US iGaming market contributes to William Hill revenue

William Hill has reported a year-on-year revenue increase, for the time period between July 3rd and October 29th.

The bookmaker believes that much of this is down to its expansion throughout the US market. Because of its success here, retail declines due to UK fixed-odds betting terminal (FOBT) regulations have been somewhat curved.

Overall, revenue between the above timescale grew 1% YoY. Although net gaming revenue went down by 8%, sportsbook wagers grew by 2%.

Net online revenue from the beginning of June until the end of October was +26%. However, William Hill said that this was on a pro-forma basis. Adjusting for Mr. Green’s acquisition, online net revenue increased 1% YoY.

Since PASPA was repealed in May 2018, William Hill has expanded its US presence to 10 states in total. Recently, it went live in both Indiana and Iowa. Net revenue from newly-regulated states tripled during the above time period. In Nevada, business revenue rose by 27%.

Progress in the US, changes in the UK

William Hill’s partner, Eldorado, expects to complete its merger with Caesars Entertainment. As part of this, William Hill is planning to bring the iGaming giant’s sportsbooks into its network.

Ulrik Bengtsson took over as William Hill’s Chief Executive in September, after Philip Bowcock departed. He spoke about the company’s progress in the US, along with how things have been switched up in the UK.

“In the US, our business has gone from strength-to-strength. We have excellent market access and a valuable partnership with Eldorado. We’re also excited about the potential that is presented by the combination with Caesars.

“We have remodelled the UK retail estate, while online business here has benefited from a series of customer-facing improvements. This is evidenced in the stabilising market share over the last two quarters.

“In addition, we expect our international online business to benefit from a number of important product improvements that will be delivered over the coming quarters.”