|Internet and land gambling specialist William Hill has announced an exceptional non-cash impairment charge of just over $43 million and restructuring costs of almost eight million dollars after ceasing efforts at developing its NextGen online betting software.|
The UK gambling giant announced it was scrapping its in-house development program following an independent review of the sportsbetting project last year in favour of an outsourced solution now widely rumoured to be from Orbis Openbet.
Orbis Openbet developed the software behind the interactive websites of rivals such as Ladbrokes, Paddy Power and Tote with William Hill admitting that installing any new system would put it ‘back a year’ in the development of a website that could take complex bets in-running during events as any new technology is not expected to go live until the fourth quarter of 2008.
'A couple of years back, we believed we could get an advantage over our competitors by developing our own system but, in truth, we are not software developers,' said Charles Scott, Executive Chairman for William Hill.
Although the excursion into gambling software development ended up being very expensive as well as unsuccessful, overall performance for the firm was strong with the company reporting anticipated earnings before interest, tax and exceptional items of around $558 million.