Renowned UK-based casino operator, William Hill has recently released a revenue report that shows that its United States division continues to deliver as expected. The operator now boasts of hosting sportsbooks in up to seven states where sports betting has been legalized following the May 2018 Supreme Court ruling that effectively lifted the federal ban on sports betting. In addition to that, the operator has also secured access in a total of 17 states and this shows just how dedicated the company is to advancing its gaming business in this part of the world.
According to an official statement from William Hill, the US operation managed to achieve 42 percent net revenue in addition to 91 percent adjusted operating profit growth – these figures are quite impressive and they are therefore clear indications of the potential of the gambling industry and the trajectory that it might take going forward.
William Hill is now aiming to double its profits by 2023 through the provision of more online gambling options and increased operational ventures across the country. With the 34 percent market share that the company enjoys in the United States, it is quite easy to see how realistic their ambitions are, that is if they keep making efforts towards improving and tailoring their amazing services appropriately. The company further plans to become less reliant on the high street betting shops that it has been relying on for a very long time.
The UK Situation
While its US-facing operation has been making headlines for all the right reasons, the situation in the United Kingdom is not quite what it was anticipated to be. In 2018, William Hill UK slumped to a statutory pre-tax loss of more than £721million in the last year, against a profit of a meager £146.5million the year before from 2017. These huge losses have largely been attributed to the recent review of gambling rules in the company especially with regards to fixed-odds betting terminals (FOBTs).
“We know the next few years will require careful navigating and investment, but with a clear strategy and diverse, experienced leadership teams in place we are ready to capitalize on the opportunities available to us,” the company’s officials stated in a recent statement.
Online gambling revenue at William Hills grew by 3% to £616.9 million which was split almost equally between gaming and sports betting. Even though there was some growth in the world of online sports betting, the increase was rather marginal and could easily be in ignored. Going forward, the company plans to further its development in line with the market expectations including the rather stricter gambling regulations that have been recently introduced to the region.
