William Hill Issues Profits Warning After Gambling Tax Bill
The bookmaker William Hill has been hit with a £23 million gambling tax bill in the third quarter and has warned that tough new regulations will see its profits continue to disappoint this year.
The bookies’ operating profits fell by 39% in the three month to September and net revenue was down by 9%. A spokesman for the company said it was a tough quarter after a fall in sports gambling compared to last year’s football World Cup and the introduction of new gambling laws in the UK.
Furthermore, Chief Executive James Henderson has said that he expects full year profits to be near the bottom of the analyst consensus range. April saw the introduction of new limits on bets over £50 on fixed odds betting terminals which has significantly hurt the company. After the news was published shares fell by 7% to a 16 month low of 321.3p.