Tag: william hill
William Hill issue profit warning
Further to my recent post, William Hill have issued a profit warning this morning. Other gambling related stocks have fallen in response.
You can read the full warning here: –
https://www.investegate.co.uk/william-hill-plc/wmh/trading-update/201603230700099669S
In a nutshell: –
- Time-outs and self exclusions are up
- Gross win margin is down due to European football results and also the worst Cheltenham results in recent history.
The numbers & valuation
Profits for the year are forecast to fall by up to £30m. However they would …
William Hill living in the stone age
It was with some amusement that I read that William Hill were complaining that the merger between Ladbrokes and Coral was anti competitive.
The main thrust of their argument was that a merger between the two was blocked in 1998 and that: –
“It is important to recognise that the structure of the market has changed relatively little since 1998,” William Hill said, adding that there were 8,983 betting shops in Britain then, compared with 8,958 last year.”
I’m guessing …
Betfair wins William Hill Judicial Review
In a unanimous ruling, the Court of Appeal today found in favour of Betfair in the Judicial Review brought by William Hill, which concerned the Horserace Levy Board’s treatment of betting exchange customers.
The High Court had previously ruled in favour of the position of Betfair as supported by the Levy Board in July 2012, confirming the outcome of the extensive Consultation the Board itself undertook in 2010-2011. That Consultation clearly determined that customers of betting exchanges are not liable …
William Hill agree to buy Sporting Bet
The boards of William Hill plc , GVC Holdings plc and Sportingbet plc are pleased to announce that they have reached agreement on the terms of a recommended offer pursuant to which GVC will acquire the entire issued and to be issued share capital of Sportingbet and members of the William Hill Group will acquire the Sportingbet Australian Business and certain other assets from the Sportingbet Group and be granted a call option over the Sportingbet Spanish Business (the “Offer”).…
Judicial Review rules in favour of Betfair
Full press release here: –
https://corporate.betfair.com/media/press-releases/2012.aspx
Basically William Hill have lost their case, which was arguing that an undefined group of Betfair customers should paying levy on profits. This premise carefully ignored the fact that Betfair customers already pay levy via Betfair by proxy and brushed over a number of other contradictory issues. From my view point and that of the friend of mine who is in the legal profession, it looked more like a competitive action than a legal …
Bookmakers still alive and well
William Hill came out with a year end statement today and the headline results were pretty good. Net revenue is expected to come in up 7% on the year delivering EBITDA of around £275m up from £258m in the prior year. Online revenue has grown 24% with sportsbook turnover up 57%.
One other note from the statement was that 47% of scheduled UK racing meetings were cancelled in December.
Full results will be out in late February. It seems traditional …
William Hill to move to Gibraltar
As discussed by Scott , Will Hill have confirmed this morning that they are going to move their business to Gib. Full press release available by clicking this text.
With the government keen for tax revenue and the horse racing industry desperate for levy revenue this is a bitter blow. But also, this is likely to trigger a move by competitors to follow suit. At the end of the day if some people are paying less tax and levy, …
William hill closes shops
According to the Irish Times, William Hill confirmed it will shut down 14 shops affecting 53 jobs in Ireland due to the economic downturn.
The paper said that outlets in Dublin, Cork, Limerick, Clare, Wexford and Waterford would soon close.
On Tuesday, MarketWatch reported that Goldman Sachs cut the bookmaker from buy to neutral because “the business is resilient but not immune to the wider economic environment.”
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