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William Hill reports decrease in profits

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The decrease in adjusted loss comes despite revenue rising 1% to £811.7 million. Credits: thestreet.com

The UK-based operator William Hill has reported that its profits in the first half of the year decreased by 47% due to the introduction on the FOBTs limit.

UK.- It seems that the recent introduction of the stake limit on fixed-odds betting terminals (FOBTs) in the UK has hit operators much as they expected. William Hill reported an adjusted loss of 47% year-on-year to £45.5 million before tax for the first six half of the year.

The UK-based operator also reported that the decrease in adjusted loss comes despite revenue rising 1% to £811.7 million. Adjusted operating profit was also down 33% to £76.2 million, which clearly suffered the £2 stake limit on fixed-odds betting terminals.

According to William Hill, online net revenue in the UK declined 1% due to enhanced customer due diligence and weaker sports results. Live sports betting was also launched in the US in eight states, while two more are set to be available soon.

Philip Bowcock, William Hill CEO, said: “We are making good progress against the five-year strategy we outlined last year, delivering strong revenue growth in the US and other international markets and positioning William Hill well for future growth.”

“Online International revenues have grown strongly, up 66%, with the acquisition of Mr Green. We are becoming more diversified with non-UK markets now contributing a third of online’s revenues, up from just 24% last year. In the UK, performance has improved through the half, up 7% in Q2, as we manage the tax and regulatory impacts.

“In retail, we took the tough decision to announce a consultation process over the proposed closure of around 700 shops to protect the long-term future of the business following the introduction of the £2 stake limit,” explained the operator in a press statement.

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