William Hill profit falls as regulatory impact takes effect

William Hill profit falls as regulatory impact takes effect

UK gambling company, William Hill said its net profit for the first half of the year fell by 13%.

The company’s profit was impacted by the UK Department for Digital, Culture, Media and Sport, DCMS which reduced the maximum stake on B2 games from £100 to £2.

As a result of this, profit for the period fell to £96.3 million compared to £110.6 million reported last year.

Philip Bowcock, Chief Executive Officer of William Hill, said:

“William Hill has performed well during the first half of 2018 and, following major regulatory decisions in the UK and US, we now have greater clarity over the challenges and opportunities that lie before us.

“During the first half, our Online business continued to deliver double-digit growth. In Retail, we are beginning to put in place plans to mitigate the impact of the Triennial Review. In the US, we have moved quickly following the repeal of PASPA as we grow into newly regulating states. We will continue to invest in the US to ensure we are well placed to capture the substantial potential available to us.

“Fundamental to delivering over the long term will be our sustainability strategy, which marks a significant cultural change for the company. Gambling-related harm is a serious issue and it is important that we face up to this challenge. We have set ourselves the ambition that nobody is harmed by gambling and set out a detailed programme of actions as we start out on this journey.”