William Hill Shares Rise by 9pc Due to Online Betting Growth
April 21, 2011
Shares in the UK’s leading betting firm William Hill have risen 9 per cent after strong growth in online betting helped to boost its quarterly profits.
The bookmaker said operating profit rose 21 per cent while revenue increased by 11 per cent from the same period in 2010.
With betting also higher in its 2,350 retail shops in the UK and Irish Republic, William Hill revealed last week that it would move into the US for the first time.
Revenue at its betting shops rose by 8 per cent, compared with a 26 per cent growth in online betting and William Hill stated: “The group has seen excellent growth across the business in the first quarter, enabling the board to remain confident in its expectations for the full year.”
Over £2m (US$3.3m) in profits from just two races at the Cheltenham festival in one hour and sizing Europe’s victory over Big Zeb and Master Minded in the Champion Chase meant the group took in more than £1m ($1.65m) on that one race.