There are very few online gaming and betting operators across the world that are bigger and better than 888Sport, which is owned and managed by 888 Holdings plc. And now, the company has gone on to complete a massive acquisition of another leading online gambling giant, which is a major development for the overall gambling industry across the world
888 on Friday, 1st July 2022 completed the acquisition of leading gambling brand William Hill for a whopping deal amount of as much as £2 billion. Chief Executive Officer of 888 Holding, Itai Pazner, confirmed the acquisition and he mentioned that William Hill has a ‘powerful’ platform for growth.
888 completes William Hill acquisition
As per the deal, 888 will take over the non-US parts of the William Hill business, taking over from casino giant Caesars Entertainment. Pazner also announced the new management group that will take care of these parts, which has now tripled in size since the acquisition. This development comes after William Hill CEO Ulrik Bengtsson and former CFO Eric Hageman announced leaving the company last week.
While Pazner will be the CEO, Yariv Dafna will take on the role of CFO while Vaughan Lewis will be operating as Chief Strategy Officer (CSO). Phil Walker will be managing director for the UK, someone who held several senior roles at Gala Coral and Ladbrokes Coral before joining the 888 Holdings team.
For those who don’t know, 888 already operates one of the biggest sports betting brands in the world called 888Sport.com while they have another names under their portfolio like 888Casino, 888Poker, and more. At 888.com, users can access almost every product that falls under the sphere of online gaming, and there’s no lacking when it comes to quality of these offerings either.
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“We have built an outstanding leadership team, combining strengths from across both businesses, and as I look at the future, the combination of our product and content leadership, powered by our proprietary technology, and our world-class brands, gives us a powerful platform for growth,” said Pazner about the latest William Hill acquisition.
Initially, it was Caesars who announced buying out the William Hill business with an intent to dispose all but their USA assets for approximately £2.9 billion. Then in September 2021, 888 agreed to acquire the non-US assets of William Hill, with the original price of the deal supposed to be at £2.2 billion.
Then, the two parties mutually agreed on reducing the price by £250 million, with the cash portion of the deal now at £585 million instead of the originally agreed amount of £835 million. 888 Chairman Lord Mendelsohn believes that the acquisition will lead to a combined business with potential of being one of the world’s largest online gambling providers.
Such acquisitions and mergers are common in the online betting and gambling space but one of this magnitude are very rare. For all updates from the sports betting and casino gaming space as well as more updates from this deal, make sure you stay tuned to ReadScoops.com…
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