William Hill says annual profits to exceed forecasts

Business News

William Hill has today forecast annual profit ahead of analysts’ estimates, powered by favourable sporting results in December.

William Hill, which has aggressively expanded into the United States, said its U.S. division’s fourth quarter was bolstered by growth in wagering and that it expects to break-even as compared with its previous view of a range between no-profit and a loss of $20 million.

British betting companies have been pivoting to the United States after the U.S. Supreme Court overturned a federal ban on sports betting, while proposed regulatory curbs in the UK are posing a challenge to gambling firms at home.

The company said its online operations in the UK grew in line with the market, adding that weakness in gaming revenue was offset by strong sporting gross win margin. Retail business generated profit above its guided range as sporting results were above the long-term gross win margin range.

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