William Hill has become the latest company to thank online wagering after the release of their 2010 results showed a rise in in-play betting.
It was also supported by retail growth driven specifically by newly unveiled gambling machines that have become increasingly popular with customers at their retail premises.
“This is a strong performance and I am delighted that, in particular, our online business and the gaming machines in our shops have performed very well in the year,” said Ralph Topping, chief executive of William Hill.
This was as it was revealed that net revenue increased 7% to £1,071.8m from £997.9m the year before, online net revenue jumping to £251.5m from £203.5m, an increase of 24% on 2009.
Topping continued, “Our continuing investments in technology in what is a fast-changing industry have underpinned growth and the more than doubling of the amounts wagered from in-play this year demonstrates that customers welcome these innovations.”
The success in online was underpinned by the extraordinary increase experienced by the sportsbook where net revenue grew by 95% mainly thanks to the success seen over the World Cup. Amounts wagered also increased by 57% year-on-year and there was 114% growth in in-play betting.
Topping added: “We are continuing to expand our product offering to enhance the customer experience, particularly in Online. We are using our trading capability to deliver differentiating pricing and offers, and increasing the profile of our brand through continuing marketing investment.
“The combination of our fast-growing Online business and appealing Retail offering, together with the expertise of our employees and our attractive product range, give the Board great confidence as we pursue an agenda of innovation and international development.”
The results come in a week when an injunction was taken out by the firm blocking any chance of Playtech being sold to competitors Ladbrokes, so if you hear the champagne bottles being popped at Hills HQ don’t be surprised.