William Hill retail recovery helps ease decline in online gambling revenue
William Hill has reported revenue of £1.24bn for 2022.
UK.- William Hill UK has reported its first annual results since its acquisition by 888 Holdings last July. Revenue was down by 0.5 per cent year-on-year at £1.24bn. Land-based revenue growth of 52.7 per cent to £514.2m largely offset a 19 per cent decline in UK online gambling revenue (£509.1m).
The rise in retail revenue was attributed to the return to normal trading following the end of Covid-19 countermeasures. Meanwhile, William Hill said the decline in online revenue was due to a combination of the return of retail operations and enhanced customer safety checks in advance of the recent UK gambling white paper.
The company was also hit by the impact of its exit from the Dutch market on its international revenue, which fell by 23.1 per cent to £212m.
Meanwhile, 888 has sought to reduce William Hill’s costs. It cut marketing expenses by 30.5 per cent to £151.1m and operating expenses by 6.7 per cent to £583.5m. However, exceptional costs rose from £99.4m to £148.7m due to the 888 acquisition.
For the full financial year, William Hill reported an operating loss of £31m but profit of £168.4m, mainly due to foreign exchange factors.
William Hill says it plans to migrate to a single technology platform. Chief technology and product officer Satty Bhens is overseeing the project.
In March, the Gambling Commission announced a £19.2m fine against William Hill for shortcomings in social responsibility and anti-money laundering committed between May 2020 and October 2021. The fine came just days after the Gambling Commission announced penalties totalling £7.1m against Kindred Group.
