William Hill Delivers Strong Q3 Performance

After delivering its third quarter financial report for this year, top gambling group William Hill has shown just how well it is doing overall in 2011.

The UK gambling giant is expected to meet its full year predictions, and even exceed them.

The recent report, released on Thursday, covers William Hill's Q3 performance - the 13 weeks up until September 27th - and indicates a solid performance, despite a number of factors that had the potential to hamper growth.

Some of the statistics delivered showed that William Hill's group net revenue grew by 2% compared to the same period a year ago, while its online net revenue climbed an impressive 28%.

"We have delivered a solid performance in Q3, in spite of a highly competitive market place and a tough consumer environment," said the Chief Executive of William Hill, Ralph Topping. "We continue to invest in product, pricing and innovation."

Topping said that he was pleased with the fact that online net revenue growth accelerated in the third quarter of 2011 and that its longer term track record of growth in machines also continued in this period.

"Internationally, the initial performance of William Hill Online's new Italian casino website is beating expectations having taken around 8 - 9% market share and we are the most successful of the non-domestic new entrants," he said.

William Hill Q3 Performance in Line with Expectations

Topping said that while the third quarter margin is broadly in line with William Hill's long term average expectations for the quarter, it is still below the "unusually high margin seen in Q3 2010, driven up by football results."

He said, therefore, that William Hill's profits are slightly lower year on year, "primarily due to this and the planned significant increase in online investment."

The CEO of the gambling group said that William Hill's strong brand, leading technology and differentiated products, as well as the company's understanding of the consumer, gave it a unique opportunity to invest to take market share.

He noted that William Hill will be trialling second generation Storm gaming machines in the UK, as well as new self-service betting terminals and high-definition video walls in retail shops before the end of 2011.

Turning to the group's online operations, Topping said that sportsbook continues to perform strongly with amounts staked 51% higher than in the same period last year.  There was also a 61% growth in in-play turnover and a whopping 250% in mobile betting amounts wagered.