Just one week into life as chief exec of a public company, and Betfair boss David Yu has dropped his first monumental clanger. In an interview with the Sunday Telegraph over the weekend, Yu claimed that Betfair is a "bookmaker" - a startling admission as up until now the betting exchange had angrily denied this charge.
Instead, the company always claimed to be a technology platform, which high street bookies say allows Betfair to pay "around three times less in tax and levy than traditional UK bookmakers".
Their lobbyists have all noticed this cock-up and are anxiously exploring ways to convert this open goal into a taxation victory. In fact, William Hill has just put out a press release on the Yu interview. It's title? "Betfair's Identity Crisis - just who are Yu, David?"
Very droll.
Showing posts with label William Hill. Show all posts
Showing posts with label William Hill. Show all posts
Monday, 1 November 2010
Tuesday, 16 March 2010
Punters pray to St Paddy
A decent start to the Cheltenham Festival for the bookmakers with the defeat of odds-on favourite Dunguib in the first (Paddy Power had a liability of £4m alone on the supposed "banker of the week").
Still, elsewhere I hear that William Hill has been busy schmoozing investors to float the idea of another bond issue later this year - in order to refinance its debt (again) and extend maturities.
And who was conducting this City charm offensive? Er, none other than departing finance chief Simon Lane. Should an outgoing CFO really be allowed to present to the City, I hear you ask? The answer, in Cheltenham week, seems to be "yes".
Monday, 21 December 2009
Bottom of the Hill?
What price on another profit warning from bookie William Hill?
I ask as the Nicholls/Walsh combination cleans up in the big races, while racing is being cancelled due to the weather - none of which will go down well with the turf accountants.
Football results have picked up for bookies of late, but they don't usually need much of an excuse to start moaning. Even money.
I ask as the Nicholls/Walsh combination cleans up in the big races, while racing is being cancelled due to the weather - none of which will go down well with the turf accountants.
Football results have picked up for bookies of late, but they don't usually need much of an excuse to start moaning. Even money.
Tuesday, 1 December 2009
Lewis rides again
I read that Joe Lewis, the country's ninth richest man, is working on a takeover bid for Alphameric.
That's the listed technology company that also owns a 50% stake in Turf TV, a joint-venture broadcast service with a consortium of 31 racecourses, that beams live racing footage from the top UK courses into bookmakers' shops.
The bookies have always hated Turf TV - which competes with the Ladbrokes- and William Hill-owned rival, SIS - and the new service's creation triggered a number of lengthy legal battles (eventually won by the Turf TV stable).
Still, there are a couple of intriguing points about Lewis's interest not mentioned in today's Telegraph report.
First, Joe Lewis is still thought to be a sizeable Ladbrokes shareholder; and second, the JV deal covering Turf TV contains a change of control clause that allows the racecourses to buy 100% of the broadcasting service if Alphameric gets takenover.
That's the listed technology company that also owns a 50% stake in Turf TV, a joint-venture broadcast service with a consortium of 31 racecourses, that beams live racing footage from the top UK courses into bookmakers' shops.
The bookies have always hated Turf TV - which competes with the Ladbrokes- and William Hill-owned rival, SIS - and the new service's creation triggered a number of lengthy legal battles (eventually won by the Turf TV stable).
Still, there are a couple of intriguing points about Lewis's interest not mentioned in today's Telegraph report.
First, Joe Lewis is still thought to be a sizeable Ladbrokes shareholder; and second, the JV deal covering Turf TV contains a change of control clause that allows the racecourses to buy 100% of the broadcasting service if Alphameric gets takenover.
Tuesday, 24 November 2009
A turn up for the books
I see William Hill FD, Simon Lane, has left the bookmaker just a few weeks after its bond issue.
That's a nice touch. Presumably the decision to part company must have been made in the past few days, otherwise I'm sure the company would have let investors know about the switch when making representations during the fundraising.
Update 24/11/09, 15:10: Simon Lane attended the bond presentations yet failed to mention his job move. Says one investor: "They should really have delayed the process until they had a new finance director. He didn't answer many questions and didn't give out his [business] card." Shoddy.
That's a nice touch. Presumably the decision to part company must have been made in the past few days, otherwise I'm sure the company would have let investors know about the switch when making representations during the fundraising.
Update 24/11/09, 15:10: Simon Lane attended the bond presentations yet failed to mention his job move. Says one investor: "They should really have delayed the process until they had a new finance director. He didn't answer many questions and didn't give out his [business] card." Shoddy.
Monday, 9 November 2009
Friday, 6 November 2009
Dual on the Hill
Readers of the newspapers' market reports this morning may have experienced something of a double take...
"I hear that the William Hill boys are out schmoozing the bond markets this week in an attempt to raise some cash for the embattled bookie. Apparently the presentation has been poorly received." - SlackBelly, Wednesday November 4, 2009.
"William Hill was under pressure amid chatter it is about to sell high yield bonds to help refinance its existing £1bn debt pile." - Daily Telegraph, Friday November 6, 2009.
"William Hill traded 2½p lower at 173¾p as the bookie’s presentations to the bond markets failed to capture the imagination. It is looking to raise as much as £250 million, partly to pay down debt." - The Times, Friday November 6, 2009.
"I hear that the William Hill boys are out schmoozing the bond markets this week in an attempt to raise some cash for the embattled bookie. Apparently the presentation has been poorly received." - SlackBelly, Wednesday November 4, 2009.
"William Hill was under pressure amid chatter it is about to sell high yield bonds to help refinance its existing £1bn debt pile." - Daily Telegraph, Friday November 6, 2009.
"William Hill traded 2½p lower at 173¾p as the bookie’s presentations to the bond markets failed to capture the imagination. It is looking to raise as much as £250 million, partly to pay down debt." - The Times, Friday November 6, 2009.
Wednesday, 4 November 2009
Over the Hills?
I hear that the William Hill boys are out schmoozing the bond markets this week in an attempt to raise some cash for the embattled bookie. Apparently the presentation has been poorly received. Developing...
Update: the offer is for £200 - 250 million senior notes to pay down bank debt and "general corporate purposes". Presumably they've already spent the £350m rights issue cash from April, then.
Update: the offer is for £200 - 250 million senior notes to pay down bank debt and "general corporate purposes". Presumably they've already spent the £350m rights issue cash from April, then.
Monday, 5 October 2009
Bookmakers expecting another game of two halves
I read that bookmakers are facing the prospect of profit warnings because of heavy losses on the football over recent weeks. Possibly, but I'm a layer of that.
The old "struggling bookmaker" line is (of course) one of the oldest tricks in the turf accountant text book - as punters are encouraged to bet more having fallen for the idea that somebody else is the mug for a change. Not for long.
This PR puff story tends to surface each year, and only the details vary. One of the more imaginative efforts came in 2005, when William Hill blamed the Racing Post's chief tipster Tom Segal for its woeful first half.
Did punters' luck hold out? Of course not. When Hills eventually reported its full year numbers, both turnover and profit had experienced healthy hikes. What price on the same happening again?
The old "struggling bookmaker" line is (of course) one of the oldest tricks in the turf accountant text book - as punters are encouraged to bet more having fallen for the idea that somebody else is the mug for a change. Not for long.
This PR puff story tends to surface each year, and only the details vary. One of the more imaginative efforts came in 2005, when William Hill blamed the Racing Post's chief tipster Tom Segal for its woeful first half.
Did punters' luck hold out? Of course not. When Hills eventually reported its full year numbers, both turnover and profit had experienced healthy hikes. What price on the same happening again?
Subscribe to:
Posts (Atom)
