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William Hill plc, the UK-listed online and land gambling group, has reported first half earnings down 10 percent, in line with market expectations. Profit prior to finance charges and exceptional items fell to GBP145.1 million (H.1 2007: $287.3 million) in the 26 weeks to July 1. Net profit reached GBP 79.7 million compared to GBP 104.8 million over the same period in 2007.
Pre-tax profit fell to GBP 111.1 million from GBP 134.2 million in the prior-year period, despite half-yearly revenues that grew to GBP 493.1 million from GBP 477.3 million in the corresponding period a year ago.
CEO Ralph Topping told Reuters news service that the company has registered an interest in buying parts of state-owned bookmaker, the Tote (see previous InfoPowa reports). Topping said the group had expressed its interest to Goldman Sachs, the U.S. investment bank appointed by the British government to examine options for the business.
"We met with Goldman Sachs to register an interest as part of the process. If they were going to break up the business to get the best price, we'd be looking for some 'in-fill' outlets - in places where we aren't geographically represented at the moment," Topping said. Topping declined to say how many of the Tote's 540 shops William Hill would be interested in.
Competition laws would preclude William Hill from acquiring the business outright.
Reuters quotes Topping as saying that he believes the Will Hill business is more resilient now to a recession than it was in the early 1990s when bookmakers' profitability came under pressure.
"The business has significantly changed since the 1990s. We've got a wider geographical spread. Back then we were overweighted in London and the South East. Since then our development has been more focused on the provinces.
"We're in a stronger position and we've also diversified our product. Back then, we had a big dependency on two products - horseracing and greyhound racing and very little in the way of sports betting."

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Gambling News :

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

Novomatic has announced a legal action against Euro Games Technology - Online and land gambling equipment and games provider Novomatic has announced a legal action against Euro Games Technology Ltd., which it claims has unfairly created imitations of its slot games.

Starcraft ProLeague SHutting Down after 14 Years - Announcing the end of the road for the League, once pre-eminent in Asian eSports gaming, the Korean Esports Association blamed ethical scandals and competition for its decline in popularity.

Team Hot Launches - #teamhot The Philippines licensed and GGNetwork-powered online poker operator Natural8 has announced the appointment to its "Team Hot" professional player line-up of Asian poker aces Kitty Kuo, Xuan Liu and Dong Kim.

Netent Q3-2016 Earnings Report - #netent The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year.

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