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William Hill takes a big punt on the US market

Crackdown on FOBTs will dent UK profits, so the bookmaker is off to seeks its fortune in the States. The odds aren’t good Farewell to the FOBTs, if only in supercharged form. William Hill is off to the US to seek its fortune. That, at least, was the gist of chief executive Philip Bowcock’s pitch to investors that set the eye-catching ambition to double operating profits in the next five years. Unfortunately, he started with a step backwards, since the FOBTs, meaning that the soulless fixed-odds betting terminals are still making their presence felt, even before the government cuts maximum stakes. “Adverse regulatory and tax changes” will hit profits by £20m this year and £25m next, and the blame can largely be pinned on the machines. Related: William Hill warns gambling crackdown will hit full-year profits Continue reading...

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