William Hill concerned about 2010

[The Buzz]

William Hill Friday posted a 7% drop in full year profit, and it said that is still seeing challenges ahead in 2010.

The London-based betting group said it "expect(s) trading conditions will continue to be challenging in 2010" due to the struggling economy.

From The Wall Street Journal (via Gambling 911):

The bulk of William Hill's revenue comes from its network of retail stores, the over-the-counter bets taken in its gaming shops as well as revenue from gaming machines that now offer an extensive range of games in-store. Growing machine revenue has helped to temper a fall in the amounts bet over the counter, resulting from the tough economic conditions.

For 2010, the company expects the soccer World Cup in South Africa in July to benefit results. The last World Cup generated an estimated £5 million to £6 million of extra over-the-counter operating profit for the company.

The operator of 2,300 betting shops in the U.K. and Ireland said net profit for the year fell to £61.1 million (about $93 million) from £234 million last year, predominantly because of exceptional items, including its William Hill online deal with Playtech PLC, which added £88 million to net profit in the 2008 year, and exceptional charges in 2009 related to difficult trading in Northern Ireland and the groups telephone betting service.

[Casinorep]

This is worrisome. WillHill is one of the largest UK brand...

[fastermule poker]

net profit for the year fell to £61.1 million

But also reassuring that in one of the worst economic years in the last two decades they still made a profit (albeit 1/4 of their previous year).

[AffRev]

I don't think we need to worry for Will Hill. they are far from bankrupt.

[Betpartners]

Agreed, no worries about william hill going under whatsoever

If they go under then the whole industry will feel the chill

[AffRev]

They are very conservative company and with their growing online activity the future looks bright.

[Doolally]

I'd expect the World Cup to give them a welcome boost and I'm sure they'll end up saying that the Q2/3 results were much better than expected.

Only 93 days to the Kick Off!!