William Hill “Worst Ever Royal Ascot” Blamed for Poor Profit Margins
William Hill continues to hint at moving its telephone business offshore following dismal results over the past year compared to its online arm.
"Poor horse racing results" led to a 33% fall in net telephone revenue, with a statement from Hills explicitly pointing out: "The board has previously noted the challenge of competing with UK betting exchanges and Irish offshore telebetting operators, all of whom have benefited from significant tax and cost advantages over UK bookmakers. The situation is under active review."
That said, the online business witnessed "online net revenue growth of approximately 24% and operating profit approximately 43% higher than in the prior year".
William Hills referred to this past Royal Ascot as “the worst ever” and basically the straw that broke the camel’s back so to speak.
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