William Hill has announced its plans to launch a US online casino during the year
The well-known sports betting industry giant could not keep out of the global downturn caused by coronavirus pandemic. As a result, William Hill announced the 90% US net revenue fall since the cancellation of sports events while its retail stores are shut down. The downtime didn`t make Hills to throw the towel, and it seems, the company has been using this uncertain time to define a new strategy.
“Product development has accelerated throughout the period, and we will be launching online casino in the second half of the year,” the company announced in a trading update on Friday.
William Hill is one its way to expand the US online gambling industry
While William Hill is preparing for the upcoming online casino debut in New Jersey, CEO Ulrik Bengtsson said it would ultimately launch in every state where the online casino is legal. That would make Pennsylvania and Michigan the next logical destinations.
Bengtsson shared that most likely a casino brand would bear the William Hill name thanks to the investment in the brand via its partnership with CBS Sports.
“Casino will be helpful as we go on without sports,” Bengtsson said. “I’ve seen the first demo of the product and I’m confident it will be ready soon.
“The regulatory approvals are the unknown and the reason we are being cautious in saying the second half of the year. But it will be a good product and very competitive.”
Sports Betting statistics are down
Recent revenue statistics from NJ illustrate the importance of online gambling for the local economy in a world impacted by a COVID-19 pandemic.
Sports betting income was down by 82% year-on-year in April, but NJ online casino revenue more than doubled to $75 million.
As Bengtsson put it, “We have only been online in half the New Jersey market. We would assume that deploying a product in the other half would help us increase market share.”