British betting giant William Hill has completed the purchase of the Australian business of rival operator Sportingbet for a total cash consideration of £459.4 million.
London-based William Hill revealed that the deal also includes a call option on Sportingbet’s locally licensed Spanish operations and is part of an ongoing strategy to develop its online business, increase exposure to attractive markets and diversifying revenues by geography.
"This acquisition is part of our core strategy to expand selectively into international markets and to grow online revenues," said Ralph Topping, Chief Executive Officer for William Hill. "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 sportsbetting."
"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."
London-based Sportingbet holds betting and gaming licences and approvals in Alderney, Australia, Denmark, Ireland, Italy, Malta, South Africa, Spain and the UK with William Hill receiving approvals for its purchase last month from the Northern Territories Commission and the Australian Foreign Investment Review Board.