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William Hill’s online revenues

William Hill, an iGaming giant revealed that they experienced an increase in net revenues by 2% for the third quarter that covers the 13 weeks up to 27th September. This result was aided by the growth of 28% that William Hill reported in online net revenues that aided offset flat figures from William Hill’s retail division that showed a 3% decrease in the third quarter. The group Operating profit took a hit down of 22% and 3% on the year.

Ralph Topping, William Hill’s Chief Executive stated that “We have delivered a solid performance in Q3, in spite of a highly competitive market place and a tough consumer environment. We continue to invest in product, pricing and innovation, bringing customers the best high street and online betting and gaming experience.”

“Pleasingly, Online net revenue growth accelerated in the quarter, as did underlying amounts staked over-the-counter in Retail, and our long-term track record of growth in machines continued in Q3. Internationally, the initial performance of William Hill Online’s new Italian casino website is beating expectations having taken around 8-9% market share and we are the most successful of the non-domestic new entrants.

“The Q3 margin is broadly in line with our long-term average for this quarter but is below the unusually high margin seen in Q3 2010, driven up by football results. Accordingly, Group profits are lower year-on-year, primarily as a result of this and the planned significant increase in Online investment.

“With our leading brand, strong technology, differentiated products and understanding of our consumer, we have a unique opportunity right now to invest to take market share. In the UK, we will be trialling second-generation Storm gaming machines, new self-service betting terminals and high-definition video walls in the shops before the end of the year. Across Europe, we are now investing in a highly focused way in key territories such as Italy and Spain for the long-term benefit of the business.”

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