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William Hill profits plunge in recession

City A.M. Reporter
BOOKMAKER William Hill said profit dropped last year as recession-hit Brits cut back on wagers.

Pre tax profit slumped 59 per cent to £120.9m, down from £293.3m in 2008.

William Hill's telephone operations lost £1.8m last year on competition from bet exchanges and offshore rivals, according to the company.

It said in statement “Our telephone business has continued to be impacted by the uneven playing field benefitting offshore competitors and betting exchanges.

“We are committed to continuing to operate this business, which serves a higher-staking and loyal customer base, and are reviewing our options for returning this channel to an acceptable level of profitability.”