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William Hill Bingo was the star performer in the William Hill group last year, delivering growth of 169%.

The bingo operation, which is grouped together with skill games for financial reporting purposes, saw explosive growth on the back of a TV advertising campaign and extensive advertising of William Hill Bingo in the group's betting shops.

Overall revenues from William Hill's online operations rose 13% in 2008, to £83.1 million. Poker disappointed with a 21% fall in revenues while sports betting increased by 6%.

Earlier this year William Hill entered into an agreement with Playtech which saw the two groups combine their online sites into one group under the leadership of William Hill online bingo chief executive Henry Birch. Playtech own 29% of the new group.

An interesting statement in the financial results says: “We also entered into a software agreement with Playtech for a minimum of five years, which will enable us to benefit from Playtech's improved poker and casino software.” The failure to mention use of Playtech's free bingo game software, which is widely regarded as one of the poorer products in the industry, suggests William Hill will stick with their current provider, Virtue Fusion, for the forseeable future.

At the same time William Hill informed the market they had reached new agreements with their banks to provide new funding of £838.5 million and would raise a further £350 million through a rights issue with shareholders entitled to subscribe on a one-for-one basis for new shares at 105 pence, a 57% discount to yesterday's closing price. Shares in WIlliam Hill edged up 3 pence to 250 pence in early trading.

News Sources:-
Posted by Debbie Archer on 27 February 2009
http://www.bingonews.com/2188/william-hill-bingo-up-169-percent-in-one-year/?lang=all

The government will not change the VAT regime on bingo halls despite industry claims that the tax situation is unfair and will cause hundreds of bingo halls to close.

The bingo industry has mounted a vigorous campaign to abolish VAT being charged on free bingo tickets, which they claim amounts to double taxation.

But Treasury secretary Angela Eagle has ruled out any changed to the VAT regime, saying it would not be an “appropriate solution”.

A government insider told Bingo News: “While the Treasury recognised the bingo industry’s claims it is politically impossible to cut taxes on gambling at a time of huge economic difficulty. The Daily Mail would absolutely slaughter us and I doubt The Guardian would be terribly impressed either. It was just not going to happen.”

The bingo industry claims that because of double taxation they face a total taxation bill of 32%, versus 15% for most UK bingo based gambling companies. But Ms Eagle said that bingo halls actually faced a 25% tax bill which was comparable with other UK gambling companies.

She said: “Our assessment remains that tax is not at the root of the industry’s problems and nor do we believe that alteration of the tax regime would be an appropriate solution to them.”

Bingo industry leaders say that up to 100 clubs could close in the next 12 months as many had been waiting for a VAT ruling from the government before deciding whether to shut their doors.

News Sources:- Bingo News
Posted by Debbie Archer on 26 February 2009