WillHill acquires online sportsbook TomWaterhouse.com

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British bookmaking giant William Hill (SBR rating A) has acquired the online betting business of TomWaterhouse.com for a reported $34 million. Tom Waterhouse will stay on as managing director and could line his pockets with up to $70 million more under the terms of the earn-out agreement.

“I am excited by tomwaterhouse.com becoming part of the William Hill family. We’ve been looking for the right strategic partner for some time – William Hill is that partner and so much more,” Waterhouse said, according to a report by TheGuardian.com.

For WillHill's side, CEO Ralph Topping spoke on continuing to expand the business and his vision for the company to become Australia's biggest online sportsbook.

"International expansion is a key part of William Hill’s growth strategy and making Australia our second home is our priority. The Sportingbet acquisition gave us a strong and proven platform with an experienced management team. Acquiring tomwaterhouse.com gives us a rapidly growing business that appeals to a wider customer base," stated Topping.

SBR reported on March 20 that William Hill acquired SportingBet's Australian business and was granted a call option over their Spanish business in a deal with GVC Holdings, a provider of B2B and B2C services. It didn't take long for the Sporting shareholders to approve the deal.

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