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888 agrees to buy William Hill European organization
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9 September 2021
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888 Holdings has actually accepted buy William Hill's European organization from its US owner in an bet9ja's welcome offer worth ₤ 2.2 bn.

The online gaming company said the handle gambling establishment giant Caesars Entertainment would consist of William Hill's 1,400 UK betting shops.

888 Panzer said the acquisition would "produce one of the world's leading online wagering and gaming groups".
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The deal is set to produce a combined group with more than 12,000 staff members.

It will intend for cost savings of about ₤ 100m a year as a result of the purchase.

888 stated the acquisition would provide it "substantially improved direct exposure to sports wagering, the world's largest and fastest growing online segment, with the addition of an iconic sports brand".

It likewise said William Hill's High Street existence was an essential factor behind the move.
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Mr Panzer added: "Our strategies are also complementary, being digitally led, client focused, and dedicated to gamer protection and raising industry requirements around much safer betting.

"We are likewise delighted about the chances that the retail business supplies and see considerable brand name benefits."
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William Hill president Ulrik Bengtsson stated: "The William Hill and 888 methods are extremely complementary with an outright focus on the product and consumer experience.

"Scale is significantly essential in our sector and the mix of the services will supply an effective positioning of brands and technology."

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

The Caesars Palace gambling establishment owner just wanted the company's US operations and stated from the beginning that it planned to sell other parts of business once the bet9ja's welcome offer had actually gone through, triggering a race to buy.
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Tom Reeg, chief executive of Caesars Entertainment, said that he was "thrilled" the company had actually "found an owner for the William Hill business outside the US which shares the exact same goals, methods and longer-term aspirations of that business".

US private equity firm Apollo was also in the running for the purchase of the European organization.

888's takeover is still subject to shareholder approval, and it will likewise require to be provided the go-ahead by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "Our company believe the acquisition will produce substantial worth for investors, developing a combined business with leading technology, items and brands across sports wagering, video gaming and poker, supported by premium management skill from both services."

Founded in 1934, the William Hill brand name began when its founder set up a postal and phone-based betting organization.

It opened its first wagering shops in the UK in the mid-1960s, soon after their presence on High Streets was made legal.
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Questions had actually been raised about the worth of the brand name's bricks-and-mortar stores, which were largely closed throughout the pandemic.

In August last year, the company stated it would not be resuming 119 of its betting stores after coronavirus lockdowns, saying it did not anticipate consumers to return in the numbers seen before the pandemic.

William Hill to close 119 betting shops

5 August 2020
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