William Hill sports betting brand launches in Latvia
William Hill has launched via a rebranding of established Latvian sports betting brand 11.lv.
Latvia.- William Hill has launched sports betting in Latvia through a rebranding of established local name 11.lv, which it acquired in 2019. 11.lv has operated in Latvia under a local licence since 2012, offering both online casino and sports betting.
William Hill said it intended to use existing media partnerships to promote the new brand and raise awareness of William Hill in Latvia ahead of popular sporting events including the 2022 IIHF Ice Hockey World Championship and the Responsible Gaming Latvian Cup football tournament, which William Hill provides financial support to.
William Hill International managing director Nir Hakarmeli said: “I am very proud of the work done building 11.lv brand in the Latvian market, becoming one of the leading brands in the country.
“This makes us well-positioned to take this strategic step, and we look forward to introducing one of the strongest brands in the industry and proving to our Latvian customers that William Hill is who you play with.”
888 shareholders approve William Hill acquisition
The news comes after 888 Holdings’ shareholders voted this week to approve the operator’s acquisition of William Hill’s European assets from US casino giant Caesars Entertainment for £1.95bn.
888 reached a deal to buy the non-US assets in September, but since William Hill’s assets are larger than 888’s current business, the deal is classified as a reverse takeover and needing approval from 888’s shareholders.
The result of that is 307 million votes – 99.7 per cent of voting shares – in favour, and only 819,264 against. 888 expects to complete the deal on or around June 30.
888 Holdings reached an agreement for a reduced price for the acquisition, saving it £250m, £100m of which will be kept as a 2024 earn-out incentive depending on EBITDA performance.
888 said the seller, Caesars Entertainment, 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. It still expects to finalise its takeover of William Hill by the end of H1 trading.
