888 accepts purchase William Hill European company

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 yohaig code online gambling firm said the deal with casino huge Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.

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

The deal is set to create 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 said the acquisition would provide it "considerably improved exposure to sports betting, the yohaig code world's biggest and fastest growing online sector, with the addition of a renowned sports brand name".

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

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

"We are likewise excited about the opportunities that the retail service offers and see substantial brand name benefits."

William Hill chief executive Ulrik Bengtsson stated: "The William Hill and 888 methods are extremely complementary with an absolute concentrate on the item and consumer experience.

"Scale is progressively important in our sector and the combination of business will supply a powerful 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 started by Caesars Entertainment after it had acquired the gambling giant in April for ₤ 2.9 bn.

The Caesars Palace casino owner just wanted the company's US operations and said from the start that it intended to offer other parts of the organization once the offer had actually gone through, triggering a race to purchase.

Tom Reeg, president of Caesars Entertainment, said that he was "thrilled" the company had "discovered an owner for the William Hill business outside the US which shares the same goals, methods and longer-term ambitions of that business".

US private equity firm Apollo was also in the running for the purchase of the European service.

888's takeover is still subject to investor approval, and it will likewise require to be offered the go-ahead by the Financial Conduct .

Lord Jon Mendelsohn, chair of 888, said: "We think the acquisition will develop considerable worth for investors, producing a combined service with leading technology, items and brand names throughout sports betting, gaming and poker, supported by premium management talent from both organizations."

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 very first wagering stores in the UK in the mid-1960s, shortly after their existence on High Streets was made legal.

Questions had been raised about the worth of the yohaig code brand's bricks-and-mortar shops, which were largely closed throughout the pandemic.

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

William Hill to close 119 wagering shops

5 August 2020