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Higher taxes and punter friendly football results weighed on William Hill’s (LON:WMH) first quarter with the bookmaker reporting a slide in profit.
An increase in gambling duties and taxes on fixed odds betting machines contributed to a 19%, or £16mln, fall in operating profit in the 13 weeks to 1 April.
The high street bookie also blamed unfavourable football results in the third week of January which led to a £14mln hit - its largest ever loss making week.
"As the end of the football season draws closer, we have not as yet made up the shortfall arising from loss in Week 3,” said chief executive James Henderson.
Performance picked up in February and March somewhat, he added, as online wagering grew for the Cheltenham festival.
Bets in Australia, where William Hill has been rebranding its Sportingbet business, dropped by 22%.
US wagering went up 30% on a local currency basis. Gross win growth was flat as sporting results, driven by the Super Bowl, were less favourable than in 2014.
Broker Panmure Gordon retained its ‘hold’ recommendation with 400p price target, but said it was a softer statement than expected.
Shares in William Hill lost 14p, or 4%, and fell to 357p.