William Hill’s betting shop business slumped to a £29.5m loss, largely offsetting growth of 3% in online revenues. The group made a pre-tax profit of just £9.1m in 2020 as a result, down 91% on 2019. Photo: Getty

Bookmakers Ladbrokes and William Hill (WMH.L) reported slumping revenues at their betting shops on Thursday due to the COVID-19 pandemic.

The rival bookmakers published contrasting sets of full-year results on Thursday, with William Hill suffering a slump in profits while Ladbrokes managed to grow earning. Both saw sales at their betting shops slump as the pandemic forced them close and led to the cancellation of live sports.

William Hill’s betting shop business slumped to a £29.5m loss, largely offsetting growth of 3% in online revenues. The group made a pre-tax profit of just £9.1m in 2020 as a result, down 91% on 2019.

“Retail has undergone regional disruption although where stores did re-open, they quickly traded towards pre-COVID levels,” chief executive Ulrik Bengtsson said. He pointed to strong growing in online and said the company’s strategy was “bearing fruit.”

Ladbrokes, meanwhile, fared better thanks to its US joint venture. Entain (ENT.L), Ladbrokes parent company, reported a pre-tax profit of £174.7m compared to a loss in 2019. Underlying profits rose by 2%.