Ivor Jones, an analyst at Numis, said 32Red had now convincingly won its trademark infringement action against the other bookmaker.
"The result vindicates 32Red's dogged defence of its interests against well-financed opposition," he said. "The only uncertainty now is how much, and how quickly, William Hill is going to have to pay up."
William Hill was ordered to pay 32Red £70,000 within a fortnight in relation to costs associated with the appeal, but the full damages tied to the case have yet to be settled.