“Following the introduction of tax free betting, our Gibraltar operations have been successfully repatriated to the UK and early indications of the level of turnover increase are encouraging,” said David Michels, chief executive of Hilton.
For the four months ending October 21, pre-tax profit at the Hilton Group was 2.7 percent higher than last year despite the negative impact of the terrorist attacks of September 11 which saw a dramatic fall in its hotel business.
Turnover at the company’s telephone betting business rose by 18 percent during the same time period and its eGaming division now has over 220,000 registered users with sportsbook turnover in excess of £3m ($4.3m/B4.9m) a week.
A leading international investment bank this week reiterated its ‘buy’ recommendation on Hilton shares at 191p and set a price target of 220p. They added that the replacement of the betting tax on a new 15 percent gross profits tax would not impact on Hilton’s profits.
