Will Hill Struggling In Australia?
By Casinomeister, Last updated Jun 10, 2016
Analyst claims UK sportsbetting giant's market share is down to 12 percent
UBS analyst Chris Stevens estimated in a note issued Wednesday that UK online and land betting giant William Hill's online operations in Australia have lost market share due to intense competition in that market from other large gambling groups.
"The growth in Sportsbet, Ladbrokes and CrownBet over the last three years has intensified competition in the Australian online sportsbetting market, driving William Hill's market share down from 34 percent to just 12 percent, and net revenue flat in 2015 versus 2013 despite the market growing at around 15 percent per year," the note claims.
According to UBS, Ladbrokes has grown significantly faster than William Hill over the last three quarters, with Ladbrokes wagering growth averaging more than 50 percent, compared to a 8 percent dip for William Hill.
In a recent advisory, William Hill plc warned that it expects operating profit this year to fall to between GBP 260 million and GBP 280 million, from GBP 291 million last year due to poor Cheltenham racing results and successful football results for the punters.
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