William Hill falls due to Australian results

William Hill operations in Australia resulted in a pre-tax loss, according to last year’s report.

Australia.- Results for William Hill sports betting operations in 2017 show that the British company has experienced a pre-tax loss as they have reduced business transactions in Australia last year. William Hill’s report shows that the company experienced a £74.6 million (US$104.2 million) pre-tax loss in the year, “caused by a US$238 million impairment charge, reflecting the fact that it believes its Australian business is worth less than the valuation it was previously held at,” AGBrief informed.

Chief executive Philip Bowcock said: “woes from its Australian business was a result of a credit betting ban last year, as well as threats of a point of consumption tax hitting NSW and Victoria.” The change in stance from the Australian government has “without doubt caught people out,” Bowcock added.

In January, the British bookmaker launched a strategic review of the business, which it admitted could involve the sale of the business.

William Hill authorities are debating whether to leave the Australian gaming market after the national government held a crackdown and announced further regulations to limit sports betting operations. As revealed last month by official sources, the internationally renowned gaming company could be planning to sell its Australian brand.

The Government of Australia has recently approved several measures against the gaming industry, including tax increases and prohibition on betting on credit. These new regulations have undesired effects on William Hill’s services in the country. Last year, Crown Resorts was allegedly negotiating an agreement with the UK sports betting operator in order to expand both operators’ services in the licensed gaming markets.