Reuters) – British bookmaker William Hill, which operates around 1,400 betting shops in the UK has posted a 91% fall in annual adjusted pre-tax profit. the company, which is being taken over by Caesars Entertainment Inc has projected a pre-tax profit of 9.1 million pounds ($12.71 million) for the year compared with 96.5 million pounds a year earlier. The reason quoted for the business to struggle is due to a lack of global sporting events and shop closures.
Online betting, however, has enjoyed a boost as coronavirus restrictions encouraged customers to bet more from home, with the company’s online net revenue rising 9%.
Commenting about the situation, the company said, “We anticipate that the systemic and structural change in our customers’ behaviour will outlive the pandemic as they conduct more business and access more leisure activities online, and thus expanding our opportunities.”
Chief Executive Officer of the company Ulrik Bengtsson told reporters on a call that Its betting shops will reopen from April 12.
The deal with Caesars Entertainment was sealed last year for 2.9 billion pounds, an initiative to expand in the fast-growing sports-betting market,