Betting firm William hill has swung in half-year pre-tax loss of £819.6 m

  • Betting firm William hill has swung in half-year pre-tax loss of £819.6 m
    Independent.t. E.
    Betting firm William hill has swung in half-year pre-tax loss of £819.6 m from a profit of £93.1 m a year earlier.
    https://www.independent.ie/business/world/betting-firm-william-hill-has-swung-to-a-halfyear-pretax-loss-of-8196m-37181026.html
    https://www.independent.ie/world-news/and-finally/article34901542.ece/07045/AUTOCROP/h342/PANews_P-7913502f-a704-45ec-af2b-824183a37eb4_I1.jpg

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Betting firm William hill has swung in half-year pre-tax loss of £819.6 m from a profit of £93.1 m a year earlier.

It was against the increase of 3pc in the group’s net income to £802.6 m for the half year to 26 June.

Its results were knocked by £882.8 m impairment on its trade transactions associated with the decision of the UK Government to reduce the maximum stakes on fixed odds betting terminals from £100 to £2.

“Regulatory change of this nature is unprecedented and its impact on customer behavior should not be known only several years after implementation, but we currently estimate it could reduce the retail division, yoy adjusted operating profit following actions to mitigate the£70-£100 million,” the company said.

Chief Executive officer Philip Bowcock said: “William hill played in the first half of 2018 and the following major regulatory decisions in the UK and USA, now we have more clarity regarding the challenges and opportunities that lie before us.

“In the first half, our online business continued to show double-digit growth.

“In retail, we are beginning to put in place plans to mitigate the effects of the triennial review.

“In the U.S. we quickly passed after the cancellation of PASPA as we grow in Novo-governing States. We will continue to invest in US to ensure that we are well placed to capture the significant potential for us.”

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