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888 agrees to purchase William Hill European business

9 September 2021

888 Holdings has actually accepted buy William Hill's European organization from its US owner in a deal worth ₤ 2.2 bn.

The online gambling company said the handle gambling establishment giant Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.
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888 president Itai Panzer stated the acquisition would "create among the world's leading online betting and video gaming groups".
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The deal is set to develop a combined group with more than 12,000 workers.
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It will go for cost savings of about ₤ 100m a year as an outcome of the purchase.

888 said the yohaig code acquisition would provide it "substantially enhanced direct exposure to sports betting, the world's biggest and fastest growing online segment, with the addition of a renowned sports brand name".

It likewise stated William Hill's High Street presence was an essential factor behind the relocation.

Mr Panzer included: "Our techniques are also complementary, being digitally led, consumer focused, and committed to player defense and raising industry requirements around much safer gambling.

"We are also excited about the opportunities that the retail business offers and see significant brand name advantages."

William Hill chief executive Ulrik Bengtsson stated: "The William Hill and 888 strategies are highly complementary with an outright concentrate on the item and consumer experience.

"Scale is increasingly crucial in our sector and the mix of business will provide an effective positioning of brand names and innovation."

An auction for the non-US side of William Hill's business, which includes online operations throughout the UK and Europe, was initiated by Caesars Entertainment after it had actually obtained the betting giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner only wanted the firm's US operations and stated from the outset that it intended to sell other parts of business once the yohaig code deal had gone through, sparking a race to buy.

Tom Reeg, president of Caesars Entertainment, stated that he was "delighted" the firm had "found an owner for the William Hill company outside the US which shares the exact same goals, methods and longer-term aspirations of that service".
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US private equity Apollo was likewise in the running for the purchase of the European service.

888's takeover is still based on investor approval, and it will likewise require to be provided the go-ahead by the Financial Conduct Authority.
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Lord Jon Mendelsohn, chair of 888, stated: "Our company believe the acquisition will create substantial worth for investors, developing a combined company with leading innovation, products and brand names across sports betting, video gaming and poker, supported by leading quality management talent from both organizations."

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

It opened its first wagering shops in the UK in the mid-1960s, soon after their existence on High Streets was made legal.
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Questions had been raised about the worth of the brand name's bricks-and-mortar stores, which were mainly closed during the pandemic.
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In August in 2015, the business stated it would not be resuming 119 of its betting shops after coronavirus lockdowns, stating it did not anticipate clients to return in the numbers seen before the pandemic.

William Hill to close 119 betting shops

5 August 2020