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

The online gambling company stated the offer with gambling establishment huge Caesars Entertainment would include William Hill's 1,400 UK wagering stores.

888 president Itai Panzer said the acquisition would "create among the world's leading online betting and gaming groups".

The deal is set to develop a combined group with more than 12,000 staff members.

It will aim for cost savings of about ₤ 100m a year as an outcome of the purchase.

888 stated the acquisition would give it "substantially improved direct exposure to sports betting, the world's largest and fastest growing online segment, with the addition of a renowned sports brand".

It also stated William Hill's High Street existence was an important aspect behind the move.

Mr Panzer included: "Our techniques are likewise complementary, being digitally led, consumer focused, and devoted to gamer security and raising industry requirements around much safer betting.
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"We are likewise thrilled about the chances that the retail company supplies and see considerable brand advantages."

William Hill chief executive Ulrik Bengtsson stated: "The William Hill and 888 methods are highly complementary with an outright focus on the product and client experience.

"Scale is significantly crucial in our sector and the combination of business will bet9ja's welcome offer an effective positioning of brands and innovation."

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

The Caesars Palace gambling establishment owner only desired the firm's US operations and said from the outset that it planned to bet9ja's welcome offer other parts of business once the yohaig code offer had gone through, sparking a race to purchase.

Tom Reeg, president of Caesars Entertainment, stated that he was "happy" the company had "found an owner for the William Hill service outside the US which shares the exact same goals, techniques and longer-term ambitions of that business".
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US private equity company Apollo was likewise in the running for the purchase of the European company.

888's takeover is still subject to investor approval, and it will also require to be offered the consent by the Financial Conduct Authority.

Lord Jon Mendelsohn, chair of 888, said: "We think the acquisition will produce significant value for investors, creating a combined service with leading innovation, products and brand names throughout sports wagering, gaming and poker, supported by top quality management talent from both organizations."
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Founded in 1934, the William Hill brand name began out when its founder established a postal and phone-based betting service.

It opened its first wagering shops in the UK in the yohaig code mid-1960s, quickly after their presence on High Streets was made legal.
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Questions had been raised about the worth of the brand name's shops, which were mostly closed throughout the pandemic.

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

5 August 2020
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