Recently, WIlliam Hill said that betting gains are slowly returning to pre-Covid-19 levels, although it expects another decline due to new restrictions caused by the new wave of cases, as well as a series of unpredictable results in public sports.
The betting house, which is in the process of being acquired by Caesars Entertainment for £ 2.9 billion, reported that third quarter revenue was 9% less than in the same period last year, and that growth in the United States has dampened the fall.
This result shows a significant improvement in the first six months of the year, in which it received 32% fewer customers than in the first half of 2019, due to the cancellation of live sports and the closing of activities in physical stores.
William Hill retomou negócios, mas sofre com novas restrições
William Hill operated 1,414 stores during the third quarter, as it restarted many of its businesses, and said sales compared to the same period last year were down just 2% with customer returns.
However, the company still stated that restriction rules affecting 100 sites would cause a loss of 2 million pounds in operating profit. Currently, 10% of its physical stores – about 140 – are located in areas where the alert level for Covid-19 is rated “very high”.
In addition, betting house´s have the ability to predict potential winners in sports tournaments, thus offering the appropriate odds.
But, as sporting events lack the influence that fans have on players, there was an increase in unexpected results. “As a result, our gross margins to win are always volatile and we believe this situation will continue,” said William Hill.
The revenue of the American subsidiary of William Hill rose 10% and the company pointed out that it will update the market after the merger, which is awaiting shareholder approval. William Hill’s online offering saw revenue increase 4% in the UK and 6% internationally.
Business in the United States
In addition, the national baseball, basketball and hockey leagues resumed their 2020 seasons only in late July in the United States.
As such, William Hill now operates in 14 states, arriving in Colorado, Illinois, Michigan and Washington in the third quarter, and Pennsylvania in October. The betting sector accounts for 72% of mobile channels.
