William Hill has reported that its Q3 online net revenue growth was 4% in the UK and 6% internationally. Retail like-for-like (cumulative results on a same-shops basis for the period) dropped by 2% in Q3, added to a 49% decline for H1. Net revenue in the US increased by 10%, but the group’s revenue growth dropped by 9% in Q3.
CEO at William Hill Ulrik Bengtsson said: “We have moved the company forward with our relentless focus on our customers, enhancing the competitiveness of our product, and maintaining player safety as one of our highest priorities.”
According to the update, the group-wide performance was influenced by the return of sporting events and resumed retail operations. The online gaming performance was “encouraging," with year-to-date performance in International Online reaching 14% growth. However, the update also reported “unfavourable sports results” as MLB, NBA and NHL games resumed in late July.
Following the publication of William Hill's results, Harry Barnick, senior analyst at Third Bridge, commented on the agreed takeover of the company by Caesars Entertainment. He said: "If the deal doesn't work out it's likely that Ceasars would divest their 20% stake in William Hill and find another suiter.
“Whilst Caesars boasts a large active customer base, cross-selling into sports betting will be a challenge as the majority of loyalty members sit outside of the target demographic for sports betting.
"Expanding the Caesars loyalty programme will be essential for establishing an omnichannel experience and for improving customer lifetime value.”
William Hill commenced the integration of Caesar’s in-Person retail sports books, and after full integration, it will operate 170 venues across 15 states.