William hill results

You can view the results by clicking here.

In a nutshell gross win was up to almost £500m and net profit was around £150m. Betfair's net profit is around £20m but in reality, if you strip out exceptional items, it is probably a far bit higher. This means Will Hill's net margin is around 30% vs 10% for Betfair, this is a little suprising given the nature of Betfair's business, you would expect Betfair to have higher net margin. It could be that investment is dulling true margin at Betfair and delivering lower margins. One of the interesting thing about sports books is that the core business of betting on sports is not a driver behind growth. It will be interesting to see if Betfair release any stats on their breakdown of business when they next report, it should make interesting reading. As Betfair's business matures it is almost inevitable that they will chase margin, where that margin comes from is another question.