William Hill Profits Boosted By Online Betting
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William Hill earnings boosted by online wagering
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19 April 2013
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William Hill said a strong performance in online betting helped to boost its first profits by 8%.
More sporting bets were made online than in its wagering stores, with an increasing number placed through its mobile apps.
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The company said, external that although it had a bad Cheltenham Festival, it had better luck in the Champions League.
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It was the very first time no English football group had remained in the quarter finals considering that 1996.
As such, while the quantity paid to winning bets at the Cheltenham Festival was higher, the cash punters positioned on English teams to progress to the Champions League quarter finals and beyond all entered into William Hill's coffers.
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The company said it had also enjoyed its best-ever lead to a Grand National, which was won by the 66-1 outsider Auroras Encore.
"It has actually been a successful start to 2013 in trading terms", stated president Ralph Topping.
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"Having grown our UK online market share from 10% to 15% over the last four years, we intend to increase our share and are making considerable investments in marketing, technology and individuals to accomplish that," he added.
On Monday, rival bookmaker Ladbrokes alerted that trading had actually been worse than anticipated in the first 3 months of the year.
The firm blamed a drop in revenues from the Cheltenham Festival and lower profits from high value bettors. It added that a high variety of cancelled conferences, due to the fact that of the extreme winter season, had likewise affected its results.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, stated: "William Hill's efficiency and prospects are in stark contrast to the problems presently being dealt with at Ladbrokes.
"There are, of course, headwinds, such as the yohaig code fierceness of competitors in the sector and the usually pressed consumer, but these are obstacles which the entire market is dealing with," he added.
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Ladbrokes warns on slower trading
15 April 2013
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