William Hill share price: what to expect from its Q1 results
Last year, saw many ups and downs for betting sites with regulators easing off in the US market, while becoming less lenient in Europe, with William Hill looking to win big in 2019.
When is William Hill’s results date?
William Hill will release its Q1 trading update and hold its annual general meeting (AGM) on May 15.
William Hill results preview: what does the City expect?
2018 was a challenging year for William Hill, with regulatory decisions in the UK and US markets providing clarity that helped the bookmaker set a new five-year strategy and a goal to double its profits by 2023.
To achieve this ambitious target William Hill is taking a three-pronged approach: with its online business growing well in the UK market and diversifying internationally, its retail unit being remodelled in response to the new £2 stake limit and rapid expansion in the US after regulators relaxed legalised sports betting.
Investors await an update on the company’s growth strategy in its upcoming trading update, with focus paid to its US expansion.
US sports betting key to William Hill success
Since the US Supreme Court undid a century of American opposition to sports betting by legalising the practice last year, the roll out across the 50 states has been rather lacklustre, according to William Hill’s US digital present Ken Fuchs.
But William Hill has been aggressive in setting up operations in states that have reacted quickly to the relaxing of rules grabbing significant market share early on.
So far, US existing business has delivered an 42% increase in net revenue and 91% adjusted operating profit growth (in local currency), with William Hill live in six states and access secured to an additional 17 states in total which the company plans to bring online this year as soon as possible.
‘We have started delivering on our strategy with the expansion of our US business, being first out of the blocks in all states that have regulated sports betting, and with the acquisition of Mr Green, which will support the build-out of our international digital business,’ William Hill CEO Philip Bowcock said.
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