William Hill benefits from US growth as UK stagnates

William Hill has reported a 2 per cent increase in group net revenue for the 17-week period ended 30 April, with growth in its online and US businesses helping to offset declining online revenue at home mainly due to stricter regulation.

The bookmaker reported that its total net revenues for US operations jumped by 48 per cent in Q1. “Our US business delivered excellent growth in the period, with amounts wagered directly with William Hill up 65% (local currency +55%) and total net revenue up 48% (local currency +39%). Total wagering handled by William Hill US, including operations where William Hill is a service provider or a direct operator, was 99% higher than the same period in 2018 in local currency,” the statement details

William Hill is the only British bookmaker to have secured licences in all of the US states that have legalised sports betting since the federal ban was repealed on May 14 last year. It includes Iowa, which put legislation in place just last week.

Things aren’t looking so good locally, as retail revenue was down 7%, as a 2% rise in sports betting revenue wasn’t enough to offset a 15% decline in machine gaming. Q2 results could look even bleaker, as, on April 1, the UK’s new max stake on fixed-odds betting terminals (FOBTs) took a drastic cut from £100 to £2. The company already suggested after a new rule was implemented that the cut to the FOBT could result in the closure of 900 shops.