William Hill Reveals Projections of £30-Million Loss Because UK Betting Shops Closures but Remains Hopeful for the Future
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William Hill has projected a decline in 2020 revenue of 16% compared to 2019. The company has 1,444 high-street betting shops and a retail unit expected to make a £30-million loss. Online revenues increased by 12% after the company rolled out the Mr Green brand in two new regions. CEO Ulrik Bengtsson believes 2020 was an unparalleled year for the UK gambling group.
William Hill Shareholders gave their approval to the takeover bid by Caesars Entertainment. Caeres Entertainment wants to sell off the UK and European assets of William Hill. Online gambling operator 888 Holdings is interested in buying the assets. The deal could be finalised as early as March 2021. The company's net revenues from its operations in the US had risen by nearly one-third. However, the company had a material UK market share loss due to closures of its land-based operations and restrictions imposed on trading as a result of the coronavirus pandemic.
