For the price of GBP424 million or US$643 million, William Hill is taking full control of its online business. This serves notice of Hill's expansion plan moving forward.
The deal buys out the British bookmaker's online partner in William Hill Online, software firm Playtech. This is the second major deal undertaken by the company. Just three months ago, it agreed to pay GBP460 million for the Australian and Spanish subsidiaries of Sportingbet, the online gambling company. The deal is to be completed by March 19.
The two deals are reshaping how William Hill is in the current market, as its original inception back in 1934 was operating betting stations all across Britain. As it currently obtains 90% of its revenues from Britain, the expansion overseas and online betting growth are but new markets to capture for the company.
According to CEO Ralph topping, "This move rounds off a successful twelve months which have seen us take our first steps into the US and through the pending Sportingbet acquisition, lay the foundations for growth in the attractive Australian market."
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