5g88 During the darkest days of the coronavirus crisis, William Hill and rivals, such as Flutter Entertainment and GVC Holdings, warned investors earnings would be slammed by canceled and postponed sporting events. UK bookmakers scrambled to conserve and raise cash, moves that include debt sales and suspending dividends.

However, the situation rapidly improved, with William Hill saying today its monthly cash burn rate is declining and that it entirely paid off a 2020 bond with $254.65 million outstanding. The company said it has $627.23 million in liquidity “and a line of sight to generating positive cash flow from our operations in the second half of the year.”

Regarding the share sale, William Hill said the proceeds will be used to bolster its balance sheet and finance long-term growth plans. The company isn’t the first sportsbook operator to take advantage of improving market conditions to raise capital. Last month, rival Flutter announced a $1 billion secondary offering.