William Hill’s 2020 financial picture is probably typical of many sportsbooks hammered by the Covid-19 pandemic and the subsequent closures of casinos and sports for months.
Annual group sales declined 16 percent. Revenues for the full year decreased even as the fourth quarter produced a 9 percent gain on the backs of an online betting spurt. The company lost £30 million as lockdowns and other restrictions on live sports and retail shops caused net revenues to tumble £1.3 billion, according to Indepednet.ie.
William Hill’s 1,414 betting shops experienced a 30 percent fall off in net revenues. Prior to the coronavirus restrictions forcing closure for the last quarter, the company believed they would break even in the third quarter.
Still, net online revenues in the U.K. rose 5 percent in 2020. Adding in international operations and the increase comes to 12 percent.
U.S. annual net revenue jumped a healthy 32 percent, thanks to online business, despite severe restrictions to casino access across all states, according to SBCNews.
“2020 tested our agility and flexibility and we delivered, keeping our customers and team safe, whilst materially improving our competitive position through product enhancements and geographical expansion,” said Ulrik Bengtsson, chief executive of William Hill.
Such success amid near calamity speaks to the reason for Caesars Entertainment’s bid for the company last year. The two firms hope to obtain regulatory approvals in time to close the deal as early as March.
As it is, Caesars owns a 20 percent stake in William Hill’s U.S. operations, which operate sports betting under the Caesars brand.
