William Hill's US revenues surged 32% year-on-year in 2020 and by 121% in Q4 despite severe COVID restrictions
William Hill has revealed that annual sales are expected to fall 16% to £1.3bn after an 'extraordinary year' that saw its shops closed for extensive periods.
In the UK, the group is now expecting to make a full-year loss of £30million on revenues of £1.32billion (€1.49bn/$1.81bn), despite reporting a 9% increase for the fourth quarter. The increased revenues during Q4 were driven by a strong sportsbook comeback, the firm’s enhanced product offering as well as geographical expansion. Despite the positive end to the year 2020, William Hill is still expecting its revenues as a whole to take a hit.
In recent news, PM Boris Johnson announced on 4 January that England will enter its third and toughest lockdown since March 2020, forcing the land-based industry to close again. This, along with the closure of betting shops in the UK due to new Tier 4 restrictions in Q4, had devastating effects on the land-based industry.
William Hill's CEO Ulrik Bengtsson stated:
The offer received for the group recognises the substantial progress we have made as well as the opportunities and challenges ahead of us.
I remain immensely proud of the William Hill team which has been relentless in its focus on delivering a great product and service to our customers, with player safety at its heart.
Speaking in reference to the pandemic, Bengtsson added:
2020 was a year like no other ... It tested our agility and flexibility and we delivered, keeping our customers and team safe, whilst materially improving our competitive position through product enhancements and geographical expansion.
Meanwhile, William Hill US recorded a 32% increase in year revenues despite severe casino restrictions and rescheduling of sporting events across all US states.
William Hill's 2020 final results will be published on 24 February.
Back in November, William Hill's shareholders reached an agreement to implement Caesars Entertainment’s take over scheme, with a majority 87.1% in favour of the move.
Source: City A.M.
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