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William Hill Attracts the Best Bidders

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One of the leading bookmakers from the United Kingdom, William Hill, has a struggling sports betting department that managed to attract four suiters, as recently reported by the media.

William Hill Attracts the Best Bidders

On the 27th of February, the AFR (Australian Financial Review) made a report that four online betting operations – Paddy Power, Ladbrokes, Bet365 and CrownBet, which recently got acquired by The Stars Group submitted bids for William Hill on the 26th of February 2018.

William Hill Australian Operations – Details

Citigroup was tasked to select William Hill’s Australian division, and they will be choosing a winner at the end of this week. The sale is anticipated to be at around AU$200 million, and the exchange of control and ownership is expected to come as quickly as the end of March 2018, if the lucky winner finds no skeletons lurking in William Hill’s balance sheets.

The online casino operator decided to put its Australian operation under review. This was as a result of the new laws on credit wagering and in-play betting as well as the point of consumption taxes that were recently imposed. All in all, their website is estimated to be controlling about 5% of the Australian regulated online casino gambling market.

The head of William Hill is Tom Waterhouse, whose gambling firm was also acquired by William Hill in 2013. However, the AFR mentioned that the winning bidder might just request a non-compete clause for Tom Waterhouse, whose face and name is well known by the Australian bettors.

The figures of the casino operator aren’t so bad as yet. William Hill reported having total revenue of AU$201 million in 2017 as well as operating profit that was approximately AUD$30 million. This might also be influenced by how they extremely slashed their sports betting marketing spending in the last half of the previous year.

Overview

By the end of the week, we will all know who the lucky winner will be amongst the bidders. At Casino Australia, we will do all that we can to keep Aussie players updated on the latest developments regarding this matter.