William Hill pushed into loss by Australia writedown

23 February 2018

William Hill has actually been pushed into an annual loss after slashing the value of its Australian business.

The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a revenue of ₤ 181.3 m the year before.

That modification was generally due to a ₤ 238m charge the yohaig code company required to make a note of the worth of its organization in Australia.

the yohaig code writedown follows changes in policy - with credit-funded betting now prohibited in Australia - and an increase in taxation in some states.

William Hill is currently bring out a tactical evaluation of its Australian service, which is because of be completed by mid-2018.

Online increase

Despite the significant write-off pushing the company into a loss, William Hill stated that its underlying efficiency had actually improved.

Net profits increased 7% to ₤ 1.7 bn, while changed operating revenue climbed up 11% to ₤ 291.3 m.

William Hill stated profits from its online business rose 13%, which it said reflected improvements to its website and marketing.

On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the yohaig code Gambling Commission for breaching anti-money-laundering and social duty guidelines.

The Commission stated the yohaig code company did refrain from doing enough to guarantee oversight procedures were reliable. As a result, 10 customers had the ability to deposit cash linked to criminal offences.

In its results statement, William Hill repeated that it had actually dedicated to bring out an independent review as a result of the findings, and would work to execute any recommendations that emerge.

William Hill penalty 'might increase' Video, 00:00:55 William Hill charge 'could go up'

0:55

1 February 2018

Betting shares slide on stake-cut report

22 January 2018