Poker Revenue Down As William Hill Buys Out PlaytechWilliam Hill Poker Revenue Drops 13 Percent In 2012 As Company Offers Playtech £424 Million Join Venture Buy Out |
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William Hill saw its poker revenue fall 13 percent in 2012 or 11 percent if calculated over the 53 weeks to Jan. 1, 2013 (£20.4 million) compared to 52 weeks to Dec. 27, 2011 (£23 million).
This compares with growth of seven percent in 2011.
The company also announced today that it was exercising its option to buy the 29 percent of William Hill Online co-owned by its joint venture partner Playtech for £424 million.
In December 2008 Playtech invested assets to the value of €177.7 million into William Hill’s existing digital operation. William Hill Online made a gross profit of £371.1 million in 2012, up 27 percent on the previous year (53 weeks).
Playtech will continue to license its software to William Hill after the joint venture is dissolved in April 2013.
Playtech’s Chief Executive Officer, Mor Weizer, said: "William Hill Online has been an overwhelming success and has delivered a cash return to Playtech greater than 3.5 times its original investment, excluding software royalties in the four years since inception.
“The success demonstrates the potential to create value by combining a well-established brand with Playtech’s best of breed technologies, products and services. I would like to thank the William Hill and William Hill Online management team for their efforts, and we look forward to our strong supplier relationship continuing."
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