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888 consents to purchase William Hill European service
bit.ly
9 September 2021
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888 Holdings has consented to purchase William Hill's European company from its US owner in a deal worth ₤ 2.2 bn.

The online betting company said the handle casino huge Caesars Entertainment would include William Hill's 1,400 UK wagering shops.
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888 president Itai Panzer stated the yohaig code acquisition would "develop one of the world's leading online betting and video gaming groups".
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The bet9ja's welcome 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 an outcome of the purchase.

888 stated the acquisition would give it "significantly enhanced exposure to sports wagering, the world's biggest and fastest growing online segment, with the addition of an iconic sports brand".
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It likewise said William Hill's High Street presence was an essential aspect behind the relocation.
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Mr Panzer included: "Our methods are also complementary, being digitally led, customer focused, and committed to player protection and raising market requirements around much safer gambling.

"We are also delighted about the opportunities that the retail organization supplies and see considerable brand advantages."
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William Hill president Ulrik Bengtsson said: "The William Hill and 888 strategies are extremely complementary with an outright concentrate on the product and client experience.

"Scale is increasingly essential in our sector and the combination of the organizations will bet9ja's welcome offer an effective alignment of brands and innovation."

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

The Caesars Palace casino owner only wanted the firm's US and stated from the outset that it planned to offer other parts of business once the deal had gone through, sparking a race to purchase.

Tom Reeg, primary executive of Caesars Entertainment, stated that he was "happy" the company had actually "found an owner for the William Hill company outside the US which shares the exact same objectives, approaches 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 need to be given the go-ahead by the Financial Conduct Authority.
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Lord Jon Mendelsohn, chair of 888, stated: "Our company believe the acquisition will develop considerable value for investors, creating a combined organization with leading innovation, products and brand names across sports wagering, video gaming and poker, supported by high quality management talent from both companies."

Founded in 1934, the William Hill brand name began out when its founder established a postal and phone-based betting company.

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 brand's bricks-and-mortar shops, which were mainly closed throughout the pandemic.

In August last year, the business said it would not be reopening 119 of its wagering stores after coronavirus lockdowns, saying it did not anticipate customers to return in the numbers seen before the pandemic.
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William Hill to close 119 wagering stores

5 August 2020