William Hill boosts profits by 26%

Punters gambling on the football World Cup helped bookmaker William Hill score a 26% boost in underlying profits, the company said today.

The tournament in Japan and South Korea last summer brought in £13m (€18.8m) of “gross wins” for the high street bookies.

Chief executive David Harding said the event had further stimulated betting activity and enabled the company to recruit new customers.

The London-based group made record profits in 2002, posting underlying profits of £141.4m (€204.6m) for the year to December 31 today.

Changes in UK betting rules in 2001 – in which bookmakers’ gross profit rather than customers’ stakes is taxed – also boosted the company which floated on the London Stock Exchange in June.

Mr Harding said: “From the day of the introduction of the new tax there has been clear evidence of customers recycling the money saved on deductions into more and bigger bets.”