Rising online betting revenue as giant continues turnaround

BETTING giant William Hill has celebrated growing revenues from its digital business and assured investors that its turnaround programme is still on track.

Net revenue from the firm’s online business grew 6% over the 17 weeks to October 24, with the amounts wagered rising 13% for the period.

That is compared to its UK retail stores which reported half of that revenue growth at just 3%, while wagers fell 1%.

Chief executive Philip Bowcock said the results highlight “good financial and operational progress” so far in the second half of the financial year.

“Our online business has performed particularly well, with UK wagering 14% ahead of last year, in spite of the absence of a major football tournament, and an acceleration in gaming growth.”

International performance was mixed, with Australian revenue and wagers falling 2% and 5%, respectively, while its US business delivered a 28% rise in revenues and a 33% jump in wagers.

William Hill shares were down 1.1p at 277.1p in morning trading.

Mr Bowcock assured that the company was set to make further investments in its digital business as part of its turnaround plan. He said: “We continue to make good progress on our transformation programme, which is on track to deliver £40 million of annualised savings by the end of this year. This is supporting reinvestment in our business.”

The update follows in Ladbrokes Coral’s footsteps last week, with the rival also reporting strong growth from the digital business which helped offset a drop in takings at its own retail stores.