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£20m: Punter payday
Customer-friendly sports and horse racing results over the festive period proved a payday for gamblers but will shave £20m off William Hill’s (WMH) 2016 profit.
Retail gambling margins at William Hill were 14.5% in the last nine weeks of 2016 versus an average of 17% to 18%. Fourth quarter margins in the gambling industry are usually higher than the rest of the year and the failure to match this trend contributed to William Hill’s surprisingly large downgrade to profit, now expected to come in at around £260m.