888 consents to purchase William Hill European business

9 September 2021

888 Holdings has agreed to purchase William Hill's European company from its US owner in a deal worth ₤ 2.2 bn.

The online gambling firm stated the bet9ja's welcome offer with gambling establishment giant Caesars Entertainment would include William Hill's 1,400 UK betting shops.

888 president Itai Panzer stated the acquisition would "produce among the world's leading online betting and gaming groups".

The deal is set to produce a combined group with more than 12,000 employees.

It will go for savings of about ₤ 100m a year as a result of the purchase.

888 stated the acquisition would provide it "substantially boosted exposure to sports betting, the world's biggest and fastest growing online section, with the addition of an iconic sports brand name".

It likewise said William Hill's High Street existence was an important aspect behind the relocation.

Mr Panzer added: "Our techniques are likewise complementary, being digitally led, client focused, and dedicated to player security and raising industry requirements around safer gambling.

"We are likewise excited about the opportunities that the retail company offers and see significant brand name benefits."

William Hill president Ulrik Bengtsson said: "The William Hill and 888 techniques are extremely complementary with an outright focus on the item and client experience.

"Scale is increasingly crucial in our sector and the yohaig code combination of business will bet9ja's welcome offer an effective positioning of brand names and innovation."

An auction for the non-US side of William Hill's company, which consists of online operations across the UK and Europe, was started by Caesars Entertainment after it had actually acquired the gaming giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner just desired the company's US operations and stated from the beginning that it meant to sell other parts of business once the bet9ja's welcome offer had actually gone through, triggering a race to buy.

Tom Reeg, president of Caesars Entertainment, said that he was "pleased" the firm had "discovered an owner for the William Hill service outside the US which shares the same goals, approaches and longer-term aspirations of that service".

US private equity company Apollo was likewise in the running for the purchase of the European organization.

888's takeover is still based on shareholder approval, and it will also need to be provided the go-ahead by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "Our company believe the acquisition will develop significant value for investors, producing a combined business with leading innovation, items and brands across sports betting, gaming and poker, supported by premium management talent from both organizations."

Founded in 1934, the William Hill brand name started when its founder established a postal and phone-based betting company.

It opened its first betting shops in the UK in the mid-1960s, shortly after their existence on High Streets was made legal.

Questions had actually been raised about the worth of the brand name's bricks-and-mortar stores, which were mostly closed throughout the pandemic.

In August last year, the company said it would not be resuming 119 of its betting shops after coronavirus lockdowns, saying it did not anticipate customers to return in the numbers seen before the pandemic.

William Hill to close 119 betting stores

5 August 2020