Bookmaker Ladbrokes has appointed a new chief executive, promoting the managing director of its digital arm, Jim Mullen. He will take over from Richard Glynn 1 April 2015. Prior to working at Ladbrokes, Mullen was COO of online operations at William Hill.
10 Mar '15
Bookmakers fear havoc on Cheltenham Festival’s opening day: Willie Mullins, the most successful Irish trainer in the history of the Cheltenham Festival, could wreak havoc on the bookies on Tuesday as the event kicks off under the shadow of tightening gambling regulation.
27 Feb '15
William Hill Plc (WMH.L) Announced, in its final results for the 52 weeks ended 30 December 2014, that its reported revenue stood at £1,609.3 million as compared to £1,486.5 million in the previous year. Gross profit stood at £1,305.1 million as compared to £1,214.3 million. Profit after tax was £206.3 million as compared to £226.5 million. The company’s diluted earnings per share was 23.4p as compared to 24.7p.
22 Feb '15
Trying to be patient here. I have an average of £4 and hope election result does not decimate !!
20 Feb '15
Here we go.
18 Feb '15
Daily Telegraph on UK Bookmakers
U.K. bookmakers grapple with tax challenges and online: Shares in a company are essentially worth what someone else is willing to pay for them, as opposed to what the Owner believes they are worth. The major shareholder in 888 Holdings who turned down the offer from bookmaking rival William Hill would do well to remember that after the shares tumbled. William Hill, the U.K.-based bookmaker made a bid of 203p-per-share (including the 3p dividend) for rival 888 Holdings. A deal would have made a lot of sense. Bookmaking in the U.K. is undergoing a revolution. Betting online is cheaper and easier, fewer people are visiting the betting shops of old, and new taxes are causing severe disruption. The old guard of William Hill and Ladbrokes are now racing to develop their own betting websites and accelerating that growth through acquisition is the quickest way. The bookies have been the focus of an aggressive campaign against fixed-odds gaming terminals. The so-called FoBTs (pronounced “fobtees”) have been labelled the “crack cocaine” of the gambling world. Bookies were hit with a 20% machine games duty on February 1 2013 and the Government plans to increase that rate to 25% at the end of March. The company is growing fast but Questor thinks that the offer looks like a decent premium for an online platform that is facing increasing competition and tax. Shares in William Hill gained about 1% and it may return with another bid, but until we see the impact of the new taxes, the shares, trading on a forward multiple of just over 15 times, remain a hold. Betfair said profits boosted by last year’s football World Cup had more than doubled to £67.3 million in the six months to October. The company said it would return £200 million of its £271.4 million cash pile to investors. Questor likes the Betfair business model but the shares are looking expensive, trading on 25 times forecast earnings and only offering an ordinary dividend yield of 1.8%. Reported pretax profits are expected to fall within the next year as the new point of consumption tax comes into place, so we’d watch for any selloffs before thinking of buying. Gambling sector Questor Says “Hold”.
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