William Hill has reported that its US division has continued to deliver strong momentum, with sportsbooks now live in seven states, and access secured in a total of 17 states.
The UK-based operator has reported that in its full-year trading report, its US operation had achieved 42 per cent net revenue, as well as 91 per cent adjusted operating profit growth in the period.
Philip Bowcock, William Hill CEO, said in a statement: “2018 was a busy and decisive year for us. Key regulatory decisions in the UK and US gave us much needed clarity to set a new five-year strategy and a goal to double profits by 2023.
“We have three businesses at different stages, with online growing in the UK and diversifying internationally, retail being remodelled in response to the new £2 stake limit, and rapid expansion in the US sports betting market. Underpinning this, we have taken a clear leadership stance around safer gambling with our Nobody Harmed ambition.
“Against this backdrop, we delivered a good underlying performance in online, strong growth in the US existing business and a resilient retail out-turn in the face of difficult high street conditions.”
In the face of its UK woes, William Hill US enjoys a 34 per cent market share by revenue across all states that have repealed PASPA. The operator has reported that its “market share by revenues in Nevada reached 32 per cent by December 2018”, which is a 29 per cent increase in comparison to the previous year.
Its success earmarks the operator for continued growth across the US as more states begin to legalise. The operators potential sports betting revenues in the US are predicted to reach the region of between $5bn-$19bn by 2023, while its targeted US profits are hoped to reach approximately $300m.
As the operator aims for further expansion, it will continue to invest in the company’s staff, technology and marketing capabilities to grow both its online and retail presence.