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William Hill Plans to Increase Revenue from Online Offerings
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10-Jun-2008, 16:13
William Hill, Britain's second biggest bookmaker, expects to raise the proportion of its gross win coming from Internet gambling by up to 50 percent when it launches a new online sports betting platform in November.
The company derives about 20 percent of its gross win from e-commerce, but Chief Executive Ralph Topping told reporters he aims to increase that to about 25-30 percent when the platform, designed by software provider Orbis, is launched on November 27.
"That kind of growth is there for us to aim for but we'll set formal targets early next year," Topping said on Tuesday in a presentation to journalists and sector analysts.
William Hill's online "sportsbook" has struggled over the last year from intensifying competition and technology problems. The company had attempted to implement a major upgrade of its internet betting operations in-house but was forced to scrap the project, writing down 22 million pounds in the process, after it became apparent that it would require greater investment and take longer than originally envisaged. It then turned to Orbis, which is highly regarded in the industry and serves clients including Ladbrokes and Paddy Power, to get the upgrade back on track.
Topping, who was previously the company's Internet director but took up the position of chief executive in February, was at pains to emphasize his commitment to expanding the online business, which he feels was neglected in the past. William Hill had already successfully halted the decline in growth at its sportsbook and was now achieving double digit percentage growth, thanks partly to the introduction of 30 new games, backed by a new advertising campaign, Topping said.
"There is a new sense of direction. For too long, we regarded ourselves as bookmakers with a bolt-on activity called gaming. There is a substantial opportunity for growth on the Internet," he said.