It has been a shaky year with some success and some negative outcomes. William Hill 2016 profit has been affected by a number of factors.
William Hill 2016 profit meets forecast
The William Hill gambling organisation has just reported making an operating profit of £260 million for 2016. The statement was for the 52 weeks up to December 27th 2016.
It was forecast the William Hill could make a profit of £280 million for the 2016 year-end. However, William Hill explained that the £20 million shortfall was due to poor sports betting outcomes which went against the bookmaker overall. William Hill, in a statement said that they hoped to achieve better performance during 2017.
Yesterday it was announced that the proposed Ladbrokes Coral Merger would proceed following the combined sale of betting shops to meet regulatory requirements.
Ladbrokes Coral Merger Approved by CMA
The proposed merger has finally been approved by the Competition and Markets Authority (CMA).
The merger had been almost approved by the CMA subject to Ladbrokes and Gala Coral have agreeing to sell 359 betting shops to rival bookmakers to meet the regulators requirements. This week Coral and Coral said they would sell 322 shops to Betfred for £55m in cash and a further 37 to Stan James for £500,000. After the merger, Coral will sell 174 shops and Ladbrokes will sell 185.
For the past few weeks there have been talks of a merger between William Hill and Amaya, a Canadian online gambling company. There has been a lot of speculation about the possible outcome of these talks.
Officially these William Hill Amaya talks have now been terminated.
A statement issued by the William Hill’s board of Directors said, “Various exploratory due diligence and other workstreams were underway but far from complete. After canvassing views from a number of William Hill’s major shareholders, the Board has decided that it will not pursue discussions with Amaya.” The statement followed discussion with major shareholders.