William Hill US revenue rises 10% as CG Technology acquisition completes
Nearly three quarters of Q3 revenue came in via mobile as in-person betting made slow return
William Hill’s US operations experienced positive revenue growth in Q3 amid a 10% increase thanks to a 55% rise in sports bets following the resumption of top-tier sports.
During the quarter, Hills recorded 72% of handle from mobile as group CEO Ulrik Bengtsson revealed in-person retail betting was slower to resume in the US after the Covid-19 lockdown.
The operator’s acquisition of Nevada-based betting platform CG Technology was completed during the period, while its integration with Caesars’ retail sportsbooks was also set in motion.
“Following the full integration of the Caesars’ sportsbooks, we will operate more than 170 venues across 15 states, of which the majority will have a mobile William Hill presence,” the report said.
Hills opened retail sportsbooks in four new states during the quarter, Colorado, Illinois, Michigan and Washington, while a sportsbook also launched in Pennsylvania after the reporting period in October.
The company finalized the development of its state-in-a-box technology which enables it to launch mobile betting in new states quickly.
“Our state-in-a box technology is now complete and we can use that to roll out into further states giving us a real advantage in being able to roll out new states, including our mobile technology, really quickly,” Bengtsson said.
“The big news in the period was the deal we made with ESPN complementing our deal with CBS and allowing us to build our brand and acquire more customers in a more cost-efficient way,” he added.
The firm’s sportsbook margin dropped by 1.9 ppts during the period in the US.
Across the wider group, Hills reported a 9% year on year decline in net group revenue for Q3 2020.