British bookmaker
William Hill calling for lower taxes
The
British bookmaker William Hill, operating both online and
offline, posted grim first-half earnings today. Profits before
finance charges and exceptionals fell 10pc to £145m, despite a
4pc rise in gross win to £516m, hit by poor results and the
extra £5m costs of signing up to Turf TV - the new
racecourse-backed betting shop television service. Pre-tax
profits fell 18pc to £111m. The shares fell 11½ to 314½p. The
weakest part of the business was telephone gambling, where
profits fell by £5.3m to £4.5m, after the bookie was on the
receiving end of £250,000 bets from big punters.
William Hill's chief executive, Ralph
Topping, is also calling on the British government to rethink
the taxes imposed on the betting businesses. "We paid £267m
in taxes last year plus £30m in levies to the horseracing and
greyhound industries and employ 14,000 people. This business has
to be allowed some room to grow. What I am saying to the
Government is, please think things through from all angles. A
15pc gross profits tax on online gambling is not appropriate in
this environment," Topping was quoted by the U.K. media. The
William Hill CEO also said that the current taxation is making
the unlicensed offshore bookmakers more competitive.
Published on
07/31/2008
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