William Hill set to net Sportingbet

William Hill set to net Sportingbet

Wednesday, 17 October 2012

It appears that Sportingbet has finally accepted an offer from William Hill to buy their operation. After initially rejecting a bid placed by the UK’s largest bookmaker and GVC Holdings, Sportingbet have reportedly agreed to a £530 million takeover.

This figure is 20% more than the amount offered by William Hill and GVC last month but it’s believed to carry a number of conditions. Should the deal be completed William Hill will gain control of Sportingbet’s Australian and Spanish businesses – two places where online gambling is regulated.

GVC Holdings will take charge of Sportingbet’s other international outlets where regulatory laws are less clear.

One interesting point should the proposed deal proceed is that William Hill would take charge of Paradise Poker. Formerly one of the industry’s largest and most popular sites, Paradise suffered greatly after pulling out of the US market and now resides on the International Poker Network. As yet there has been no indication of how this will affect William Hill’s current poker portal which operates on the iPoker Network.

For more financial facts from the deal, visit iGamingBusiness.com.

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Tags: Sportingbet, business, ParadisePoker