Gains attributed to online action
Sports book operator William Hill has reported impressive returns for its first full year of operations in the United States.
The U.K. company’s Las Vegas subsidiary reported that wager amounts were up 34 percent in the fourth quarter of 2013, with net revenue up more than 150 percent over the fourth quarter of 2012.
William Hill U.S. also reported an 8.3 percent gross win margin, up substantially over the 4.2 percent it won in 2012, the Las Vegas Review-Journal reported. The company operates a number of sports books in Nevada, along with mobile betting apps and so-called mobile sports deposit “hotspots.” The hotspots, located in bars and taverns throughout the Silver State, allow customers to fund their mobile accounts and access updated lines on games.
In 2012, under CEO Ralph Topping, the company spent $49 million to buy American Wagering Inc., Brandywine Bookmaking LLC and Club Cal Neva’s sports book operations. Estimated EBITDA for 2013 is $548 million. The bookmaker will announce its final 2013 earnings at the end of February.
“Q4 proved a strong end to the year as we enjoyed momentum in sports book with 38 percent more wagered in the fourth quarter than last year,” Topping said. “This demonstrates our competitive edge in online.”
William Hill reported online net revenue jumped 14 percent in the fourth quarter, while its retail net revenue grew 13 percent.