William Hill Issues Profit Warning As Hammond’s Budget Bites

William Hill has issued a profit warning following Philip Hammond’s recent budget announcement which outlined the fate of fixed odds betting terminals (FOBTs) and tax rates.

With the Chancellor’s budget plans causing a political stir, William Hill’s chief executive Philip Bowcock has said tougher operating conditions will affect the company’s bottom-line.

“Retail continues to be challenged by the wider high street conditions and we have seen gaming as well as sportsbook revenues decline in the period,” Bowcock said in a November 6 trading update.

Budget Spooks Investors

In projecting its full year earnings, William Hill issued a revised forecast of … Read more

The UK Gambling Commission’s (UKGC) new dispute resolution guidelines came into effect on October 31 as part of the regulator’s ongoing effort to improve customer service standards.

Announced in mid-October but coming into force at the end of the month, the standards outline how alternative dispute resolution (ADR) services should operate going forward.

Initially set-up by the regulator in 2015, ADR is designed to offer an independent complaint handling service in instances where traditional methods have failed.

After reviewing the state of play in 2017, the UKGC identified five areas where operators were failing consumers. As well as making it … Read more

Digital Expansion Needs for William Hill Inspire Mr Green Takeover Bid

William Hill has made a play to offset recent regulatory changes by launching a £242 million bid for online operator Mr Green.

Following the decision to have tighter controls on fixed odds betting terminals (FOBTs), the UK gaming firm is planning to expand its global reach by acquiring Mr Green & Co.

Based in Malta but drawing the majority of its revenue from Europe, Mr Green has become one of the leading online brands since going live in 2007.

Opening New Doors

According to the company’s latest financial report, 36 percent of its revenue comes from western Europe, while the … Read more

Remote UK Betting Tax to Rise as Part of 2019 Budget

Remote UK betting tax is set to increase by six percent as the Treasury looks to plug the gap left by reducing the maximum stakes for fixed odds betting terminals (FOBTs).

In announcing his 2019 budget, Chancellor of the Exchequer Philip Hammond has said remote gaming duty will rise to 21 percent. The move comes amid growing pressure from anti-gambling advocates to bring forward the new £2 FOBT betting limit.

Remote Betting Tax Hike to Cover FOBT Losses

Assessing the impact of lowering the maximum wager on live gaming terminals, the Treasury believes the national coffers will lose around £245 … Read more

The uproar over fixed odds betting terminals (FOBTs) is expected to continue well into 2019 following reports that any changes won’t come into force for another 12 months.

As Chancellor of the Exchequer Philip Hammond prepares to announce his 2019 budget, Whitehall insiders have hit out at reports that impending FOBT cuts won’t take place until October 2019. According to an October 25 report by The Guardian, those supporting the reduction in stakes from £100 to £2 are ready to revolt if the processes is unduly delayed.

Tempers Flare in Whitehall

The latest wave of discontent comes after a select … Read more

Bookmaker William Hill is fighting battles on two continents following reports that its looking to sell its racing interests in the UK and regain control over its content in the US.

According to a recent report by The Guardian newspaper, William Hill could be on the brink of selling its on-course pitches at the UK’s leading racing venues. Although unconfirmed at this stage, speculation suggests that a deal with a major rival could net the operator around £2.5 million from the selloff.

Online Activity Killing On-Course Bookies

The reason for selling its on-course pitches is mainly due to the rise … Read more

UK Gambling Stocks Tumble as Betting Tax Hike Looms

UK gambling stocks have taken a hit following the suggestion that Chancellor of the Exchequer Philip Hammond is set to increase remote betting tax.

Although the Chancellor’s October 29 budget is being kept under wraps, sources close to the government believe the levy for online operators could increase by as much as 10 percent. With the rumour mill turning, many of the leading UK gambling brands have seen their value fall by as much as seven percent.

Hammond Looking to Plug FOBT Deficit

As it stands, UK Gambling Commission (UKGC) licensees pay 15 percent on all online revenue. When the … Read more

GVC Sees Online Betting Surge as Retail Revenue Falls

GVC Holdings has reported a surge in European and online sports betting revenue despite like-for-like retail earnings in the UK falling by 2 percent.

In a trading update published on October 18, the parent company of Ladbrokes Coral reported a 14 percent upturn in business during the third quarter of 2018. Shining a light on the 10 percent year-on-year increase, GVC said that online net gaming revenue was up by 28 percent.

Live Slump Continues

Driven primarily by sports betting, the rise in online revenue has further cemented GVC’s position as one of Europe’s leading betting brands. However, despite improvements … Read more

Revolt Looms if Chancellor Philip Hammond Delays FOBT Changes

The fixed odds betting terminal (FOBT) debate is back in the spotlight after MPs on both sides of the political divide have warned that a lack of decisive action will lead to a revolt.

Talking to The Sunday People, sources have said Chancellor Philip Hammond will announce the date operators have to reduce the maximum stakes to £2 in his Budget speech at the end of October. However, with nothing set in stone, rumblings of discontent have started to reverberate through Westminster.

Cross-Section of MPs Back Immediate Action

Rallying against the indecision, Conservative MP Iain Duncan Smith has pushed back … Read more

Paddy Power Betfair Rocked Again After Accepting Stolen Money

Paddy Power Betfair has been served a financial blow by the UK Gambling Commission (UKGC) for failing to prevent stolen money from flowing through its exchange.

After the making the news public on October 16, the Irish operator agreed to pay a £2.2 million penalty package. According to the official notification, Paddy Power Betfair failed to correctly engage with to customers later identified as problem gamblers.

Stolen Fund Cost Paddy Power Betfair

As well as ignoring signs of addictive behaviour, the investigation found that the unnamed customers were using illicit funds to make bets online and offline.

“As a result

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