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William Hill pressed into loss by Australia writedown

23 February 2018
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William Hill has been pressed into a yearly loss after slashing the value of its Australian company.

The bookmaker reported a pre-tax loss of ₤ 74.6 m for 2017, compared to a revenue of ₤ 181.3 m the year before.
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That change was primarily due to a ₤ 238m charge the company took to write down the value of its service in Australia.
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The writedown follows modifications in guideline - with credit-funded betting now prohibited in Australia - and an increase in tax in some states.

William Hill is currently performing a strategic review of its Australian organization, which is due to be finished by mid-2018.

Online boost

Despite the significant write-off pushing the company into a loss, William Hill stated that its underlying performance had actually improved.
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Net revenues rose 7% to ₤ 1.7 bn, while adjusted operating revenue climbed up 11% to ₤ 291.3 m.

William Hill said revenues from its rose 13%, which it stated reflected improvements to its site and marketing.

On Tuesday, William Hill was hit with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social obligation guidelines.
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The Commission said the company did refrain from doing enough to ensure oversight procedures worked. As a result, 10 clients had the ability to deposit cash connected to criminal offenses.

In its outcomes statement, William Hill repeated that it had dedicated to perform an independent review as an outcome of the findings, and would work to carry out any recommendations that emerge.
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William Hill charge 'might go up' Video, 00:00:55 William Hill charge 'might increase'

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1 February 2018
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Betting shares slide on stake-cut report

22 January 2018