During what has been a tough time for so many industries, William Hill continues to shine, performing better than expected. The company’s shares are up 9.32 percent as of midday yesterday. And it appears that analysts and bookmakers will deliver positive news and commentary about the earnings from last month.
The stock was under pressure in June after the company had announced a huge share sale, which was the counterpart of 20 percent of its shares outstanding. Betting trends were positive in May and June, though, as sports started to return, leading to encouraging news and results.
For one of the largest sportsbooks in the country, news like this is music to their ears. It isn’t a huge surprise that they continue to thrive, but more so impressive given the rough circumstances that have been surrounding 2020 since early March.
Focusing on the US
The United States is rapidly growing as a sports betting market, with the legalization of betting on sports still continuing in new states. It has always been huge in the UK, and now finally, the United States is truly starting to catch on. There are huge books scattered throughout various states within the country.
Deutsche Bank has actually just lifted its rating on William Hill from “buy” to hold, showing just how well they are doing that less action may be taken. They are getting some fantastic competitive positioning within the US, and they are looking to apply for betting licenses in all 50 states.
They do believe that some investors overreacted a bit to the news of the 20% share sale in June, citing that it was a response to “post-placing indigestion, a note of caution on the US market opportunity.”
But still, there is so much positive happening, and they are clearly paying attention to this.
Checks and Balances
There were no issues to report here with William Hill, as they were above the threshold, performing well during the challenging months of 2020. A lot of that credit has got to be owed to the KBO, which struck a deal to air games on ESPN for a few months prior to the return of Major League Baseball.
The recent creation of the new Caesars Entertainment is allowing the company to leverage a previously existing relationship with Eldorado Resorts. They will likely eventually manage sportsbooks previously run by the old “Caesars.”
And to get a partner like that with so much past success to help out with things, you’re setting yourself up for further success. William Hill is as popular right now as it has ever been. And it with the NBA season continues to heat up; the bets are only going to continue to pour in.
August should be a promising month for William Hill and all of its affiliates, with all of the baseball and basketball taking place. And if the NFL season winds up happening as scheduled, the impressive earning numbers should be expected to continue.
We’ll see how things go, but the news of a successful July is just what they needed to keep pushing forward and expanding.
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