William Hill estimates will come in at bottom tier of company expectations
January 09, 2017 10:22 AM
by Robert Mann
Bookmaker William Hill blames savvy bettors winning £20m ($24m) in December on football and horseracing for full-year estimates that will come in at the bottom tier of company expectations.
Roger Baird in the International Business Times reports the firm blamed the betting results at the end of last year for its annual operating profit estimates of about £260m, the lower end of its £260-280m range.
William Hill operates internationally including more than 100 wagering outlets in Nevada.
The Boxing Day (the day after Christmas) football (soccer) games fueled a losing weekend with 18 out of the top 20 best-backed teams winning.
The company said that horseracing during the Christmas period was also bad for bookies, too with a large number of favorites winning races including the King George VI Chase, won by favorite Thistlecrack and the Welsh Grand National two days later, also won by heavily backed Native River.
Interim chief executive Philip Bowcock said, "All four divisions saw customer-friendly results at the back end of the year, which translated into profits being around £20m below our prior expectations."
William Hill runs more than 2,300 outlets in the UK.