888 accepts buy William Hill European organization

9 September 2021

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

The online betting firm said the deal with gambling establishment giant Caesars Entertainment would include William Hill's 1,400 UK wagering stores.

888 primary executive Itai Panzer stated the acquisition would "create one of the world's leading online betting and video gaming groups".

The bet9ja's welcome offer is set to create a combined group with more than 12,000 workers.

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

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

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

Mr Panzer included: "Our strategies are also complementary, being digitally led, client focused, and dedicated to gamer protection and raising market standards around safer gaming.

"We are also delighted about the opportunities that the yohaig code retail organization provides and see substantial brand benefits."

William Hill president Ulrik Bengtsson stated: "the yohaig code William Hill and 888 techniques are highly complementary with an absolute concentrate on the product and consumer experience.

"Scale is significantly important in our sector and the combination of business will bet9ja's welcome offer a powerful positioning of brand names and innovation."

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

The Caesars Palace gambling establishment owner only wanted the firm's US operations and stated from the beginning that it planned to bet9ja's welcome offer other parts of business once the bet9ja's welcome offer had gone through, stimulating a race to purchase.

Tom Reeg, chief executive of Caesars Entertainment, stated that he was "pleased" the firm had actually "discovered an owner for the William Hill organization outside the US which shares the very same goals, approaches and longer-term ambitions of that organization".

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

888's takeover is still subject to shareholder approval, and it will likewise need to be given the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "We believe the yohaig code acquisition will develop substantial worth for shareholders, creating a combined organization with leading technology, products and brand names throughout sports wagering, video gaming and poker, supported by top-notch management skill from both organizations."

Founded in 1934, the William Hill brand started out when its creator set up a postal and phone-based wagering company.

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

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

In August in 2015, the business said it would not be resuming 119 of its wagering shops after coronavirus lockdowns, saying it did not expect consumers to return in the numbers seen before the pandemic.

William Hill to close 119 wagering stores

5 August 2020