William Hill revenue rises 2%, buoyed by online, US businesses
Source - SMW
Gambling company William Hill said its revenue had grown 2% in the first four months of 2019, driven by its online and US businesses.
Online revenue for the 17 weeks through April rose 8%, while US revenue jumped 48%, offsetting a 7% decline on the high street.
The growth in online revenue reflected the acquisition of Sweden's Mr Green since it was acquired at the end of January 2019.
That growth, however, was offset by the enhanced customer due diligence measures and a strong margin in the comparator period, William Hill said.
The retail business was hurt by a 15% slump in gaming revenue that partly owed to the impact of regulatory limits on fixed-odd betting terminals.
William Hill said its full-year outlook remained intact, assuming normalised gross win margins for the remainder of the year.
'Online continues to show good momentum as we focus on growing our mass market customer base, while retail has begun to adapt to the new £2 machine gaming stake limit,' chief executive Philip Bowcock said.
'Just one year on since PASPA was overturned William Hill has doubled the sports wagering it handles in the US, seen record performances at the Super Bowl and March Madness, is live in all seven states to have allowed sports betting and expects to enter further states soon, with Indiana and Iowa the most recent states to pass bills to legalise sports betting.'
'As anticipated enhanced customer due diligence measures impacted revenues in our online business in the period, while gross win margins returned to more normal levels.'
'There were record actives for Cheltenham and the Grand National reflecting positive underlying customer trends, and we expect that the Mr Green performance will drive further progress in online performance later this year.'
'The impact of the introduction of the £2 stake limit has been in line with our expectations. We are confident in our plan to manage this major change, and will update more fully at the half year.'
'Our new advertising campaign featuring Anthony Joshua marks a step change for William Hill with the brand-led creative also integrating safer gambling messages.'
Through our Nobody Harmed ambition we remain focussed on setting the standards for the future and addressing public concerns and we are encouraged by continued industry collaboration in this area.'