{"id":130476,"date":"2020-03-18T13:33:56","date_gmt":"2020-03-18T20:33:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=130476"},"modified":"2020-03-18T14:03:25","modified_gmt":"2020-03-18T21:03:25","slug":"gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/","title":{"rendered":"GVC, William Hill Issue Grim Profit Warnings Over Sports Cancellations"},"content":{"rendered":"

GVC and William Hill both warned their investors Wednesday of the substantial damage the unprecedented cancellation of elite sports events will wreak on their profits.<\/p>\n

\"GVC\"
UEFA Euro 2020, the second-most bet-upon soccer tournament after the World Cup, is just one of a slew of events that have been canceled or postponed. (Image: UEFA)<\/figcaption><\/figure>\n

GVC said that while it was difficult to gauge with precision the effect the novel coronavirus will ultimately have, it believes that its earnings before interest, tax, depreciation and amortization (EBITDA) could decrease by up to \u00a3150 million ($184.6 million) in 2020.<\/p>\n

William Hill said it expected to take a hit of \u00a3110 million ($134 million) \u2013 a similar figure cited by rival Flutter Entertainment on Tuesday.<\/p>\n

Ladbrokes Coral-owner GVC, William Hill, and Flutter are the biggest players in the UK betting market — along with Bet365, which, as a private company, is not required to disclose details of its financial performance.<\/p>\n

The UK market is the biggest regulated sports betting market in the world \u2013 or, at least it was, before they canceled all the sports.<\/p>\n

Flutter Most Exposed to Fallout<\/strong><\/h2>\n

GVC expects to take the biggest hit. But thanks to its aggressive consolidation in recent years, it is also a bigger company. And it\u2019s less exposed to sports betting than its rivals and so theoretically better placed to absorb the shock.<\/p>\n

Last year, around 45 percent of GVC\u2019s net gaming revenue was generated from wagers on sports events, compared with 53 percent for William Hill.<\/p>\n

Flutter, which owns Paddy Power and Betfair, is even more exposed, with 78 percent of its revenues coming from sports betting last year.<\/p>\n

While we do not underestimate the challenge presented by Covid-19, GVC is in a robust position to manage the impact on our operations,\u201d GVC chief executive Kenneth Alexander said in a statement.<\/p><\/blockquote>\n

“We are a diverse global business, with an experienced and expert management team, which operates across multiple products and markets … Our priority is to protect our employees while maintaining our offer to our customers at this difficult time,\u201d he added.<\/p>\n

Dividend Scrapped<\/strong><\/h2>\n

William Hill said it would suspend the 2019 dividend payment it had promised shareholders in order to retain resources to help it absorb the financial shock. It also has an untapped revolving credit facility of \u00a3425 million ($493 million) to fall back on.<\/p>\n

\u201cThese are truly unprecedented times. But William Hill has been around for 86 years and, over that time, we have gained huge experience and understanding of our customers,\u201d said William Hill CEO Ulrik Bengtsson. \u201cPeople want to place sports bets and they will continue to do so where possible.\u201d<\/p>\n

Both GVC and William Hill said their estimates were based on certain contingencies, such as that the English Premier League will restart in July and that UEFA Euro 2020 will be postponed until 2021 (it will).<\/p>\n

But GVC added that EBITDA would be reduced by a further \u00a345 million ($52.2 million) to \u00a350 million ($58 million) per month should its UK betting outlets be forced to close. William Hill said the same scenario would cost it an extra \u00a325 million ($29 million) to \u00a330 million ($34.8 million) per month.<\/p>\n","protected":false},"excerpt":{"rendered":"

GVC and William Hill both warned their investors Wednesday of the substantial damage the unprecedented cancellation of elite sports events will wreak on their profits. GVC said that while it was difficult to gauge with precision the effect the novel coronavirus will ultimately have, it believes that its earnings before interest, tax, depreciation and amortization […]<\/p>\n","protected":false},"author":36,"featured_media":130477,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nGVC, William Hill Issue Grim Profit Warnings Over Sports Cancelations<\/title>\n<meta name=\"description\" content=\"GVC and William Hill say they expect more that \u00a3100 million to be wiped off profits due to the canceling of global sports events but Flutter most exposed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GVC, William Hill Issue Grim Profit Warnings Over Sports Cancelations\" \/>\n<meta property=\"og:description\" content=\"GVC and William Hill say they expect more that \u00a3100 million to be wiped off profits due to the canceling of global sports events but Flutter most exposed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-18T20:33:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-18T21:03:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/euros.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/\",\"url\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/\",\"name\":\"GVC, William Hill Issue Grim Profit Warnings Over Sports Cancelations\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/euros.jpg\",\"datePublished\":\"2020-03-18T20:33:56+00:00\",\"dateModified\":\"2020-03-18T21:03:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"GVC and William Hill say they expect more that \u00a3100 million to be wiped off profits due to the canceling of global sports events but Flutter most exposed.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gvc-william-hill-issue-grim-profit-warnings-over-sports-cancelations\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/euros.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/euros.jpg\",\"width\":1200,\"height\":900,\"caption\":\"The UEFA Euros 2020, the second most bet upon soccer tournament after the World Cup, is just one of a slew of events that have been canceled or postponed. 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