Bookmaker William Hill said today it would remodel its retail business in 2019, after it warned full-year 2018 adjusted operating profit was expected to be about 15% lower than a year ago.
The company had cut its profit forecast in November due to tightening regulations in the UK, particularly on lucrative fixed-odds betting terminals (FOBTs), and warned of more losses in the US.
It said today that its US business had broadly broken even in the year.
European gambling companies have been looking to expand across the Atlantic in light of regulatory curbs in Britain and as US states ease curbs on betting.
William Hill said 2018 adjusted operating profit from continuing operations would be £234m, slightly higher than company-supplied analyst estimates of £232.2m.
Profit was lower in its retail business due to tough high-street conditions and the offering would be remodelled in 2019 as chief executive Philip Bowcock looks to make the firm a "digitally-led international business", the company said.
The company had said in November that it would look at new products to offer alternatives to FOBTs.
"With rapid expansion underway in the US and the acquisition of Mr Green nearing completion, we look forward to making further progress this year," Bowcock said in a statement.
William Hill has earmarked about £120-130m for 2019 to fund its US expansion.
