Favorites romping home in the major horse races in both the UK and Australia, the American football results and a large betting tax bill have forced William Hill to issue a shock profit forecast.
William Hill has been hit by a new regulation for the UK gambling companies as well as difficult comparatives due to last year's World Cup which boosted the previous year's third quarter figures.
Shares in William Hill have collapsed by more than 8% so far, and it seems that the price may have further to fall.
"We always expected a tough quarter, but clearly it's been a lot tougher than anticipated," said Peel Hunt's Nick Batram, who has cut his rating on the stock from buy to hold.
"The growth in online's core markets - the UK, Italy and Spain - remains strong for both betting and gaming."
While still only making up 3% of the group's revenue, William Hill US has continued to post impressive gains. Turnover was up 35% but poor NFL results meant that the gross win was down 16% and costs rose 6%, which meant that there was a small operating loss in the third quarter.
"Q3 was always going to be a tough quarter given last year's World Cup and very strong gross win margin, allied to 23m of additional gambling duties this year. The quarter also featured weaker than expected sporting results impacting Retail, the US and Australia, and the drag effect of the non-core market decline in Online."
The gambling industry has seen a wave of consolidation recently. Ladbrokes is merging with its rival Gala Coral in a 2.3 billion deal. Betfair and Paddy Power are also merging in a 5 billion deal.
What makes matters worse, William Hill failed in its attempt to acquire the online gambling company 888.com.
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