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888 consents to buy William Hill European service

9 September 2021

888 Holdings has accepted purchase William Hill's European organization from its US owner in an offer worth ₤ 2.2 bn.

The online gambling firm said the handle casino huge Caesars Entertainment would consist of William Hill's 1,400 UK wagering shops.

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

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

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

888 said the acquisition would bet9ja's welcome offer it "considerably boosted exposure to sports wagering, the world's biggest and fastest growing online sector, with the addition of an iconic sports brand name".

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

Mr Panzer added: "Our methods are also complementary, being digitally led, customer focused, and devoted to gamer security and raising industry requirements around much safer gaming.

"We are likewise delighted about the chances that the retail company provides and see considerable brand name benefits."

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

"Scale is increasingly important in our sector and the mix of business will supply an effective positioning of brands and technology."

An auction for the non-US side of William Hill's company, that includes online operations throughout the UK and Europe, was initiated by Caesars Entertainment after it had actually 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 outset that it intended to bet9ja's welcome offer other parts of the business once the bet9ja's welcome offer had actually gone through, sparking a race to buy.

Tom Reeg, president of Caesars Entertainment, stated that he was "thrilled" the firm had "found an owner for the William Hill service outside the US which shares the exact same objectives, techniques and longer-term aspirations of that business".

US firm Apollo was also in the running for the purchase of the European business.

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: "We think the acquisition will produce significant value for investors, producing a combined organization with leading innovation, products and brand names across sports betting, video gaming and poker, supported by top quality management talent from both services."

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

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

Questions had been raised about the value 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 reopening 119 of its wagering shops after coronavirus lockdowns, stating it did not anticipate clients to return in the numbers seen before the pandemic.

William Hill to close 119 wagering shops

5 August 2020