The British bookmaker, William Hill, is one of the many who have suffered the effects of the pandemic. The casino posted a decline in revenue as sports events were cancelled.
According to the company, its total net revenue dropped 16 per cent to 1.32 billion pounds for the year completed on Dec 29. 2020 was one of the worst years for William Hill.
Effects of the Pandemic on William Hill
The industry giant, which operates about 1400 betting stores in the United Kingdom, had a hard time during the pandemic. However, it compensated slightly for the loss of revenue with its nine per cent net revenue growth in online casinos.
According to the CEO, Ulrik Bengtsson, the company is impressed with its performance. Even though 2020 was an extraordinary year, the company remained resilient. The company is happy with its performance.
Julie Palmer, a Begbies Traynor partner, stated that the pandemic had influenced consumer spending habits. While it may be a blessing for new online operators, it was terrible for William Hill and others with a huge physical presence. Even as the effects of the pandemic start wearing off, William Hill still has a lot of adapting to do.
Luckily, professional sports have resumed normal operations. The bookmakers are quickly recovering the revenue they had lost. Once fans feel safe enough to go back to stadiums and grounds, the numbers will go even higher. If you want more information about William Hill, find a great review here.
The £30m Loss at Betting Shops
The loss in William Hill retail business hit £30m in 2020. COVID-relate restrictions affected all of its 1,414 shops. When there were no restrictions, the retail shops did well. When the third quarter was ending, they were on course to break even for 2020.