William Hill Soars on Online GamblingPublished April 24, 2013 by OCR Editor
Britain's largest bookmaker is experiencing a true Internet gaming boom.
William Hill, Britain's largest bookmaker, has announced a big first-quarter operating profit on the back of its online gambling success, and intends to invest more in order to increase its market share.
Hill's online boom
William Hill's growing online operations fueled a 15 increase in net revenues in the first quarter, the company announced. It said that more was spent on online betting in the 13-week period ending April 2 than what was spent at the traditional land-based betting outlets that used to be its core business.
In the United Kingdom alone, Hill has grown its online market share from 10% to 15 over the last four years, CEO Ralph Topping said in a statement. He added that it aims to increase this share by making "significant investments in marketing, technology and people to achieve that."
This job will be made easier now that William Hill has full control over its William Hill Online product. The company completed its £424 million buyout of Playtech's 29% share in their former joint venture, closing the book on what was becoming an increasingly trouble partnership.
In addition, Hill recently acquired the Australian operations of leading rival gambling firm Sportingbet for £459 million, as part of international expansion strategy. The move helps the company gain a foothold in another corner of the world, as it looks to spread its particular online gambling brand.