British sports betting company William Hill may pull out of Australia. The company says that it is considering the move and soon will announce. Nobody is sure how this ‘strategic’ move will affect Australian casinos. For now, it is clear that William Hill is thinking of pulling out. According to a statement on the Financial Times , it is sure. The paper says that several Aussie states are introducing point-of-consumption levies. Check out their Aussie online sports betting video.
Why Is The British Sports Betting Company William Hill Pulling Australia Business?
If this happens, it will force the British company to increase the price of its products. Above all, this is not what the company wants to do for now. Besides, the move to introduce levies is likely to reduce the number of online sports betting consumers. “There is credit betting ban in Australia. There is a likelihood of the introduction of a point-of-consumption tax. Also, this is a matter many states are thinking. It is clear that profitability will increasingly come under pressure. Therefore, we are undertaking a strategic review of our Australia business,” reads Financial Times’ report.
Made 290 million pounds ($401.3 million) In 2017
It is the right time for such information to be out. Many countries conduct their business evaluations in December. The Australian government announces last year that it will make adjustments. Much of the changes are touching on profits. William Hill makes a profit of 290 million pounds ($401.3 million) last year. Also, this is an increase of 11 percent from the previous year. It is after this profit that the Aussie authority is introducing taxes.
Speaking of the profits, William Hill Sports Book says it is because of the momentum back home. This London-based group also says that there is good momentum in the U.S. Apart from the December report from the British company, there is one for November. The last update speaks to the source of the profits.
Horse Racing Betting Results
In part, the report mentions sports betting particularly football. There is also the mention of horse racing betting results. These are some of the things this British firm says bring in profit. But after the issue of pulling out, the company says it will publish another report. This last report will be out on Tuesday. It will be a comprehensive report.
The report will show how the U.S. business is doing
The London gaming company says in the Tuesday report there will be more information. The report will show how the U.S. business is doing. Besides, the story will also touch on the market back home. William Hill’s Aussie business is on slippery ground. The number of clients who are trading using credit cards is going down each day. Also, this follows strict laws from Aussie authorities.
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Will British Based William Hill Really Pull Out Of Australia Sports Betting?
Even as the company contemplates of pulling out, the CEO is optimistic. Philip Bowcock says that he is happy that there are good times ahead. Philip points to the 2018 FIFA World cup. The other thing that Philip is looking up to is the gaming market in the USA. He says that the future of sports betting in the U.S. looks bright. For now, several states in the U.S. want to legalize sports betting. If this happens, in 2018, it will be an excellent opportunity. Everyone will benefit. Australia casinos will also receive the share of the World Cup.