WilliamHill benefits from GVC SportingBet acquisition
GVC Holdings, a provider of B2B and B2C services, has completed their acquisition of SportingBet. Under the terms of the deal, British bookmaker William Hill (SBR rating A) has acquired SportingBet's Australian business and has been granted a call option over SportingBet's Spanish business.
SBR initially reported of the deal on December 28th, noting that software company Playtech was squabbling over the proposed deal. SportingBet shareholders however gave their stamp of approval this February and the deal was finalised soon thereafter.
Speaking of the deal was Kenneth Alexander, CEO of GVC Holdings PLC: "The acquisition of Sportingbet is a transformational deal. It consolidates GVC's position as one of the leading operators in these markets and should provide scope for considerable growth."
William Hill CEO Ralph Topping also weighed in: "This acquisition is part of our core strategy to expand selectively into international markets and to grow online revenues. Australia is one of the largest licensed betting markets in the world where, up until now, William Hill has not had a footprint. We have particular skills in those areas of the Australian market that are demonstrating strong structural growth: online, mobile, fixed odds betting and sports betting. The Australian business offers us a well-recognised brand, an experienced team and a market-leading position in a highly competitive market. We look forward to working with our new colleagues to use the capabilities of both businesses to maximise that position."
WillHill is featured on SBR's best Live Betting Sportsbooks list.
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