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William Hill confirms Playtech plan

William Hill laid out the timetable for completing its dealings with Sportingbet and Playtech but no news on a fund-raising
October 19, 2012

William Hill 's (WMH) management statement was the equivalent of a holding pattern as management laid out the timeframe for the possible completion of deals to buy Sportingbet (SBT) and Playtech 's (PTEC) share of William Hill Online. By triggering the valuation process now, the company will know by February next year what price the fast growing online division will command. In the meantime, the bookmaker's operational performance emphasises how important online has become.

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Despite a weak summer of low-volume betting on the Olympics and a succession of washed out horse races, online sales grew 18 per cent, generating operating profits of £34.8m, 42 per cent higher than last year. Over-the-counter betting was also robust with sales and profits growing by 3 per cent and 8 per cent, respectively.