William Hill revenues boosted by online wagering
19 April 2013
William Hill stated a strong performance in online betting assisted to increase its very first quarter running profits by 8%.
More sporting bets were made online than in its betting stores, with an increasing number put through its mobile apps.
The company said, external that although it had a bad Cheltenham Festival, it had much better luck in the Champions League.
It was the first time no English football team had actually been in the quarter finals because 1996.
As such, while the amount paid out to winning bets at the Cheltenham Festival was higher, the cash punters put on English groups to advance to the yohaig code Champions League quarter finals and beyond all went into William Hill's coffers.
The firm said it had also enjoyed its best-ever result in a Grand National, which was won by the 66-1 outsider Auroras Encore.
"It has actually been an effective start to 2013 in trading terms", said chief executive Ralph Topping.
"Having grown our UK online market share from 10% to 15% over the last four years, we intend to increase our share and are making considerable financial investments in marketing, technology and individuals to attain that," he added.
On Monday, Ladbrokes warned that trading had been worse than expected in the first three months of the year.
The firm blamed a drop in earnings from the Cheltenham Festival and lower incomes from high value gamblers. It added that a high number of cancelled meetings, because of the severe winter season, had likewise affected its results.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, stated: "William Hill's performance and potential customers are in stark contrast to the troubles currently being dealt with at Ladbrokes.
"There are, of course, headwinds, such as the fierceness of competition in the sector and the generally pushed customer, but these are difficulties which the entire industry is facing," he included.
Ladbrokes alerts on slower trading
15 April 2013
