Bookie profits fall as punters stay at home
Bookie profits fall as punters stay at home
Tuesday 4th August 2009
Bookmaker William Hill has said their profits are down for the first half of this year, but more punters are betting online.Pre-tax profit for the first six months of this year came to £91.5 million, down from £111.1 million for the same period last year.
Revenue for the online side of the business was up two per cent however, with William Hill announcing today it's online betting and gaming business, William Hill Online, will be moving its online betting service, Sportsbook, and online fixed-odds games from the UK to Gibraltar.
Ralph Topping, chief executive of William Hill, said: "William Hill Online has an increasingly international customer base and this move will ensure we are well positioned to compete on an international stage."
Mr Topping said the company's performance had been affected by quieter trading at the weekends, but expected business to pick up online.
He added: "The economic environment remains tough and makes it difficult to predict any clear trends. While we have shown resilience in the first half, as we look to the balance of the year we are cognisant of rising unemployment and constraints on consumer spending generally, as well as a weaker horseracing product.
"As a consequence of the first half performance, the difficult July and the uncertain economic environment, we anticipate that our profits for the full year from the retail channel are likely to be lower than previously expected.
"However, we remain comfortable with the market consensus for William Hill Online and look forward to the return of the football trade when the season starts again in mid-August."
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