Online bookie William Hill to move to Gibraltar
4th August, 2009
Following our article yesterday, Bookies William Hill and Ladbrokes to move abroad? William Hill have announced that they will be moving their operations abroad according to eGaming Review
The bookmakers’ online gaming unit is currently based in Gibraltar and they have announced that they will move their online betting and fixed odds division there also, because of the lower rates of tax which is currently enjoyed by its competitors.
The announcement of the move coincided with William Hill releasing its net revenue figures, which have risen 58% during the last 6 months from £63m to £100m. The company’s online operating profit also rose to 13% to £31.4m from £27.7m last year.
However, other divisions of the company are not doing as well including telephone betting for which revenues dropped 18% with operating profit falling 73%. In addition, the groups retail division’s revenue dropped 1% with operating profit dropping 10%.
It has been reported that live betting with form a major part of William Hill Online’s sports offering during 2009/2010 and are looking to build on the 18% net revenue quarter on quarter rise it has seen this year.
William Hill announced that their online gaming revenues rose 88% and will look to build its online casino and bingo/skill gaming as they have both performed strongly during the period as pro forma net revenue is up 21% and 50%.
The company’s poker offering dropped 15% in revenue however they are confident that the high liquidity of the iPoker network will become fruitful.
By Faye
