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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Despite modest U.S. loss, William Hill to report $519.6 million in profits

30 January 2013

Despite its U.S. operations posting a "modest" loss, William Hill plc expects net revenue for 2012 to be 12 percent higher than in 2011. The British bookmaker is expected to release its official fourth-quarter and full-year earnings on March 1.

William Hill said Tuesday its 2012 performance had been "strong" with operating profit expected to be approximately $519.6 million, helped in part by a 27 percent boost in online net revenues and a 6 percent rise in retail earnings.

Its U.S. bookmaking business, which operates in Delaware and Nevada, was adversely affected by weak results, especially from the National Football League.

In a statement, William Hill said its Nevada acquisitions were successfully completed on schedule in September. The company warned that its performance in the U.S. "was impacted by weak sporting results, particularly the NFL in November, and as a result delivered a modest operating loss."

William Hill spent $49 million to acquire American Wagering Inc. and Brandywine Bookmaking LLC in Las Vegas, as well as Club Cal Neva's sports book operations in Northern Nevada. The company operates 160 sports books and kiosks in Nevada and employs 400 people.

William Hill determines the product offering, sets the odds and point spreads and manages the risk for the Delaware Lottery through a partnership with Scientific Games. Sports betting in Delaware is limited to wagers on NFL games only using parlay cards.
Despite modest U.S. loss, William Hill to report $519.6 million in profits is republished from Online.CasinoCity.com.