Bookmaker William Hill has reported a decline in half-year profits after being hit by higher gambling taxes and new rules on gaming machines.
Hill, which has around 2,300 shops and operations online in Australia, US and UK, disclosed that its operating earnings was 155.7 million for twenty six weeks, which was considerably lowered compared to the 176.9 million of the previous year. Their group profit was nearly flat at 808.1 million, with online growth of 7 per cent.
According to the UK-based gambling operator, their pre-tax revenues fell to 78.7m in the first half of the year, down 35% from last year's 121.8m. William Hill, who tried to buy 888 earlier this year, paid an extra 44m in gambling duties to follow the taxation changes of online betting in December and fixed-odds betting terminals in March.
The big company's profits have also been affected by the one-off costs involving the re-branding of its operations in Australia. The bookmaker also stated that the introduction of the government's National Living Wage would cost it about 1m-2m next year.
On the other hand, William Hill said in another statement that it had acquired 29.4 per cent of NeoGames, which is an online lottery software and services provider, for $25 million. The UK company also has an option to purchase the remaining 70.6% of NeoGames, which can be done after three or five years.
Hill, which has around 2,300 shops and operations online in Australia, US and UK, disclosed that its operating earnings was 155.7 million for twenty six weeks, which was considerably lowered compared to the 176.9 million of the previous year. Their group profit was nearly flat at 808.1 million, with online growth of 7 per cent.
According to the UK-based gambling operator, their pre-tax revenues fell to 78.7m in the first half of the year, down 35% from last year's 121.8m. William Hill, who tried to buy 888 earlier this year, paid an extra 44m in gambling duties to follow the taxation changes of online betting in December and fixed-odds betting terminals in March.
The big company's profits have also been affected by the one-off costs involving the re-branding of its operations in Australia. The bookmaker also stated that the introduction of the government's National Living Wage would cost it about 1m-2m next year.
On the other hand, William Hill said in another statement that it had acquired 29.4 per cent of NeoGames, which is an online lottery software and services provider, for $25 million. The UK company also has an option to purchase the remaining 70.6% of NeoGames, which can be done after three or five years.