CrownBet Purchases William Hill Australia
As we reported earlier William Hill were considering pulling out of the Australian market due to it being nonviable to operate. It has now been confirmed that CrownBet has won the battle for William Hill down under in a $300m acquisition deal.
CrownBet along with Sportsbet were the forerunners for the acquisition and the deal for CrownBet is a big boost for their CEO Matt Tripp who said,” We made no secret about our plans to grow through the acquisition, and we’re pleased to have prevailed here against stiff competition.”
With the acquisition CrownBet will become the third largest sports provider in Australia following Tabcorp and Sportsbet.
This latest acquisition by CrownBet comes after the Stars Group agreed last month to purchase 62% of CrownBet from Crown Resorts.
Some of the issues that William Hill suffered from were new taxes being imposed, much like a point of consumption tax in the UK as well as a ban on bookmakers extending lines of credits to customers.
In a statement explaining the selloff, William Hill’s CEO Philip Bowcock said,” Its profitability came under increased pressure due to the recent credit betting ban. The disposal will allow William Hill to focus on continuing to grow our UK online businesses.”