William Hill Poker Revenue Drops

William Hill Poker Revenue Drops October 23, 2012 October 24, 2012 Tim Glocks https://www.poker-online.com/author/tim
Posted on  Oct 23, 2012 | Updated on  Oct 24, 2012 by Tim Glocks

William Hill, one of the most noted brands in the UK gambling industry, recently published its results for the third quarter of the year.

According to its figures, the company noted an overall growth in its gambling revenue but saw its poker sector show a drop in revenue. William Hill is responsible for several gambling sectors including an online casino, sportsbook and online poker room

In its third quarter William Hill noted that its net poker revenue dropped by a noteworthy 24 percent, which is cause for concern if the company does not do something to improve its poker industry in the fourth quarter. So far, the company has a plan with Sportingbet in the pipeline and this is likely to help boost its revenue so as to cope with the poker revenue fallout.

The company issued a statement on its findings which stated,

As we announced on 16 October, we are progressing a potential offer in relation to Sportingbet. We are also announcing today that we intend to commence the valuation process relating to the minority share in William Hill Online prior to making a decision on this by the end of the first quarter of 2013.

William Hill Online, has already tied up with Playtech, and saw its gross revenue move up by 18 percent reporting profits in the range of£ 34.8 million. The company’s sportsbook sector had grown by 27 percent, while its casino sector jumped by two points and bingo moved six percent ahead.

However, the company does not appear to be overly concerned over the results and are looking forward to new acquisitions and new deals that they hope will make more profits for them. According to the chief executive officer, Ralph Topping, said: “We saw strong Operating profit growth in the third quarter. Group net revenue remains well ahead of last year, with quarterly growth continuing broadly in line with that seen in the first half. Operating profit growth in the quarter further benefited from favourable timing on Online marketing costs.”

Some of the plans that William Hill has in mind include a deal with Sportingbet that owns and manages Paradise Poker. The UK company also seems to be making progress with its US allies and business sector. According to Topping,

The initial performance in the U.S. is encouraging, with integration successfully completed and trading in line with expectations.

The Board remains confident in its expectations for the full year and focused on the Group’s strategic opportunities to generate further value for shareholders

Tim GlocksAuthor

Tim Glocks is a retired professor, he currently contributes to Poker-Online.com. Tim enjoys playing poker and has taken it up as a hobby since his retirement. He has taken part in many online tournaments and has become a veteran in a short space of time. Visit Tim’s google + page here