William Hill Phone Betting Reports a Loss - 02-27-10 |
February 27 - William Hill, the leading UK bookie, reported a 5% drop
in retail gross win compared to the year before.
The bookmaker's biggest loss was felt across its telephone betting division
due to a high roller who cost the company literally millions of pounds.
This arm reported a loss of £1.8 million in 2009.
"We ran at a loss because we had a high roller who took us for £5
million," said the Chief Executive Officer of William Hill, Ralph Topping.
The account of the high roller, who made his massive win over a period of
time, was eventually closed.
"We've effectively told him 'enough is enough'," said Topping.
Other statistics released by William Hill included:
- A rise in net revenue of 22%
- A drop in pre-tax profit of 59% to £120.9 million.
- A drop in retail arm turnover of 4%
- A rise of 63% in profits for William Hill Online to £203.5 million.
Referring to these figures, Topping expressed optimism for the future.
"Some of the indications that give me confidence is the level of patronage,
which is holding up well," he said. "What is slightly softening is the average
bet size, which has been reduced."
William Hill also reported that the cancellation of race meetings in the
first seven weeks of the year affected these numbers.
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