May 8, 2018

Bookie-friendly results boost margins but cut bets at William Hill

A run of bookmaker-friendly sports results boosted net revenues in William Hill's online business, but meant disappointed punters were less likely to gamble their winnings. While online net revenue climbed 12 per cent, driven by sportsbook revenues, higher win margins for William Hill "Led to lower recycling which, along with some client management actions we have taken in international markets, resulted in amounts wagered being down 8 per cent", in the 17 weeks to April 24, the company added. In 2016, William Hill was burned along with the rest of the betting industry after underdogs Leicester City seized the English Premier League title but was helped by a decent turnout from European football; in 2017 by contrast it was late European results that went the wrong way. Excluding the Australian business that William Hill sold to CrownBet earlier this year after it dragged on earnings, net revenues were up 3 per cent. William Hill has had a positive start to 2018, making further progress against our strategic priorities to grow UK market share, drive international revenues and deliver key transformation projects.

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