William Hill on right track after the closure of 700 betting shops
WILLIAM HILL has said it remains “on track” to hit forecasts after closing 700 of its betting shops following the Government crackdown on fixed odds betting terminals (FOBTs).
The gambling giant closed the stores, which it said would impact 4,500 jobs, during the past 17 weeks as it sought to mitigate the impact of the reduction of the FOBT minimum stake to £2 from £100.
William Hill said the legislative change heavily impacted its UK retail business, driving like-forlike sales in the division down by 16 per cent since the previous half year.
Investors in the gambling sector have become particularly sensitive to regulatory change in recent months, with shares in William Hill slipping earlier this month after a group of MPs called for stricter legislation for online gambling.
Overall revenues across the listed firm rose 1 per cent over the period as it was buoyed by growth online and in the US market.
UK online revenues increased by 4 per cent, while total online revenues jumped by 19 per cent from July 3 to the end of October.
Meanwhile, the company reported a 60 per cent revenue increase in the US, driven by its rapid expansion in the country after states were permitted to enact sports betting laws in 2018.
The turbulent period for William Hill also saw its previous chief Philip Bowcock stand down in September, to be replaced by Ulrik Bengtsson, who was previously the company’s chief digital officer.