William Hill has Seen Its Share Prices Drop
The British based bookmaker William Hill has seen its share prices drop by 40 pence sterling after declaring its profits would not match those seen over the same period in 2015. William Hill can point to a number of factors as being to blame for the fall in profits, including the wins for favorites at horse racing’s Cheltenham Festival and in European soccer competitions. Issues with the Online gaming options offered by William Hill are also being blamed for the fall in share price that comes amid problems for the British Pound.
In many cases, top bookmakers make large profits from the failure of favorites in any competition or race to win; unfortunately, for William Hill the Cheltenham Festival saw a large number of favorites win to give the bookmaker the worst festival it has seen in recent memory, according to its spokesperson. William Hill saw the problems of the Cheltenham Festival combine with European soccer matches that also saw favorites win almost every tie to lower profits by around $14 million in March 2016.
William Hill is now claiming the profits seen in 2016 will be significantly lower than those in 2015, which resulted in the shares of one of the best known British bookmakers in history falling to 331 pence at the end of March 2016. The problems of the bookmaker were not limited to a bad month in terms of results at sporting events, but also included its Online presence that saw a rise in Website time outs recorded. Other Online issues included increasing numbers of self exclusions for William Hill members that showed more members were choosing to remove themselves from the William Hill Website.
The news of lower than expected profits for William Hill came at a time when other businesses on the FTSE 100 were reporting impressive news about expected profits or restructuring. Officials from William Hill were not reported to be overly concerned with the problems seen within the company as they were still expecting to continue with planned expansion options, including investing in or purchasing the Openbet gaming software company in the near future.