Nov 21, 2019

William Hill sales hurt by crackdown in UK on betting limits

William Hill, the UK bookmaker, said revenues from gaming in its retail shops fell by more than a third after it cut 700 shops from its estate following the implementation of a £2 limit on highly addictive gaming machines. Like-for-like revenues from gaming machines were down 39 per cent in the same period, although William Hill said that this was offset by an increase in revenue from sports betting. UK gambling companies have sought to expand online and into other markets to help mitigate the cut to the maximum stake permitted on high speed gambling machines known as fixed-odds betting terminals from £100 to £2 in April. William Hill is looking to expand its presence in the US, where states were permitted to enact sports betting laws for the first time in May 2018. The trading update was the first for William Hill's chief executive Ulrik Bengtsson, who joined the company from the Swedish online gambling company Betsson in April last year.

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