World Cup boosts William Hill’s profit on favourable outcomes
BOOKMAKER William Hill has seen its operating profit soar 89 per cent in the third quarter, with favourable sporting results playing in the group’s favour.
William Hill’s revenue climbed 23 per cent, reflecting the benefits of World Cup betting and a favourable sports margin.
Furthermore, the bookies’ investment in digital appears to be paying off, with online operating profit rising 126 per cent.
“Positive sporting results in the quarter, including a strong end to the World Cup, have moved us close to or ahead of normalised gross win margins on a year-to-date basis,” said chief executive James Henderson. “Looking beyond the effect of these sporting results, the underlying performance across the group is good. Online gaming continues to benefit from our investment in mobile and Sportsbook turnover growth remains healthy.”
On the international scene, William Hill enjoyed net revenue growth in Australia of 17 per cent despite a three per cent fall in the amount of sports betting.