The deal gives 888 scale to help it better compete worldwide, strengthens its sports-betting systems, and puts it in third place in UK online market share, ahead of bet365 and behind only Flutter Entertainment and Entain, the group said. The deal could be a “win-win” for both Caesars and 888, said Regulus Partners. In an analyst presentation, 888 claimed that the William Hill acquisition would have boosted its UK online market share to 14 percent by June this year if it owned the company then, from 9.3 percent in April 2020. The company said it has obtained £2.1bn in financing and it will raise a further £500m in a share sale at some point.Ĩ88 said it made the deal to boost its growing sports-betting operations and add expanding regulated markets. The £2.2bn purchase price is more than 888’s current market capitalization of £1.5bn. The retail cash flow will help it expand in the US, executives said.Ĭost cutting will not be a focus of the deal, Pazner said, and 888 views the deal as more of a merger than an acquisition.

“We did see interest in the retail from the outside, but we feel that the retail is an integral part of the William Hill asset,” CEO Itai Pazner told journalists in a conference call.īetfred and Boyle Sports have been named as potential buyers for the William Hill shops, as 888, founded by Israeli technology entrepreneurs, is currently entirely digital.īut William Hill had already cut its retail empire from 2,300 shops to about 1,400 after stakes on fixed-odds betting terminals were slashed and COVID-19 hammered high-street foot traffic, and the stores remain profitable, 888 said. The comments came on Thursday (September 9) after the Gibraltar-based online gambling company said it had agreed to pay £2.2bn for the non-US operations of the British bookmaker from owner Caesars Entertainment. 888 Holdings has affirmed its interest in keeping William Hill’s 1,400 stores, as its chief executive said it had rebuffed approaches to sell them.

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