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888 consents to purchase William Hill European company

9 September 2021

888 Holdings has agreed to buy William Hill's European organization from its US owner in an bet9ja's welcome offer worth ₤ 2.2 bn.

The online betting company stated the bet9ja's welcome offer with casino giant Caesars Entertainment would consist of 1,400 UK betting shops.

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

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

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

888 stated the acquisition would give it "significantly enhanced direct exposure to sports betting, the world's largest and fastest growing online segment, with the addition of an iconic sports brand name".

It also said William Hill's High Street existence was an essential element behind the move.

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

"We are also thrilled about the chances that the retail organization offers and see substantial brand advantages."

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

"Scale is progressively crucial in our sector and the combination of the organizations will provide an effective positioning of brand names and technology."

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

The Caesars Palace casino owner only desired the company's US operations and said from the beginning that it planned to sell other parts of the service once the deal had actually gone through, triggering a race to buy.

Tom Reeg, chief executive of Caesars Entertainment, said that he was "thrilled" the company had "found an owner for the William Hill business outside the US which shares the very same objectives, methods and longer-term aspirations of that organization".

US personal equity company Apollo was likewise in the running for the purchase of the European company.

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

Lord Jon Mendelsohn, chair of 888, stated: "Our company believe the acquisition will develop considerable value for shareholders, developing a combined organization with leading technology, items and brands across sports betting, video gaming and poker, supported by top-notch management talent from both companies."

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

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

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

In August in 2015, the company stated it would not be reopening 119 of its betting stores after coronavirus lockdowns, saying it did not anticipate clients to return in the numbers seen before the pandemic.

William Hill to close 119 betting shops

5 August 2020