Bookmaker William Hill said full-year operating profit would be at the top end of expectations after a surge in demand for in-play betting underpinned a strong fourth quarter.

William Hill, which has around 2,300 betting shops in Britain and Ireland, said today it expected an operating profit of around £275 million for its year to December 28th.

Market expectations were in a £256-276 million range, with the average at £264 million.

"This is a strong performance and our online business and the gaming machines in our shops continued to see encouraging revenue growth during Q4," chief executive Ralph Topping said.

William Hill Online grew net revenue 24 per cent during the year. In sports betting, sales rose 57 per cent including growth of 114 per cent in in-play betting, which enables gamblers to bet on sporting events while they are going on.

"Our continuing technological developments in what is a fast changing industry have underpinned growth and the doubling of our turnover from in-play this year demonstrates that customers are welcoming this innovations," Mr Topping said.

William Hill said net revenue at its shops grew 3 per cent with a 13 per cent rise in gross win (total bets minus payouts) from its gambling machines offsetting a 1 per cent decline in over-the-counter (OTC) revenue.

Investec reiterated its 'buy' recommendation.

"We see continued growth driven by online and machine momentum," said Investec analyst Paul Leyland.

Reuters