London based bookmaker and gaming operator William Hill has today provided a business operation update along with plans for the near and distant future for its retail outlets.
The sportsbook giant has stated that its revenues have declined by as much as fifty percent during the Covid-19 pandemic and the firm is now looking forward to the restart of the German Bundesliga tomorrow and planning a phased reopening of its betting shops on the high street.
Over a period of seven weeks, William Hill said that overall revenue had fallen during the crisis and that for every month that its retail stores remained closed it was costing up to fifteen million pounds.
However, the firm has planning a phased reopening in the second half of this year with 2000 betting shops ready and waiting to be powered up following the resumption of live sporting events.
Ulrik Bengtsson of William Hill commented on the latest update:
“We remain focused on player safety employing ever more customer protection. We are taking care of our teams, securing as many employment opportunities as possible and we are ready to power up the business as soon as Covid-19 restrictions permit.”
The plans for football matches resuming was encouraging as a range of betting markets will be available this weekend for the German top flight league with the return of UK football expected shortly after along with horse racing meetings nationwide.
Bengtsson added details of how the firm was able to mitigate the impact of Covid-19 amid sports cancellations and looking to the roll-out of legal sports betting in America:
“We reacted quickly to the cancellation of sports activities and the closure of our retail estate. We took immediate measures to save costs, reduce cash outflow and minimise non-essential expenditure by negotiating with our suppliers, cancelling pay rises and executive bonuses and suspending the dividend.
We have preserved liquidity and amended the terms of our net debt covenant, leading to significant, balance sheet headroom. This will enable us to continue to invest for growth, most notably in the US, as plans there to roll out sports betting continue apace.”
Along with wagering on German football, bettors will also have the option to bet on Nascar in the United States as the return of the US rally car league is also expected this weekend.