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William Hill, the UK’s largest bookmaker, reported a 20 percent increase in operating profits during the second half of 2012.
Online net revenue grew by 27 per cent year-on-year while revenues from the company’s retail shops grew by 6 per cent.
Ralph Topping, William Hill’s chief executive, says that sports betting contributed to the boost in profits.
“Performance was robust in retail and profits continued to grow strongly in online, with sporting results going in our favour in both channels,” he said. “It was a year in which we have made substantial strategic progress [with] both the pending acquisition of Sportingbet’s online business in Australia and the current Playtech call option process expected to conclude during early 2013.”
Hill is contemplating a buyout of its online gambling joint venture with Playtech. The company currently owns a 29 per cent shareholding of William Hill Online.
William Hill shares rose 2 per cent to 374p on Tuesday following the release of its financials.
The company may see a loss of business due to the likelihood of shutting down in Germany over the coming months.
- Aaron Goldstein, Gambling911.com
