William Hill Gets Much Needed Boost From World Cup Betting
The largest UK bookmaker William Hill is facing challenging times. Like all bookmakers they are set to be hit by both the crackdown on fixed odds betting terminals as well as the point of consumption tax.
Both of these looming decrees are forcing bookmakers to look for alternative ways of generating revenues. Before the World Cup William Hill were optimistic in their forecasts as they expected £200m in betting revenues from the Brazil World Cup.
Friday saw William Hill confirm that betting on the 2014 World Cup had increased by 80 percent from the previous tournament. The company said that strong betting on the World Cup had resulted in softening the impact of unfavorable sports results earlier in the year.
In terms of numbers revenues were up by 7 percent for the first half of the year to July 1 with $1.36 billion. Operating profits dropped by 3 percent to £177 million. All in all it has been a solid start for newly appointed CEO James Henderson who only last month replaced Ralph Topping.
Henderson made his intentions clear as to his plans for the largest UK bookmaker,” I will be looking hard at how we can continue to create shareholder value in developing a focused but internationally orientated gambling group.