William Hill Hurt By Cheltenham Festival, Falling Online Revenues, Leicester Payout

William Hill’s earnings were "hit by big losses at the Cheltenham horseracing festival" in the first quarter of '16, according to McClean & Lewin of the FINANCIAL TIMES. Total net revenue fell 3%, while "online net revenue was hit hardest" -- down 11% -- which the bookmaker said was primarily due to "losses at Cheltenham, customer-friendly European football results, and continued declines in non-core markets." Wednesday's results reveal the group's retail division "performed better," however, with net revenues up 3%, benefiting from "improved margins as a result of the unpredictability of the Premier League." The bookmaker "made its biggest payout on record after English football's Leicester City completed one of the most unlikely triumphs in sporting history." Leicester's "conquering" of the EPL resulted in William Hill paying out £3M ($4.3M) on the Midlands team (FT, 5/11).