Betting giant William Hill has posted 2019 profits ahead of expectations, despite closing more than 700 betting shops.
The company reported a 52% decline in adjusted pre-tax profits to £96.5m (€114.7m) for the year to December 31.
It said the decline was driven by the Government’s crackdown on fixed odds betting terminals (FOBTs), with the maximum stake decreased from £100 to £2.
William Hill said it shut 713 retail stores in the UK during 2019 on the back of the stake increase, but profits were not as heavily impacted as previously forecast.
Its total revenues across the group dipped 2% to £1.58bn (€1.8bn) as it was buoyed by growing markets, such as the US.
US revenue increased by 38% during the year after it launched a new digital platform in the region.
Growth in the region helped to offset UK decline, where net revenue fell 13% on a like-for-like basis, although this was at the higher end of the firm’s expectations.
William Hill said the closure of shops following the FOBT changes resulted in a £67m (€79m) hit to profits during the year.
The firm said profits for the current year could be impacted by the Gambling Commission’s latest crackdown, which will see online credit card bets banned from April.
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