William Hill revenues up 6% in Q3 2017
Gambling operator William Hill has reported a 6% yearly rise in its online revenues for the 17 weeks up to 24th October 2017.
Revenue was boosted by a double-digit increase of 14% in the operator’s gaming growth. However, there was a disappointing 1% drop in the net revenues earned by the group’s sportsbook, despite the amounts staked at the sportsbook increasing by 13% in total and 14% in the UK.
The Australian facing operation experienced a drop of 2% in net revenue, as the operator continues to have difficulties in cracking the Australian market.
The report also set forward a number of key strategic priorities for the medium-term. Growing the UK market share, growing international revenues, and delivering on key technology and transformation projects are among the group’s key targets over the medium-term future.
Commenting on the results, Philip Bowcock, William Hill CEO, said:
We have delivered good financial and operational progress so far in the second half. Our Online business has performed particularly well, with UK wagering 14% ahead of last year, in spite of the absence of a major football tournament, and an acceleration in gaming growth. Retail has benefited from a stronger gross win margin to deliver both Sportsbook and gaming net revenue growth.– Philip Bowcock, William Hill CEO
William Hill US continues to perform strongly
Despite the difficulties currently facing the group in Australia, operations in the US remain strong. The US operation experienced a 33% rise in stakes wagered, which resulted in a 28% increase in net revenue on the year.
William Hill is the largest operator in Nevada, where gambling is legal in the US, with a 55% share of the market.
Commenting on the US operation’s performance, Bowcock added:
Internationally, our US business continues to deliver strong double-digit net revenue growth and Australia’s gross win margin has normalised relative to H1. We look forward to the US Supreme Court’s hearing on PASPA on 4 December and its decision next year.– Philip Bowcock, William Hill CEO
The operator’s retail business increased by 3% but also experienced a 1% drop in sportsbook takings. The group is nervously awaiting the results of the on-going Government consultation on Fixed-odds betting terminals, which will likely heavily affect its retail takings in the future.