William Hill Online Announced
Betting giant William Hill PLC and gaming software company Playtech have announced William Hill Online - set to become one of Europe’s biggest online gaming and sports betting businesses.
William Hill PLC has acquired affiliates of Playtech Ltd and other assets. Additionally, William Hill has entered into an online gaming licence agreement with Playtech Ltd
William Hill will have the controlling interest as well as become operators of William Hill Online. William Hill has appointed Henry Birch as CEO of William Hill Online with immediate effect. Birch was previously Chief Executive of Leisure & Gaming PLC.
This sees William Hill PLC take a 71% controlling interest in William Hill Online. Further, William Hill PLC will have an option to acquire Playtech’s interest on an independent fair value basis after four and six years.
The agreement with Playtech to provide William Hill Online’s casino, poker, bingo and live gaming software products is for a minimum of five years, with an option to move into other product areas.
The benefits of the venture include a sizable European presence with a greater focus on online gaming. With Playtech’s strengths in online gaming software (both poker and casino) provides a solid stage from which to grow.
William Hill has outlined their strategy to increase both online gaming and overall international revenues. Through this, William Hill Online will be the market leader in the European online gaming and sports betting market and the UK’s number 1 company for online gaming and sports betting with land based gaming and betting operators. This puts William Hill Online in a great position to have rapid online revenues across the UK and Europe.
Chief Executive Officer of William Hill PLC, Ralph Topping stated: “This transaction is a transformational step for William Hill. William Hill Online will be the leading European online gaming and sports betting business.”
William Hill Online is expected to generate net revenues of £190 million. Net revenues are targeted to grow by more than 50% between 2008 and 2010. In the next two years focus will be on net revenue growth with margins maintained and subsequently improved.
With the focus on growth in their stated markets and consolidated revenue targets, William Hill Online is set to become the leader in UK and European online gaming and sports betting.
