Ralph Topping's legacy: Five biggest achievements
As James Henderson prepares to take charge next month, eGR looks back at the outgoing CEO's landmark moments
Over the course of his remarkable career, outgoing William Hill CEO Ralph Topping has watched the online gambling world emerge and led his employer to the forefront of it.
From establishing William Hill’s online presence, to revamping its entire digital business and expanding the brand on a global scale, the Scot deserves much credit for his time at the top.
Here’s how we rank his five biggest achievements:
1. Launching online
Topping was tasked with setting up an online division of William Hill back in 1999. His greatest task was arguably changing the mindset of a business with its roots firmly in the retail bookmaking industry.
Around that time, incredibly, he was the only senior member of staff at the bookie to have used the internet, having sent an email to his sister in Canada.
“I remember going to our HR guy and telling him that I didn’t have a clue how to set up an online operation,” Topping told eGR in a 2012 interview. “But I did know that we had to find some smart guys who were already working on the internet and bring them into the business.”
Bryan Kelly (as group webmaster) and Jamie Hart came on board and soon the online business was heading in the right direction. “I remember having massive celebrations when we hit a hundred grand, punching the air and thinking how great we were,” he says.
The online business now generates annual net revenues of £446m and profits of almost £150m.
2. Playtech joint venture
Topping’s signing of an online joint venture with Playtech to form William Hill Online (WHO) in 2008 will be seen as one of the defining moments of his leadership. The Israeli supplier’s CEO described him as a visionary at the time for sealing such a transformational and ground breaking agreement.
Playtech’s software and digital marketing expertise revitalised William Hill’s online business, taking a £26m hit to remove legacy systems in the process. The relationship ran into problems in 2012, including a 600-strong staff walkout in Israel and a court injunction, but it will still be looked upon as a hugely positive move.
Topping also oversaw the £424m buyout of Playtech’s 29% stake in WHO last year, in order to take full control of its online business and push on with its international expansion plans.
3. Outstripping old foes
The difference in fortunes of William Hill under Topping compared to Ladbrokes couldn’t be starker. The pair were once neck and neck in terms of size, and the Scot clearly enjoys the odd dig at his old rival.
And while Ladbrokes has gone through a torrid time in the past five years, particularly in its digital arm, Topping has grown William Hill into a FTSE 100 firm and established a truly global online presence.
He told the Telegraph last year: “I’m sure there’s a few Ladbrokes guys shaking their head at what is going on. It is a shame. I can say that with a straight face because Ladbrokes was a quality organisation.”
4. Australian invasion
The purchase of the Sportingbet Australia, Centrebet and Tom Waterhouse brands for a combined cost of almost £500m last year marked the start of a new era for William Hill. Having relied heavily on UK market revenues for online growth, it could now call itself a truly global operator.
The move saw Hills instantly among Australia’s market leaders, and while some questioned the price William Hill paid, and subsequent marketing costs and integration issues, it should result in a healthy revenue stream for many years to come.
William Hill Australia posted full-year revenues of £86.7m and operating profit of £12m in 2013.
5. Establishing a US footprint
Incoming CEO James Henderson played a huge part in making Topping’s US expansion plans a reality. William Hill bought three businesses for a total of US$55m in the US state of Nevada in June 2012, marking its first foray into the market.
Many assumed the deals would precede a move into the US online market, particularly once New Jersey regulated poker and casino last year. However Hills opted to steer clear, and instead has concentrated on building its retail presence and brand. Full-year revenues from its US bookmaking business in 2013 rose 150% to $517.6m, leading to operating profit of $8.2m.
There will be much more to come from Hills and Henderson in the US, however becoming the first UK bookie to be licensed in Nevada was a significant achievement for Topping.