William Hill has sold its Australian wagering business (William Hill Australia) to CrownBet, the online sportsbook operator owned by The Stars Group.
William Hill will receive AUD$300m for the business, which was put up for review earlier this year following the introduction of the credit betting ban in Australia and the proposed introduction of a point of consumption tax.
In the year ended December 26, 2017, William Hill Australia generated revenue of AUD$201m and EBITDA of $47m, with gross assets of approximately £133m. During the period 30 per cent of wagers came from credit betting customers.
William Hill entered the Australian gaming market in 2013 through the AU$660 million acquisition of Sportingbet, Centrebet, and tomwaterhouse.com.
Clifford Chance has advised William Hill on the sale of its Australian bookmaking business with a team led by Partner Lance Sacks (picture), supported by counsel Amelia Horvath, associate Marcus Ap, and lawyer James Kwong.
Law Firms: Clifford Chance;
Clients: William Hill;