William Hill Tops Earlier Estimates Thanks to Favorable Sports Results

Bookmaker William Hill forecasts annual profit above estimates

BoyleSports regards its William Hill takeover as an opportunity to gain a proper foothold and make significant progress in the United Kingdom betting market.

William Hill's retail business was hit heavily by the state cut, which prompted the company to flag the closure of 700 betting shops around the UK.

It makes BoyleSports the biggest betting shop operator on the island of Ireland, with 298 stores, some 39 of them north of the border.

It's understood that 220 people will transition to BoyleSports as part of the deal.

While the deal is already in effect, BoyleSports will not take operational control of all shops for around four weeks.

The financial terms of the agreement have not been disclosed.

William Hill is now undergoing a significant restructuring of its retail betting operations.

During 2019, BoyleSports launched the initial phase of its United Kingdom expansion project by acquiring the small network of Midlands independent bookmaker Wilf Gilbert, establishing the Dundalk operator's "Northern presence". Bruce has previously warned about the implications of the increased betting tax.

Chief executive Conor Gray said the latest acquisition is a vital strategic step for the company to "realize its long-held ambition to develop a meaningful retail presence across Northern Ireland and the Isle of Man".

The Irish brand's United Kingdom expansion began in 2019 when it purchased a small network of independent sportsbooks in the English Midlands.

By acquiring Stanley Racing, William Hill entered the retail betting market in Northern Ireland in 2005. It now says that company profits for 2019 are expected to surpass previous expectations.

British bookmaker William Hill Plc WMH.L on Monday forecast annual profit ahead of analysts' estimates, powered by favourable sporting results in December, and said it expects its US business to break-even for the year.

The gambling giant said this helped to boost its retail division and increase total group profits.

The betting shop operator has also announced plans to build a 100-shop estate in the United Kingdom, given the hard operating conditions arising from the recent reduction in the maximum stake on fixed-odds betting terminals from £100 to £2.



Latest news

Jojo Rabbit, The Two Popes nominated for Oscars
The nominations for the 92nd Academy Awards are being announced Monday morning in Los Angeles beginning at 5:18 a.m. Competing against she, Johansson and Erivo are Little Women's Saoirse Ronan and Bombshell's Charlize Theron.

92nd Academy Awards Nominees Announced by Issa Rae and Jon Cho
The likelihood is many of those who won a Golden Globe - or were nominated - will be seen again in the list for The Oscars . The Oscars also will be televised live in more than 225 countries and territories worldwide.

Japanese billionaire giving away $9 million to his Twitter followers
He's already behind the most-retweeted Twitter post after pulling the same stunt past year : 4.3 million and counting. Maezawa also tweeted on January 1 that he would give away 1 billion Japanese yen ($NZ13.7m) to 1000 people.

RIP Neil Peart of Rush 1952
The cause of death was brain cancer , which he had been battling for the past three-and-a-half years, according to a spokesperson. Getting to know Neil even the tiniest bit, and gush with Rudd about our love for Rush , will be something I remember forever.

Canada’s Bianca Andreescu drops out of Australian Open because of knee injury
Open champion posted on Twitter that she had to drop out of the tournament in Melbourne at the recommendation of her doctors. But the 19-year-old said despite feeling good about her rehab she would not be fit in time to play at Melbourne Park.

Other news