UK bookmaker William Hill has reported a two per cent increase in its group net revenue for the 13 weeks ended September 27.
Growth for its online net revenue remains strong with a 28 per cent increase compared to Q3 2010. Sportsbook has continued to perform strongly with amounts staked 51 per cent higher than in the same period in 2010, including growth of 61 per cent in in-play turnover and more than 250 per cent in mobile betting amounts staked.
On the gaming side, casino is up 41 per cent, including 40 per cent growth from products designed for cross-sell from sportsbook. Overall, gaming net revenue grew 34 per cent, including 14 per cent growth from poker and nine per cent from bingo.
Chief executive Ralph Topping commented: "We have delivered a solid performance in Q3, in spite of a highly competitive market place and a tough consumer environment." He added: "Pleasingly, online net revenue growth accelerated in the quarter, as did underlying amounts staked over-the-counter in retail, and our long-term track record of growth in machines continued in Q3. Internationally, the initial performance of William Hill Online's new Italian casino website is beating expectations having taken around eight to nine per cent market share and we are the most successful of the non-domestic new entrants."
The Q3 margin is broadly in line with the group's long-term average for this quarter but is below the unusually high margin seen in Q3 2010, driven up by football results. Accordingly, the group's profits are lower year-on-year, primarily as a result of this and the planned significant increase in online investment.
Looking head, William Hill is investing in a highly focused way in key territories such as Italy and Spain for the long-term benefit of the business.
