Download full report with analyst certification and important disclosures
Jun 20 2018, 06:45 IST/BST
The decision by the UK government to reduce the maximum stake on fixed odds betting terminals (FOBTs) to £2 was widely anticipated by the time it came but, nonetheless, it has serious consequences for William Hill’s Retail business and the overall profitability of the group. Our revised operating profit estimates for UK Retail see the business generating just £30m in EBITA in 2020, 88% below 2008 peak levels. That leaves a huge profitability gap to be filled by online and international expansion. That won’t happen overnight.