888 takes over William Hill's European business
The well-known online gaming brand 888 Holdings PLC (888casino, 888sport, 888poker and 888bingo) based in Gibraltar has announced that it has completed the acquisition process of the European businesses of William Hill. The agreement that we had already announced in September went through some moments of uncertainty. The value of William Hill International which includes the Mr Green online casino was revised down and the operation has now been closed to the tune of $730 million.
888 has completed the process of acquiring the non-US businesses of William Hill, owned by Caesars Entertainment. ©ben frost/Unsplash
It was an open secret that since the 2020 purchase of William Hill by Caesars Entertainment with the aim of reinforcing its online bet in the emerging American market, the businesses of the traditional British brand and, above all, his betting shops in Britain weighed like a slab on the balance sheet of the American casino conglomerate.
With the recession suffered by the Covid-19 crisis and Brexit, the largest betting and gambling market in Europe went through delicate moments and ceased to be a priority target for many brands that have preferred to set their sights on, let's say, less demanding markets. Without a comparable turnover, Latin America has become one of the most attractive and 888 has not missed the opportunity to obtain a license to operate in Buenos Aires in partnership with local businesses.
The fact is that after of the agreement we announced in September , last April 888 revised down the initial estimated value from William Hill International, which meant that the cash consideration payable was reduced by almost 30% . Caesars had acquired William Hill in 2020 for $4 billion and, initially, had estimated the sale value of the European businesses at $2.8 billion.
The truth is that 888 thus achieves a substantial reduction in the amount to be paid that could mean a discount of about 250 million pounds sterling. 888 will have access to William Hill's 2 million active customers in the UK and more than 1400 betting shops, in addition to the online business in the European regulated markets that also includes the operator Mr Green.
In this way, the combined businesses of 888 and William Hill International will turn the group into one of the largest online gambling operators :
- 888 (which includes the brand's business in the United States)
- William Hill Online UK
- William Hill Retail UK
- William Hill International
The current executive director (CEO) of 888 Itai Pazner , who will continue with the same position in the new group, stated in a press release:
“I am delighted to announce the completion of our transformative combination with William Hill. We have built an exceptional leadership team, combining the strengths of both businesses, and as we look to the future, the combination of our product and content leadership, powered by our proprietary technology and our world-class brands, gives us a powerful platform for growth.” – Itai Pazner , CEO of 888, in press release
After the acquisition the executive organizational chart is modified and 888 has already announced three new appointments to its board of directors. Ulrik Bengtsson, CEO, and Eric Hageman, CFO, of William Hill will leave the group upon completion of the process.
888 and Caesars, a story that goes back a long way
But it's not the first time 888 and Caesars Entertainment have done business together. In the same year that 888 obtained a license in New Zealand to launch 888casino, in 2012 (888sport would not arrive until 2014), in the United States he joined Caesars to market his poker brands waiting for a change in the regulatory framework.
This meant that the following year 888 was present in the three regulated online markets at that time : Nevada, Delaware and New Jersey, being the first international platform to achieve this. Today, the presence of 888 in the regulated markets of the United States is quite important and with William Hill International strengthens its position both in Europe and in emerging markets such as Latin America or also in Africa. With 888 it is about one of the most awarded international brands in the industry .
