UNITED KINGDOM – Despite a reported 4% group gross win for the first half of the year, it was still not a very good first half for popular bookmaker William Hill.
William Hill CEO Ralph Topping placed the blame on the United Kingdom’s taxes on UK-based bookmakers. That, coupled with expenses related to streaming of live horseracing and disappointing sports betting results.
Topping relayed that William Hill paid £267 million in British taxes in 2007 plus £30m in levies to the horseracing and dogracing industries.
Speaking to a UK newspaper, Topping called for tax cuts by the UK Government on all UK-based bookmakers.
“This business has to be allowed some room to grow,” said Topping. “What I am saying to the Government is, please think things through from all angles.”
He further said that in 2001 the Government promised the UK to be a center of e-commerce and this helped convince offshore gambling operators formerly operating from the Isle of Man and The Channel Islands to secure a UK license. Unfortunately according to Topping, the UK Government has failed to act on its promise.
“It’s because they are not sure of what they are doing. They flip-flop all the time.”
Aside from the massive tax hit on its profits, William Hill also suffered due to the weak performance of its telephone betting for the period along with a dismal sportbetting performance in the recent Euro 2008. It also paid £5m to betting shop broadcaster TurfTV to livestream horseracing in all its betting shops.
“I would rather not talk about it,” said Topping. “The amount of Prozac being given out as treatment at the company has gone up.”
1 response so far ↓
Mike Harmon // August 1, 2008 at 3:37 pm |
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