William Hill US revenues up 24% as preparation begins for nationwide sports betting
Revenues hit $73m while costs jump by $10m as operator gears up for expansion
William Hill has reported a 24%cc % rise in revenues from its US business to $73m, with the firm hailing improvements to its mobile app and in-play product.
Mobile now accounts for 58% of US wagering (compared to more than 80% in Europe), as the company’s profit climbed 18%cc to $23m.
The firm also reported a $10m rise in operating costs as it prepared itself for expansion should PASPA be stuck by the Supreme Court, with the money largely being spent on expanded manpower and office space.
“Having established William Hill US in 2012 and built a strong track record and key relationships since then, we are keen to be in a position to take advantage of this opportunity as it evolves and we are investing accordingly,” the firm noted in its FY2017 report.
Hills group CEO, Philip Bowcock, also pointed to the US as one of the key opportunities for growth in 2018.
The exec said an application for New Jersey licence was “in process” and “shouldn’t be a hindrance to operating in New Jersey”
The group also hinted at future partnerships with land-based casinos across the US, saying that licences would be key to offering sports betting across the country and casinos would have those licences.
In the same vein, Hills refused to rule out acting as a sports betting provider for casinos, with Bowcock telling EGR NA: “I there is no certainty as to how the opportunity will regulate pay out, so whether it is B2B or B2C, we are well positioned.
He added: “We know the US market, we understand how Nevada and the regulators work and, we understand the US consumer better than anyone else because of that business in Nevada, so we’re making sure we’re keeping all options open.”