William Hill Records Increase in Revenues After American Expansion; CG Technology Assets Acquired

online gambling demand in the US ground after the recent expansion in the same market.

More About the Results

Hill’s report unveils that online net revenue jumped about 26% over 17 weeks while about 60% of the increase came from the US market. At the same time, Retail like-for-like net profit level decreased by 16%, and gaming machines’ income fell 39% during the same period.

The company is presently active in 10 of 13 US states which approve sports betting. It also holds 26% of share in the American market together with the recent purchase of CG Technology assets, including those in Nevada and Bahamas. From now on, Hill will have leases at five venues including The Cosmopolitan of Las Vegas, The Venetian, The Palazzo, The Palms, the Tropicana and Silverton. It will also offer a unique betting platform to Atlantis on Paradise Island.

Official Word

Commenting on the recent extension, CEO of William Hill US, Joe Asher observed:

“We are pleased to have reached this agreement. This will allow us to expand our Las Vegas footprint to several marquee resorts. We look forward to working with our new casino partners and transitioning CG Technology’s retail and mobile customers to our award-winning offering.”

CEO of CG Technology, Parikshat Khanna noticed:

“We are happy to reach an agreement for the sale of the race and sportsbook assets of CG Technology to William Hill and look forward to a seamless transition for our loyal casino partners and customers.”

Activity

Hill has recorded some valuable results over the past months. The company closed around 700 shops in the UK after adopting new rules by the government which cut the maximum permitted stake on high-speed slot machines from 100 to only 2 pounds. The company has also appointed Ulrik Bengtsson to the chief executive position in this past September. Ulrik observed:

“During my first months as CEO I have been focused on how we can improve our competitiveness whilst ensuring we continue to deliver on our strategic ambitions and I am pleased to confirm we remain on track to meet our full-year expectations. We have simplified our structure around our geographical markets, appointed a Chief Technology and Product Officer and introduced a new role of Chief Operating Officer to enable improved customer alignment, execution and drive operational efficiency.”

He added:

“In the US our business has gone from strength to strength. We have excellent market access, a valuable partnership with Eldorado and we are excited about the potential that is presented by the combination with Caesars.”

Source:

“William Hill revenue driven by US expansion, purchases CG Technology assets in Nevada and Bahamas“, yogonet.com, November 21, 2019.