* British bookmaker says Q3 revenue down 9 pct
* Sees full-year profit below analysts consensus range
* Has fallen behind in sector consolidation
* Shares down more than 6 pct (Recasts, adds CEO comment, detail, updates shares)
By Aastha Agnihotri
Oct 23 (Reuters) - A profit warning that sent shares inWilliam Hill tumbling on Friday increased pressure onthe British bookmaker to crack the whip on efforts to remain afrontrunner in a consolidating gambling sector.
Tighter regulation and increasing gambling duties aresqueezing William Hill and its rivals, but Britain's No.1 playerat the start of the year has slipped down the pecking orderafter merger deals by Ladbrokes and Betfair.
The tougher environment and advances in mobile technologyare changing the face of the industry, with physical bookmakers'shops closing as companies focus on boosting online sales.
"Strategy for me is very clear," William Hill ChiefExecutive James Henderson said on an investor call after thecompany announced that it expects full-year operating profit tobe near the lower end of analysts' expectations of 290.9 millionpounds ($448.02 million) to 312.1 million pounds.
"If there are opportunities that represent themselves froman M&A point of view, whether it be a bolt-on, technology or abig opportunity, then we'll look at it."
The profit warning came after the company said thatthird-quarter performance had been hurt by 23 million pounds inadditional gambling tax and a weaker than expected return oncustomers' bets.
Shares in the company fell 7 percent at one point to a16-month low of 321.3 pence.
Net revenue was down 9 percent in the 13 weeks to Sept. 29and operating profit slumped by 39 percent, William Hill said,noting that the corresponding period last year had benefitedfrom strong betting on the month-long soccer World Cuptournament.
"Performance was weaker than our expectations across theboard, impacted by weaker gross win margin than we hadanticipated," Cenkos analyst Simon French wrote in a note.
Rival Ladbrokes reported a 57 percent slump in earningsbefore interest and tax on Thursday, but investors focused onthe company's strategy of developing its multi-channel offering,sending its shares up 6 percent.
By 0949 GMT William Hill shares were down 6.2 percent at 324pence. ($1 = 0.6493 pounds) (Editing by David Goodman)
