A discounted stock sale has yielded top international bookmaker William Hill £224m, but it reduced the group’s shares on the UK stock market by four per cent.
The money is destined to assist the group in its campaign for growth in the North American market where Hill has been expanding rapidly in the sports betting business, which continues to open up.
The money will also help to offset the damage caused by the Covid-19 lockdown. Revenues have been hit by 32 per cent in the past four months but is reported to be coming back strongly with the easing of restrictions and the slow return of sports events, albeit behind closed doors.
William Hill CEO Ulrik Bengtsson said: “The return of sporting events has driven a strong recovery in our online volumes. Our UK online business is in a better place than ever and our international business is displaying solid growth. In the US we have used this period of lockdown wisely to move our product forward and we are now in a strong position to capitalise on the US growth opportunity that lies ahead.”