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FinancialSports Betting

William Hill online revenues up 16% in Q1 2017

UK-b

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ased bookmaker William Hill has reported a 16% jump in its year-on-year online betting revenues in the first quarter of 2017.

It also reported strong net revenue growth in its international divisions, with 41% growth in Australia and 19% net revenue growth in the US.

Amounts being wagered in Australia grew by 53% with the US reporting wager growth of 29%.

Overall net revenue for the group increased by 9% in Q1 2017.

The positive results follow substantial investment by the company in its online platform, culminating in the launch of a new Android application and desktop site last year.

William Hill also confirmed that service improvements rolled out at the Cheltenham and Aintree festivals had contributed to 24% growth in new customer accounts being set up.

Phillip Bowcock, Chief Executive of William Hill welcomed the results saying: “It has been a positive start to the year for William Hill across the board. Our online business continues to deliver growth thanks to the improvements in product, user experience and marketing we have made.

"Retail is also seeing positive trends while our key international markets continue to perform well with double-digit wagering growth."

The bookmaker confirmed that it was on track to deliver annual savings of £40m by the end of 2017, which will be reinvested as part of a concerted effort to turn the business into an international market leader.

However, this target could suffer as a result of the introduction of the Horserace Betting Levy, signed into law by the UK government last month, which will see UK based bookmakers pay 10% of their gross profits above £500,000 back to the horseracing industry.

William Hill have estimated that this will cost the company £5m for the period April to December 2017.
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