The New York Times has reported that the internet gambling firm 888 Holdings has emerged victorious in the contest to acquire William Hill’s continental business.
888’s triumphant offer exceeded £2 billion (equivalent to $2.76 billion), surpassing competing bidder Apollo Global Management. This development follows Caesars Entertainment’s acquisition of William Hill for a substantial £2.9 billion, marking one of the largest transactions in the gambling industry’s history. However, Caesars promptly listed William Hill’s European holdings for sale. Initially projected to fetch around £1.5 billion, the asking price surged as numerous international sports wagering and casino gaming entities expressed interest. Earlier this year, German betting conglomerate Tipico was also rumored to be a contender, alongside Apollo Global Management and Betfred as other prominent players. The pool of potential buyers eventually shrank to Apollo, 888, and CVC Capital Partners (in collaboration with Tipico) after Advent International withdrew. Apollo was widely regarded as the frontrunner, and CVC possessed the advantage of prior ownership of William Hill, but ultimately, their combined bid was unsuccessful, leaving only Apollo and 888 in contention.
To date, there has been no official statement from either 888 or William Hill regarding the speculation. Nevertheless, during the previous week’s financial results conference, 888’s Chief Executive, Itai Pazner, suggested their preparedness for growth, stating, “Our market standing is robust, and our product offerings are well-situated for enhanced market share. Furthermore, our financial position is very sound, and we are poised to capitalize on existing market prospects, progressing the organic expansion approach that has yielded positive outcomes in recent times.”
Although the destiny of William Hill’s physical betting locations remains uncertain, 888 has formerly implied that they could potentially retain the retail infrastructure.