William Hill Gets Over Australia Break Up with New US Flirt
One of the world’s most reputable and longest standing gambling operators William Hill last week left he Australian market.
The British giant has been Down Under since 2013 when it was first announced that the Australian office would be disposed to Crownbet. Five years fast forward and William Hill sold it Australian unit to Crownbet as promised, following regulatory changes which forced the company to write of the value of unit’s operation to a significant extent.
Australian Exit, New Chance
An enterprise value of A$300 million (£169 million) has been agreed upon last week between the shareholders which is a significant downfall from £459 million the British group forked out to buy the Sportingbet’s business outright back in 2013.
An underlying narrative behind the Australian disappointment is a heart-warming scenario that would see William Hill increase its United States operation.
William Hill has had betting outlets placed in Nevada back in 2012 but with a growing possibility of legal sports betting enlargement in New Jersey, the British behemoths are betting on Monmouth Park.
Philip Bowcock, William Hill Group’s CEO states that Australian exit will now enable the company to fully focus on growing its UK online and US business with a particular focus on the forthcoming PASPA appeal decision due to be reached later in 2018.
William Hill’s managing director Benjie Cherniak moved on to highlight the potential of US market should it be opened up to new businesses later this year.
“We are really early in the game but it is clear that the US market will be both massively competitive and highly challenging. Competition will come in various forms, as each State will have its own legislation and its own operators, making it difficult to establish a national strategy.”, he said.
William Hill has been preparing for US legislation change for years now and appears to be well positioned to drive forward into the new and unmapped territory.
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