William Hill CEO Ulrik Bengtsson to step down
Ulrik Bengtsson will leave William Hill following the sale of its international assets to 888 Holdings.
UK.- The bookmaker William Hill has announced that its chief executive, Ulrik Bengtsson, is to leave the company. He steps down after three years in the role.
The news comes just days ahead of the completion of 888 Holding’s acquisition of William Hill’s international assets. The £1.95bn deal is expected to complete on July 1, after which Bengtsson will make his departure. Bengtsson also oversaw the sale of William Hill’s US sports betting operations to the US casino giant Caesars Entertainment.
Bengtsson started his time at William Hill as group chief digital officer in April 2018. In that position, he led the integration of MRG Group. Before joining William Hill, he was at Betsson for five years, first as chief executive of its Malta subsidiary, and then as group CEO and president following Magnus Silfverberg’s departure in February 2016.
Bengtsson said: “With the on-sale to 888 Holdings due to be completed later next week, the time is right for me to say goodbye to William Hill and to hand over to Itai Pazner, CEO of 888 Holdings.
“I look back over the last four years with pride at what we’ve achieved, which has brought us to this point where 888 Holdings see the massive benefit of acquiring William Hill and the opportunities it will open up for both businesses.
“I joined William Hill in April 2018 as chief digital officer and started the journey to diversify William Hill internationally. With the acquisition of Mr Green in early 2019, we created William Hill International and later that year, I was proud to take on the CEO role and lead the business to the great place it is today.
“888 Holdings have acquired a brilliant business with two premium brands in William Hill and Mr Green, and I look forward to seeing how the combined business grows over the coming years.”
The sale of William Hill
Caesars Entertainment bought William Hill in a £2.9bn deal in 2021 following an initial proposal the previous year. Caesars made clear at the time that it wanted William Hill’s US sports betting business and technology and would sell its international assets, which include Mr Green and its original UK fleet of retail bookmakers.
Various contenders expressed an interest in the European business, but the final buyer was 888 Holdings, an online gaming company that has, to date, not operated retail bookmaking. Its shareholders approved the £1.95bn acquisition in May, and the deal is expected to complete on July 1.
888 said Caesars had agreed to lower its enterprise valuation of William Hill from £2.2bn to between £1.95 and £2.05bn due to a change in macroeconomic conditions and regulatory compliance factors since the original deal was made in September 2021.
There has been speculation that 888 would then look to sell the retail stores given its focus on online gaming but the company has suggested that it will keep them on as a new diversification.
Itai Pazner, chief executive of 888 Holdings, said: “Ulrik can rightly be very proud of building such a strong team, and as we look forward to combining the businesses. I am excited about the opportunities for the enlarged business, supported by top-quality management talent from both businesses.”
