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Online Gambling Future for English Bookmaker, Italian Ops Sold
LONDON, ENGLAND --
United Kingdom bookmaker William Hill has moved to sell its Italian storefront operations as the company looks to concentrate on improvements in its online division.
Over 12,000 Italian licenses have been granted since 2006, but Hill, in conjunction with Spanish operator Cordere has only been able to secure 57 of them. Considering the potential profit to be not worthy of further investment, Hill reached a deal to sell Italian rights to Turkish gambling firm Intralot for $8.6 million. Hill will also write off $2 million in losses associated with the Italian venture.
Instead, Hill executives are eyeing new online casino deals, estimating that online gambling will constitute as much as a third of the company's profit in the future.
An expiring deal with mutually exclusive rights with CryptoLogic may be replaced by joint ventures with any of several poker networks, which offer millions in monthly prize money.
After watching online gambling profits drop by 17% last year as competition increased substantially, Hill has hired software developer Orbis to redesign its website and upgrade betting ease and capability.
Hill has clearly found that, while some money can be made in storefront operations as countries like Spain and Italy loosen regulations, the future of gambling is online, and smart operators will put the majority of their investment in this area.
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