According to Reuters, one of the world’s biggest online gambling brands 888 is about to buy William Hill. Namely, 888 Holdings will be focusing on William Hill’s businesses outside the United States for now. They announced a $3 billion stake upcoming.
Right now, Caesars owns all Will Hill businesses, but this will likely change in the near future.
William Hill also offers premium physical betting shops, over 1,400 of them. In turn, this gives 888 a huge head start over the competition. This seems to be a wise strategic move on the side of 888. Read more below.
Biggest Purchase in 20 Years
This is the largest acquisition that 888 have undertaken in the past two decades. Let’s remind ourselves, 888 were established way back in 1997. William Hill has been around since 1934, and online since 1998.
After the listing purchase almost 20 years ago, 888 are now entering a new era of investment. Thanks to this specific purchase, 888 will gain access to the collective database of over 2 million William Hill players.
So far, 888 have focused solely on the world of digital gambling. Nevertheless, the obtainment of Will Hill will likely shift this focal point. As a leader in physical betting shops, Will Hill has curbed the way punters perceive betting overall.
Itai Pazner, Chief Executive Officer at 888, has spoken about the new business venture.
“Our plans are absolutely to keep the shops. The shops are run well, they are profitable, they went through a big transformation in the last couple of years.”
Pure Online Player Gets Physical
Pazner went on to comment on the financial part of things.
“We have found an owner for the William Hill business outside the U.S. which shares the same objectives, approaches and longer-term ambitions of that business.”
Importantly, besides the UK, Will Hill also operates in Spain, Italy, and the Nordics. 888 expect quite some cost savings. Namely, 1000 million pounds per year should maintain after the deal. The largest shareholder is Dalia Shaked Trust, and the trust owns 23% of 888.