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888 accepts buy William Hill European service

9 September 2021

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

The online gaming firm said the handle casino giant Caesars Entertainment would include William Hill's 1,400 UK betting shops.

888 chief executive Itai Panzer said the acquisition would "create among the world's leading online wagering and gaming groups".

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

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

888 said the acquisition would bet9ja's welcome offer it "significantly enhanced exposure to sports wagering, the yohaig code world's largest and fastest growing online sector, with the addition of an iconic sports brand".

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

Mr Panzer included: "Our strategies are likewise complementary, being digitally led, consumer focused, and committed to player security and raising market requirements around much safer gaming.

"We are also excited about the opportunities that the retail organization provides and see considerable brand name benefits."

William Hill president Ulrik Bengtsson stated: "the yohaig code William Hill and 888 strategies are highly complementary with an absolute focus on the item and client experience.

"Scale is progressively crucial in our sector and the mix of business will provide an effective alignment of brands and technology."

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

The Caesars Palace casino owner only wanted the company's US operations and said from the outset that it meant to sell other parts of business once the yohaig code deal had actually gone through, stimulating a race to buy.

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

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

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

Lord Jon Mendelsohn, chair of 888, stated: "Our company believe the acquisition will produce considerable worth for shareholders, producing a combined company with leading technology, products and brand names throughout sports wagering, gaming and poker, supported by high quality management talent from both companies."

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

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

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

In August last year, the company said it would not be resuming 119 of its wagering stores 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