The new owners of online bookmaker CrownBet are the confirmed buyer of William Hill’s Australian operations after purchasing the business for an enterprise value of $300 million, equivalent to an equity value of $313.7 million.
The Stars Group who purchased Crown Holdings 62% share in bookmaker CrownBet along with Matt Tripp confirmed the purchase of William Hill’s Australian operations having outbid Paddy Power’s Sportsbet.
CrownBet and Paddy Power were the remaining two businesses in the running to purchase the business however the newly formed CrownBet partnership were confirmed as the highest bidder in a statement on Tuesday, a deal which positions the company as the third biggest bookmaker in Australia behind the TAB and Sportsbet.
Philip Bowcock, William Hill’s Chief Executive Officer, said in a statement that the sale would allow William Hill to focus on their UK and US businesses.
“We are pleased to announce the sale of William Hill Australia to CrownBet. The disposal follows a strategic review of the Business, launched in January after its profitability came under increased pressure due to the recent credit betting ban and the likely introduction of a Point of Consumption tax. The disposal will allow William Hill to focus on continuing to grow our UK Online and US businesses, particularly as we prepare for the decision on the PASPA appeal due in 2018.” Bowcock said.
It is rumoured that the TomWaterhouse.com brand is not included in the sale which has sparked speculation that Waterhouse will pick-up where he left things before the sale to William Hill.
More details to come…
William Hill statement just now confirms the sale price of its Australian business to CrownBet is $300m
— John Stensholt (@JohnStensholt) March 6, 2018