William Hill CEO Ralph Topping says 2009 was ‘hellish’

Steven Stradbrooke
February 26, 2010
2 Comments

WillHillBlameAfter suffering a 9% decrease in profits in 2009, bookmaker William Hill is looking for ways to cut costs. Call center operations in Sheffield and Leeds may be shuttered, as may the 35 shops the firm still operates in Ireland. But even with all this on his mind, CEO Ralph Topping may have more pressing concerns – namely, how to lay the blame on Betfair? Read more.

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Tags: Article, Betfair, Ireland, Ralph Topping
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  • http://www.facebook.com/betjuggernaut BetJuggernaut Sam

    This is a classic case of how bookmakers over-levered during 06, 07, 08, in hopes that the market would continue to expand exponentially without any concern or rationale to reality, or what I would like to call Financial Gravity. It's really unfortunate, though many of UK's top bookmakers are just starting to digg themselves out of their holes.

    If they could have only gone back in time and emphasized The word “Restructure” more, they would have not been in this shit storm. Likely for them NY Wall Street Private Equity shops scouring for deals are able to bite off a substantial equity chunk when investing in these distressed bookmakers.

    It will be extremely interesting to follow the entire story of the bookmakers, as well as the entire industry.

  • http://www.facebook.com/betjuggernaut BetJuggernaut Sam

    This is a classic case of how bookmakers over-levered during 06, 07, 08, in hopes that the market would continue to expand exponentially without any concern or rationale to reality, or what I would like to call Financial Gravity. It's really unfortunate, though many of UK's top bookmakers are just starting to digg themselves out of their holes.

    If they could have only gone back in time and emphasized The word “Restructure” more, they would have not been in this shit storm. Likely for them NY Wall Street Private Equity shops scouring for deals are able to bite off a substantial equity chunk when investing in these distressed bookmakers.

    It will be extremely interesting to follow the entire story of the bookmakers, as well as the entire industry.