888 accepts purchase William Hill European service

9 September 2021

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

The online gambling firm said the deal with gambling establishment huge Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.

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

The bet9ja's welcome offer is set to develop a combined group with more than 12,000 staff members.

It will intend for cost savings of about ₤ 100m a year as a result of the yohaig code purchase.

888 stated the acquisition would provide it "considerably enhanced direct exposure to sports betting, the world's biggest and fastest growing online sector, with the addition of a renowned sports brand".

It also stated William Hill's High Street presence was a crucial factor behind the move.

Mr Panzer included: "Our methods are likewise complementary, being digitally led, consumer focused, and dedicated to gamer protection and raising market standards around more secure gambling.

"We are likewise excited about the chances that the retail service offers and see considerable brand advantages."

William Hill president Ulrik Bengtsson said: "The William Hill and 888 methods are highly complementary with an absolute concentrate on the product and customer experience.

"Scale is progressively essential in our sector and the mix of the organizations will supply a powerful alignment of brands and technology."

An auction for the non-US side of William Hill's service, that includes online operations across the UK and Europe, was started by Caesars Entertainment after it had gotten the betting giant in April for ₤ 2.9 bn.

The Caesars Palace gambling establishment owner just wanted the company's US operations and stated from the beginning that it intended to bet9ja's welcome offer other parts of the service once the yohaig code deal had gone through, stimulating a race to buy.

Tom Reeg, president of Caesars Entertainment, said that he was "thrilled" the company had actually "discovered an owner for the William Hill organization outside the US which shares the very same goals, techniques and longer-term ambitions of that organization".

US personal equity firm Apollo was also in the yohaig code running for the purchase of the European company.

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

Lord Jon Mendelsohn, chair of 888, stated: "Our company believe the acquisition will produce considerable value for shareholders, developing a combined business with leading technology, products and brands throughout sports betting, gaming and poker, supported by top quality management skill from both services."

Founded in 1934, the William Hill brand name started when its founder set up a postal and phone-based wagering organization.

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

Questions had actually been raised about the value of the brand name's bricks-and-mortar shops, which were largely closed during the pandemic.

In August in 2015, the business said it would not be reopening 119 of its betting shops after coronavirus lockdowns, stating it did not expect customers to return in the numbers seen before the pandemic.

William Hill to close 119 betting stores

5 August 2020