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Online growth benefits William Hill’s bottom line

British online and land-based gaming giant has reported a three percent year-on-year rise in net revenues for the first six months of 2010.

Monday 30th August 2010

British online and land-based gaming giant William Hill has released its financial results for the first six months of 2010 showing a three percent year-on-year rise in net revenues to 529.9 million. William Hill revealed that its overall results were helped by a 24 percent year-on-year increase in net revenues from its online operations to 124.2 million while it also experienced an ‘outstanding football World Cup offset by poor horseracing results’. A year after its formation, its William Hill Online division had ‘continued to strengthen its competitive position’ while ‘further developing a market-leading sportsbook and providing a high-quality gaming experience’. The branch reported a 38 percent year-on-year rise in new accounts while the number of unique active players grew by 20 percent when compared with the same period in 2009. Net revenues for William Hill Online grew by 24 percent compared with the same period in 2009 helped by the performance of its sportsbook, which saw in-play betting double with turnover increasing by 59 percent year-on-year. “In addition to outstanding top-line growth, gross win margin on the sportsbook was almost one percentage point higher at 7.7 percent, benefitting from both structural improvements and the favourable World Cup results,” read a statement from William Hill. The firm revealed that net revenues from its online sportsbook grew by 77 percent compared to the first six months of 2009 while those from gaming increased ten percent year-on-year. It stated that, within this, bingo continued to ‘grow rapidly’ and reported a 52 percent year-on-year rise in net revenues while poker declined by five percent ‘reflecting continuing industry trends’. “This is a positive first-half performance driven by William Hill Online and, in particular, a very strong sportsbook,” said Ralph Topping, Chief Executive Officer for William Hill. “We had our best-ever World Cup, far exceeding expectations. Despite turnover decline in over-the-counter, overall retail turnover and gross win were up driven by an exceptionally good performance from machines. We have also completed the restructuring of the balance sheet, continued to invest to great effect in our people and have increased our focus on marketing and advertising. “Looking ahead, we are on track to deliver against the board's expectations for the full-year but we remain cautious moving into 2011 given the ongoing consumer uncertainty particularly affecting retail over-the-counter. We are confident that our strategy of expanding William Hill Online both in the UK and internationally while continuing to manage retail tightly will strengthen our competitive position as the economic backdrop improves.”

Source: OnlineCasinoNews

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