William Hill reported a 57 percent fall in revenues in the seven weeks through April 28. Online betting revenues were also down by a fifth during the same period. Each month its betting shops were closed during the coronavirus pandemic cost the company up to £15 million (US$18.3 million).
When sports resume, William Hill will reopen in stages in both the U.K. and the U.S. The company operates 2,000 shops in the U.K. alone.
“We remain focused on player safety, employing ever more customer protections,” Ulrik Bengtsson, company chief executive, said. “We are taking care of our teams, securing as many employment opportunities as possible and we are ready to power up the business as soon as Covid-19 restrictions permit.”
The company sees the return of football as a boost as it accounts for half the U.K. business. Horse racing, which brings in a third of the income, will also help the recovery upon its return, according to The Guardian,
On May 15, William Hill agreed to waive covenant tests for its debt this year and relaxed terms for 2021 as well. The firm suspended dividend payments, cut marketing expenses, and cancelled pay increases and bonuses.
William Hill increased responsible gambling messages six fold, and had not targeted vulnerable customers during the lockdown. In April, the UK’s biggest betting and gaming companies stopped advertising on TV and radio until at least early June.
