World Cup favorites prove unkind to William Hill
A predictable FIFA World Cup 2006 thus far has resulted in strong on-field match-ups – but also a sour mood for wagering giant William Hill: they’re taken a kicking.
David Harding, Chief Executive of William Hill, told Reuters UK. “It’s fair to say you’ve had 56 matches played in the World Cup and 39 of them have been won by favourites. So you would expect the bookmakers probably aren’t doing quite as well at the moment as we have in past World Cups.â€?
Even still, William Hill is still on track to meet analyst’s forecast for 2006 overall – pegged, according to Harding – at about 295 pounds before interest and tax (EBIT). “We had a bit in the bag before the World Cup started so we’re comfortable where we’re at,â€? said the Brit, admitted that he had divided loyalties over England possibly taking home the championship, and having his business reap the reward of their elimination.
“Quite clearly if England win, that’s our biggest liability…but it’s not a disaster.â€?
Despite the majority of favored squads advancing as predicted, the World Cup has produced a few surprises that has helped the bookmakers, in particular, Italy battling to a hard-fought draw with the United States, as well as the unheralded team Ukraine reaching the quarter-finals, where they eventually lost to Italy.
In other William Hill-related news, Harding said the news of gaming giant PartyGaming possibly looking to invest in purchasing a sports-betting operation has William Hill nonetheless feeling relaxed but naturally attentive - and above all - confident.
“Their main focus is in the U.S. Clearly they’re an 800-pound gorilla, so I’ll watch whatever happens with interest,â€? he said. “But in our core markets of bookmaking and particularly the betting shops business, no one can beat us.â€?
Reports having PartyGaming planning to raise anywhere from $400-500 million, a portion of which may be used to acquire a sports betting site.
posted by Rex Harris