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William Hill Raising Funds For US Expansion

June 18, 2020

- Grant Whittington

Major UK bookmaker William Hill has announced having commenced with a fundraising proposition that if successful at raising 19.99 percent of its current share capital, will represent a major support in the sports betting and iGaming supplier’s endeavour to expand its current foothold in the booming US sports betting industry.

Even though sports betting revenue was significantly affected by a global hiatus on all major sports events, the bookmaker has declared itself confident in the capacity of the leading US industry to soon return to its former glory. The industry was recently re-stimulated by the return of the UFC and NASCAR. This led to a mostly positive trade update released by the bookie ahead of the latest ordinary shares placement process.

Making The Most Of Challenges

What with several casinos still closed on US soil, William Hill reports having achieved success even in the face of diversity thanks to its re-engagement initiative in the form of drive-through sports books operated in Nevada in the US. Since bettors have to register in person in order to use the William Hill sports betting app, the bookie found itself in the precarious position of having had to come up with a creative new way to secure ongoing new registrations without breaking local state laws governing physical distancing. Drive-throughs proved the perfect solution.

Said a spokesperson for William Hill, not only did the initiative prove an incredible boost to business during a time of great financial difficulty suffered by many bookies and players alike, but it also paid massive service to the areas of online presence and better re-engagement. The bookmaker has furthermore declared itself 100% on track regarding its plans to secure regulatory online gaming approval from New Jersey State. Once the necessary licence is in place, William Hill will immediately launch its local online gaming platform in the Garden State.

Bookie Has Kept Up Good Work

CEO Ulrik Bengtsson says he’s satisfied with current market trends. The past six weeks showed immense promise in terms of performance recovery, said Bengtsson at the time of a recent commentary on the state of the sports betting sector. Bengtsson referred not only to the state of the market in the US, but also to the bookmaker’s UK performance. According to the CEO, William Hill is witnessing strong recovery in UK-based online volumes and revenue and so much so that the company is showing a stronger performance than ever before.

As for as the US is concerned, Bengtsson has described the operator ready to capitalise on the growth opportunity that now lies ahead. The CEO said that William Hill’s ongoing position of US market strength is the direct result of the company having done everything in its power so as to remain active, visible and open for business during a particularly harrowing 3 months of national stay-at-home orders. Bengtsson is convinced that the bookmaking giant made excellent use of its time even amid difficult circumstances, and that this has led to a stronger position on the resume than that enjoyed by the majority of the company’s rivals.

Better Days Are Coming

William Hill’s tenacious approach to business is exactly what the company hopes to build a new foundation on. A new “accelerated bookbuild” initiative has been launched for the purpose of accumulating operating capital as William Hill gets ready to realise what it describes as long-term “growth ambitions”.

Not only will an influx of capital strengthen its balance sheet, but it will also secure greater financial flexibility going forward.

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