William Hill-GVC To Acquire Sportingbet
After many meetings and discussions William Hill and its partner GVC have finally taken over Sportingbet for a reported £485 million Thursday. This means that William Hill will also take over Sportingbet’s Australian operations and have the option to retain its Spanish business as well.
Looks like this is part of a long-term strategy on behalf of William Hill who with this purchase will be on its way to become a major global betting operation. They obviously want to expand and grow internationally into regulated markets and diversify revenue sources via multiple revenue channels as the industry grows.
“This is bang in line with our strategy. More online revenues, more international revenues and more regulated revenues,” William Hill chief executive Ralph Topping said.
“We are laying the foundations today of success for the next 30 years,” said Topping, who has been with the company four decades.
This deal works out to be a cash and stock arrangement with Sportingbet being valued at 56.1 pence.
As part of their strategy to expand globally Will Hill were also granted a Nevada Gaming Commission license as well over the summer and was approved to purchase three Nevada based sports books.
In addition, as part of their global growth marketing efforts, recently, Will Hill signed a deal to become the official supporter of the Scottish National Football team. They are hoping that if team goes all the way to Brazil in 2014 for the World Cup matches, this will lead to further brand marketing, regional efforts and a continued international presence.