CrownBet acquires William Hill

The Australian unit of William Hill is sold to CrownBet for nearly US$248 million.

Australia.- Major sports betting operator William Hill has accomplished its plan of leaving the Australian market after facing several problems with the country’s authorities. As revealed yesterday by the international media, William Hill’s Australian unit was acquired by CrownBet Holdings and a group of shareholders associated with the founder and CEO Matthew Tripp.

According to the official statement, the transaction was set at nearly US$248 million. The British bookmaker had experienced a pre-tax loss with reduced business transactions in Australia last year. In January, the British bookmaker launched a strategic review of the business, which it admitted could involve the sale of the business.

“The disposal is expected to complete following regulatory approvals from the Foreign Investment Review Board and the Northern Territory Racing Commission, which William Hill expect will be obtained in a timely manner,” revealed the report.

“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,” CEO Philip Bowcock said in the release. “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.”