Aug 9, 2019

William Hill profit hit by UK crackdown on betting terminals

William Hill, the UK bookmaker, took a significant hit to profits as it seeks to turn the business around following new limits to stakes permitted on lucrative betting machines. William Hill, which has 2,300 shops in the UK, has been one of the bookmakers most exposed to the UK government cut to the stake - from £100 to £2 - permitted on fixed odds betting terminals. William Hill, which has a partnership with El Dorado to provide sportsbooks in their casinos, said the acquisition of Caesars could result in an additional $25m-$30m boost to earnings before interest, tax, depreciation and amortisation over the next three years. "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," he added. The five year strategy includes improving William Hill's digital operations, growing the US business and investing in responsible gambling measures as well as "Remodelling" the UK retail estate.

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