30 RELATED PARTY TRANSACTIONS Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associate are disclosed below. Trading transactions Associates As part of the William Hill acquisition, the Group acquired Sports Information Services (Holdings) Limited, an associate of the William Hill Group. From 1 July to the balance sheet date, the Group made purchases of \u00a315.8m from Sports Information Services Limited, a subsidiary of Sports Information Services (Holdings) Limited. At 31 December 2022, the amount payable to Sports Information Services Limited by the Group was \u00a3nil. Remuneration of Key Management Personnel The aggregate amounts payable to key management personnel, considered to be the Directors of the Company, as well as their share benefit charges, are set out below: 2022 \u00a3 million 2021 \u00a3 million Short-term benefits 2.9 3.6 Post-employment benefits 0.1 0.1 Share benefit charges \u2013 equity-settled 2.4 1.0 7.4 4.7 Further details on Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "31 CONTINGENT LIABILITIES Legal claims In common with other businesses in the gambling sector the Group receives claims from consumers relating to the provision of gambling services. Claims have been received from consumers in a number of (principally European) jurisdictions and allege either failure to follow responsible gambling procedures, breach of licence conditions or that underlying contracts in question are null and void given local licencing regimes. The Group expenses consumer claims as they are resolved or finally determined in consumers\u2019 favour and provides for such claims where an outcome in favour of the consumers in question is probable. The Business has been subject to a particular acceleration of claims in Austria since 2020 following marketing campaigns by litigation funders in that jurisdiction. Claims have continued to be received throughout 2021 and 2022 at a broadly consistent rate with a slight acceleration across 2021 and 2022. Consumers who have obtained judgement against the Business\u2019 entities in the Austrian courts have sought to enforce those judgements in Malta and Gibraltar. These are being defended on the basis of a public policy argument. The provisions held for the Group relating to these claims is \u00a386.2m, which includes a liability measured at fair value on acquisition of \u00a380.6m relating to the William Hill and Mr Green brands and provision of \u00a35.6m relating to 888. Please refer to note 22 for further detail. The \u00a380.6m relating to the William Hill and Mr Green brands was recognised on acquisition representing the fair value of the contingent liability at that point in time, recognised on the basis that it was a possible future liability and in line with IFRS 3. Please refer to note 16 for further detail. Since acquisition, there has been an alignment in strategy and accounting treatment with William Hill and Mr Green aligning to the 888 methodology. William Hill and Mr Green have therefore recognised a provision for probable legal claims and a contingent liability for possible legal claims it expects to receive. As at 31 December 2022, the provision is estimated at \u00a367.0m and the contingent liability is estimated at \u00a313.5m. The contingent liability for the 888 business is estimated at \u00a35.2m. 31 CONTINGENT LIABILITIES CONTINUED Legal claims continued The calculation of the customer claims liability includes provision for interest but is gross of gaming tax. Management have assessed that it is probable as opposed to virtually certain that the tax will be reclaimed and therefore a contingent asset has been disclosed for the tax reclaims. The contingent asset relating to the tax reclaim on the total liability (both provided for and disclosed as a contingent liability) is a range in value of up to \u00a324.5m. Regulatory compliance Given the nature of the legal and regulatory landscape of the industry, from time to time the Group has self-reported or received notices, communications and legal actions from regulatory authorities and other parties in respect of its activities. The Group is furthermore subject to regular compliance assessments of its licensed activities, from time to time. The Group\u2019s policy is to engage in dialogue with regulators and address any concerns raised in such assessments, to work cooperatively with the regulator and to take action to address any concerns raised as part of the assessment as soon as possible. The Group takes legal advice as to the manner in which it should respond and the likelihood of success of such actions. Based on this advice and the nature of the actions, for the majority of these matters the Board is unable to quantify reliably the outflow of funds that may result, if any. For matters where an outflow of funds is probable and can be measured reliably, amounts have been recognised in the financial statements within Provisions. Except for the regulatory matters described in note 22, these amounts are not material at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "32 EVENTS AFTER THE REPORTING DATE In January 2023, an internal compliance team self-identified failures where the Group\u2019s safer gambling policies were not being effectively applied. Further investigations identified similar accounts which were later confirmed to be a broader issue within a specific cohort of players, namely 888 VIPs in the Middle East. The Board, once fully briefed, took the prudent decision to suspend all of these accounts while the compliance team investigated the situation further. The investigation has concluded and the Group has remedied the failings and is confident that its policies and procedures are robust, and this failure was isolated to a very specific cohort of players. It has successfully started reopening accounts and currently expects to recover 40-50% of this revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES The consolidated financial statements include the following principal subsidiaries of 888 Holdings plc: Name Country Percentage of equity interest Nature of business 888 (Ireland) Limited Malta 100% Holds Irish online betting licence 888 Acquisitions Limited Gibraltar 100% Acquisition vehicle for the William Hill purchase 888 Acquisitions LLC Delaware 100% Dormant Company 888 Atlantic Limited Gibraltar 100% Holds New Jersey CSIE licence 888 Cayman Finance Limited Cayman Islands 100% Holding Company 888 CZ Limited Gibraltar 100% Dormant Company 888 Denmark Limited Malta 100% Holds Danish online gaming licence 888 France Limited Malta 100% Dormant Company 888 Germany Limited Malta 100% Holds German online gaming licences 888 Italia Ltd Malta 100% Holds Italian online gaming licence 888 Liberty Ltd Gibraltar 100% Holds Delaware CSIE licence 888 Netherlands Limited Malta 100% Holds Netherlands online gaming licence 888 Online Games Espa\u00f1a, S.A. Ceuta 100% Holds Spanish online gaming licence 888 Portugal Ltd Malta 100% Holds Portuguese online gaming licence 888 Romania Limited Malta 100% Holds Romanian online gaming licence 888 Sweden Limited Malta 100% Holds Swedish online gaming licence 888 UK Limited Gibraltar 100% Holds UK online gaming licence 888 US Holdings Inc. Delaware 100% Holding company 888 US Inc. Delaware 100% Holding company 888 US Ltd Gibraltar 100% Holds Nevada IGSP licence 888 US Services Inc. Delaware 100% Employs NJ-based personnel and hold servers/IT equipment in the US. 888 VHL UK Holdings Limited United Kingdom 100% Holding Company A.J.Schofield Limited (in liquidation) United Kingdom In liquidation AAPN Holdings LLC Delaware 100% Holding company AAPN New Jersey LLC New Jersey 100% Holds New Jersey CSIE licence Ad-Gency Limited (in liquidation) Israel In liquidation Admar Services (Gibraltar) Limited Gibraltar 100% Obtaining affiliate marketing payments Admar Services (Malta) Limited Malta 100% Provides the provision of marketing services to other companies within William Hill Group Alfabet S.A.S Colombia 90% Columbian operations Arena Racing Limited United Kingdom 100% Dormant Company B.B.O'Connor (Lottery) Limited Jersey 100% Dormant Company B.J.O'Connor Holdings Limited Jersey 100% Property investment and management B.J.O'Connor Limited Jersey 100% The operation of Licensed Betting Offices (LBOs) & is also licensed Baseflame Limited (in liquidation) United Kingdom In liquidation Bradlow Limited United Kingdom 100% Dormant Company Brigend Limited Gibraltar 100% Bingo business operator pursuant to Gibraltar licence Brooke Bookmakers Limited United Kingdom 100% Dormant Company Camec (Scotland) Limited United Kingdom 100% Dormant Company Camec (Southern) Limited (in liquidation) United Kingdom In liquidation Camec Limited United Kingdom 100% Dormant Company Cassava Enterprises (Gibraltar) Ltd Gibraltar 100% Dormant Company Cassava Holdings Limited Antigua & Barbuda 100% Held lease of Antigua offices Cellpoint Investments Limited Cyprus 100% Group service company City Tote Limited (in liquidation) United Kingdom In liquidation Concession Bookmakers Limited (in liquidation) United Kingdom In liquidation Dansk Underholdning Limited Malta 100% Dormant Company Deluxe Online Limited (in liquidation) United Kingdom In liquidation Deviceguide Limited United Kingdom 100% Dormant Company Dixie Operations Limited Antigua & Barbuda 100% Operated a call centre in Antigua Entertainment Ventures Europe 2019 Limited Malta 100% Maltese licence holder Evenmedia Limited (In liquidation) United Kingdom In liquidation Name Country Percentage of equity interest Nature of business Evoke Gaming Ltd Malta 100% Operates a remote gaming licence- Licences: ROI, Malta, Sweden & ROW Customers. Fordart Limited Gibraltar 100% Enters into B2B contracts pursuant to Gibraltar licence and general commercial business activities Fred Parkinson Management Limited United Kingdom 100% Dormant Company Gaming Ventures Europe 2019 Limited Malta 100% Maltese licence holder Gisland Limited Gibraltar 100% Payment transmission services Goodfigure Limited (in liquidation) United Kingdom In liquidation Grand Parade Limited United Kingdom 100% Contract Software Development Grand Parade Sp. z o.o. Poland 100% Software Writing and Maintenance + Project Management Green Gaming Group PLC Malta 100% Holding company for most legal entities located in Malta GUS Carter (Cash) Limited United Kingdom 100% Dormant Company GUS Carter Limited United Kingdom 100% Dormant Company Ivy Lodge Limited Guernsey 100% Property Holding company James Lane (Bookmaker) Limited United Kingdom 100% Dormant Company James Lane (Turf Accountants) Limited United Kingdom 100% Dormant Company James Lane Group Limited United Kingdom 100% Dormant Company Laystall Limited United Kingdom 100% Dormant Company Live 5 Holdings Limited United Kingdom 100% Holding company Live 5 Limited United Kingdom 100% Games studio. Licensed and regulated entity by the UK Gambling Commission. Matsbest Limited United Kingdom 100% Dormant Company Matsgood Limited United Kingdom 100% Dormant Company Mr Green & CO AB Sweden 100% Dormant Company Mr Green & Co Optionsbarare AB Sweden 100% Dormant Compan Mr Green Consultancy Services Ltd. United Kingdom 100% Dormant Company Mr Green Consulting AB Sweden 100% Dormant Company Mr Green Limited Malta 100% Operates a remote gaming licence & holds the MGA licence for the Mr Green Brand MRG IP Limited Malta 100% Holds intellectual property developed for the Mr Green Brands. MRG Spain PLC Malta 100% Holds a licence in Spain. New Wave Virtual Ventures Gibraltar 100% Holds mobile gaming applications Nimverge Tech India Private Limited India 100% Providing Tech Services to the group. Online Entertainment Limited Gibraltar 100% Held domains, presently dormant Phonethread Limited United Kingdom 100% Dormant Company Random Logic Limited Israel 100% Research, development and marketing service company Random Logic Ventures Limited Israel 100% Holding company Regency Bookmakers (Midlands) Limited United Kingdom 100% Dormant Company Selwyn Demmy (Racing) Limited United Kingdom 100% Dormant Compan SIA Mr Green Latvia Latvia 100% Gaming entity regulated by the Latvian regulator and servicing the Latvian (Mr Green) marke Sparkware Technologies SRL Romania 100% Software development Spectate Limited Ireland 100% Research & development centre in Ireland St James Place Limited Guernsey 100% Property Holding Company. T H Jennings (Harlow Pools) Limited United Kingdom 100% Dormant Company Trackcycle Limited United Kingdom 100% Dormant Company VDSL (International) Limited Gibraltar 100% Operator of the gaming sites pursuant to Virtual Global Digital Services Limited's Gibraltar licence for Canadian customers VHL America, LLC Delaware 95.01% Holding company for US B2C VHL Colorado, LLC Colorado 100% Holds Colorado online gaming licence VHL Financing (Malta) Limited Malta 100% Dormant compan 33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED Name Country Percentage of equity interest Nature of business VHL Financing Limited Gibraltar 100% Holding company VHL Indiana, LLC Indianapolis 100% Dormant Company VHL Iowa, LLC Iowa 100% Dormant Company VHL Louisiana, LLC Louisiana 100% Dormant Company VHL Maryland, LLC Maryland 90.02% Dormant Company VHL Massachusetts LLC Massachusetts 100% Dormant Company VHL Michigan, LLC Michigan 100% Holds Michigan online gaming licence VHL Missouri, LLC Missouri 100% Dormant Company VHL New Jersey New Jersey 100% Dormant Company VHL Ohio, LLC Ohio 100% Dormant Company VHL Ontario Limited Gibraltar 100% Holds Ontario online gaming licence VHL Virginia, LLC Virginia 90.02% Holds Virginia online gaming licence Vickers Bookmakers Limited (in liquidation) United Kingdom In liquidation Virtual Digital Services Limited Malta 100% Operator of the gaming sites pursuant to Malta licence \u2013 certain European markets Virtual Emerging Entertainment Limited Gibraltar 100% Licensing of brands for Asian market Virtual Global Digital Services Limited Gibraltar 100% Operator of the gaming sites pursuant to Gibraltar licence Virtual Internet Services Latam S.L.U. Ceuta 100% Dormant Company Virtual Internet Services Limited Gibraltar 100% Procurement of internet and bandwidth services for the group, holds Gibraltar office lease and employs Gibraltar personnel Virtual IP Assets Limited Antigua & Barbuda 100% IP company Virtual Marketing Services (Gibraltar) Limited Gibraltar 100% Group marketing acquisition company Virtual Marketing Services (Ireland) Limited Ireland 100% Marketing and other services company Virtual Marketing Services (UK) Limited England & Wales 100% Marketing and other services company Virtual Share Services Limited Gibraltar 100% Holding of shares to satisfy vesting of equity awards Vynplex Limited (In liquidation) United Kingdom In liquidation WHG (International) Limited Gibraltar 100% Trading and licensed entity for all brands and territories except Spain WHG (Malta) Limited Malta 100% Dormant and Non trading company. Denmark Licence applicant WHG Customer Services Philippines, INC Philippines 100% Operating entity of Philippines shared service centre WHG IP Licensing Limited Gibraltar 100% In partnership with WHG (International) Limited, holds WH Online IP WHG ITALIA SrL Italy 100% Payroll related expenses of employees in Italy. Trading entity that receives income via Intercompany recharge WHG Online Marketing Spain S.A. Spain 100% Payroll related expenses of employees in Spain. Trading entity and income is intercompany recharge WHG Services (Bulgaria) Limited EOOD Bulgaria 100% The provision of consulting and technical support WHG Services (Philippines) Limited Gibraltar 100% Holding company and invoicing conduit for WHG Customer Services Philippines, Inc WHG Services Limited United Kingdom 100% Providing services related mainly to the technical development of William Hill Limited's online business. WHG Spain PLC Malta 100% Operates a Spanish remote gaming license. WHG Trading Limited Gibraltar 100% Dormant Compan Will Hill Limited United Kingdom 100% Holding Company William Hill (Alba) Limited United Kingdom 100% Dormant Company William Hill (Caledonian) Limited United Kingdom 100% Dormant Company William Hill (Course) Limited (in liquidation) United Kingdom In liquidation William Hill (Edgeware Road) Limited United Kingdom 100% Dormant Company 33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED Name Country Percentage of equity interest Nature of business William Hill (Effects) Limited United Kingdom 100% Dormant Company William Hill (Essex) Limited United Kingdom 100% Dormant Company William Hill (Football) Limited United Kingdom 100% Dormant Company William Hill (Goods) Limited United Kingdom 100% Dormant Company William Hill (IOM) No. 3 Limited Isle of Man 100% Dormant Company William Hill (London) Limited United Kingdom 100% Dormant Company William Hill (Malta) Limited Malta 100% Dormant Company William Hill (Midlands) Limited United Kingdom 100% Dormant Company William Hill (North Eastern) Limited United Kingdom 100% Dormant Company William Hill (North Western) Limited United Kingdom 100% Dormant Company William Hill (Northern) Limited (in liquidation) United Kingdom In liquidation William Hill (Products) Limited (in liquidation) United Kingdom In liquidation William Hill (Resources) Limited United Kingdom 100% Dormant Company William Hill (Scotland) Limited United Kingdom 100% Dormant Company William Hill (Southern) Limited United Kingdom 100% Dormant Company William Hill (Strathclyde) Limited (in liquidation) United Kingdom In liquidation William Hill (Supplies) Limited (in liquidation) United Kingdom In liquidation William Hill (Wares) Limited United Kingdom 100% Dormant Company William Hill (Western) Limited United Kingdom 100% Dormant Company William Hill Bookmakers (Ireland) Limited Ireland 100% Dormant Company William Hill Call Centre Limited Ireland 100% Dormant Company William Hill Cayman Holdings Limited Cayman Islands 100% Holding Company William Hill Credit Limited United Kingdom 100% Dormant Company William Hill Employee Shares Trustee Limited United Kingdom 100% Dormant Company William Hill Finance Limited United Kingdom 100% Holding Company William Hill Gametek AB Sweden 100% Limited operations, provides technical and support services in relation to the platforms/games William Hill Global PLC Malta 100% Holds the MGA license for the WH Brand & is the main operating company in Malta William Hill Holdings Limited United Kingdom 100% Holding Company William Hill Investments Limited United Kingdom 100% Holding Company William Hill Latvia SIA Latvia 90% Main license holder in Latvia. William Hill Limited United Kingdom 100% Previously listed WH Group operating company William Hill Malta PLC Malta 100% Malta Gaming entity regulated by the MGA William Hill Offshore Limited Ireland 100% Dormant Company William Hill Organization Limited United Kingdom 100% Operation of Licensed Betting Offices (LBOs) and, through its subsidiary companies, the provision of online and telephone betting services in the United Kingdom. UK operating entity William Hill Steeplechase Limited Gibraltar 100% Special purpose vehicle for financing purposes William Hill Trustee Limited United Kingdom 100% Acting as Trustee to the William Hill Pension Scheme Willstan Properties Limited United Kingdom 100% Property Investment and Management in Northern Ireland Willstan Racing (Ireland) Limited Ireland 100% Dormant Company Willstan Racing Holdings Limited United Kingdom 100% Dormant Company Willstan Racing Limited United Kingdom 100% Dormant Company Windsors (Sporting Investments) Limited United Kingdom 100% Dormant Company Wise Entertainment DK ApS Denmark 100% Consulting assistance and entry into sales/ marketing agreements for content providers Wizard's Hat Limited Malta 100% Dormant Company 33 INVESTMENTS IN SIGNIFICANT SUBSIDIARIES CONTINUED ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H84UJQYSVF9750",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}