William Hill earnings improved by online wagering

19 April 2013

William Hill said a strong performance in online wagering assisted to enhance its very first quarter running revenues by 8%.

More sporting bets were made online than in its betting shops, with an increasing number positioned through its mobile apps.

The company said, external that although it had a poor Cheltenham Festival, it had better luck in the Champions League.

It was the first time no English football team had remained in the quarter finals considering that 1996.

As such, while the amount paid to winning bets at the Cheltenham Festival was greater, the cash punters placed on English groups to advance to the Champions League quarter finals and beyond all entered 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 been a successful start to 2013 in trading terms", said primary 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 significant financial investments in marketing, technology and people to accomplish that," he added.

On Monday, competing bookie Ladbrokes warned that trading had actually been worse than anticipated in the very first 3 months of the year.

The firm blamed a drop in benefit from the Cheltenham Festival and lower earnings from high value gamblers. It added that a high variety of cancelled meetings, because of the extreme winter, had also affected its results.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "William Hill's performance and prospects remain in plain contrast to the problems presently being dealt with at Ladbrokes.

"There are, obviously, headwinds, such as the fierceness of competition in the sector and the typically pushed consumer, however these are obstacles which the whole market is facing," he added.

Ladbrokes warns on slower trading

15 April 2013