William Hill revenue sinks 16% amid pandemic

Finance News

William Hill reported lower first-half profit on Thursday and said it was shutting more shops as it shifts towards online betting and expansion in the U.S. market.

Revenue fell 16% to GBP1.32 billion as the pandemic led to disruption of live sporting events, closures and restrictions to Retail and casinos, though this was partially offset by online gaming. Online delivered 9% net revenue growth.

William Hill swung to a pretax profit of GBP51.0 million from 2019’s GBP37.6 million loss, after taking GBP134.1 million in exceptional items and adjustments in 2019. On an adjusted basis, profit slumped 91% to GBP9.1 million in 2020.

Looking to the year ahead, William Hill said it expects the pandemic will continue to hit the health of the UK high street and affect the ability of US casinos and its retail shops to full open.

“Nonetheless, the momentum that built into the year end, driven by our Customer, Team, Execution strategic priorities, has been maintained into the first quarter of 2021. The US and Online continued to benefit from the product upgrades and the roll-out of our proprietary platform in 2020 and we saw staking during the Superbowl nearly double compared to last year,” said William Hill.