When it was announced that international betting operator, William Hill, would be unloading their Australian division, many wondered who would step up to take ownership of the business. In an announcement made on Tuesday, William Hill revealed that CrownBet had purchased their Australian arm of operations in a $300 million deal.
CrownBet Winners Of A Heated Race
Earlier this year, it was announced that William Hill would perform a strategic review to determine the profitability of their operations in Australia, after gambling legislative amendments resulted in stricter credit betting regulations. The review concluded in the company deciding to sell off their Australian division in order to focus on more profitable areas.
In February, major sports betting operators, Ladbrokes, Sportsbet, CrownBet and bet365 each made offers for William Hill Australia. Many analysts suggested that CrownBet and Sportsbet were the two frontrunners to acquire the division after being provided with the right to due diligence.
Last week, CrownBet itself saw a significant interest shift after Canadian online gambling giant, The Stars Group acquired a 62% stake in the company from Crown Resorts. The purchase provided CrownBet with the added support required to secure William Hill Australia.
The two deals will most likely see CrownBet and William Hill be rebranded sometime in future, although it has been suggested that CrownBet will be using current branding for the time being.
CrownBet Deals May Be The Beginning Of Many
Some analysts have predicted that CrownBet’s purchase of William Hill Australia may be only one of many to come in future as some smaller online betting companies may find it difficult to compete with new betting regulations.
Whether or not Australia’s online betting industry will become increasingly consolidated in future remains to be seen. Be sure to keep visiting Casino Australia for all of your latest casino and gambling news updates.