William Hill agree Deal with Playtech
20th October, 2008
The online bingo, poker, casino and betting operator William Hill have announced a huge deal with software provider Playtech, to create William Hill Online. William Hill Online will provide all channels of online gaming and is expected to generate net revenues of Around GBP 190 million.
The new company will create a massive new online giant in a increasingly competitive market. Cryptologic who usually provide William Hill with online gaming software have been left out of the deal.
Will Hill boss Ralph Topping said in a statement this week,"This transaction is a transformational step for William Hill consistent with our stated strategy to increase online gaming and international earnings. William Hill Online will be the leading European online gaming and sports betting business and the clear online leader amongst UK land based gaming and betting operators.
"The transaction generates significant shareholder value and enhanced growth prospects for William Hill."
William Hill will also acquire the numerous Playtech affiliates. The target set is for net revenue to grow an ambitious 50% as William Hill Online aims to become the leading online gaming brand in Europe. Playtech will own 29% of the shares with with William Hill owning the remaining majority 71%.
When speaking of William Hills performance this year, CEO, Topping, said,“This is a solid operational performance by the Group since the half year, demonstrating the resilience of the business against a challenging economic environment; to date we see little evidence that our business has been impacted by the economic downturn,”
By Jamie
