- William Hill is one of the top sportsbook providers in the world.
- New regulations in the UK have cut into William Hill’s profits.
- William Hill is hoping to expand to more states all over the US.
LAS VEGAS – William Hill is one of the largest sports betting providers in the world, with a strong presence in both US and UK markets. William Hill revealed on Friday that their profits are down for the first half of 2019.
Why Are Profits Down?
William Hill’s profit has fallen by 33 percent since the start of 2019. This totals into about $92.50 million that the company has lost. A large reason for this is due to new regulations that were set in Britain.
Britain has something called fixed odds betting terminals (FOBTs). These FOBTs allow players to play roulette, bingo, and simulated thoroughbred races. The maximum bet limit used to be 100 pounds (120 USD). But that changed on April 2019 when the UK government stepped in.
The UK government decided that 100 pounds was too high of a limit. They said that FOBTs contributed to gambling addiction all over the country. In response to that, the UK government set the maximum stake for FOBTs to two pounds ($2.41). William Hill is expecting to close multiple betting shops all over the UK due to the new regulations.
Bringing In New Profits
Although William Hill is struggling in the UK, the US could bring in new opportunities. William Hill sportsbooks are currently operating in eight different states around the country. As more states legalize sports betting, the company is looking to further expand its operations.
Over $1 billion has been wagered on William Hill devices. With that being said, the company is expecting around $78 million in profits by the end of 2019. William Hill has also said that a third of their online revenue comes from foreign online sports betting.
With the new regulations set in the UK, William Hill is looking towards the US for future profits. Right now, William Hill is present in eight different states. If they can expand to more states, the sportsbook provider could make up the money they lost in the UK.
Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.