The head of 888, Itai Pazner, joined by Chief Strategy Officer, Vaughan Lewis, and CFO, Yariv Dafna, celebrated the purchase of William Hill’s non-US holdings as a “monumental day” for the firm. This significant agreement, priced at £2.2 billion ($3.03 billion), allows 888 to acquire a dominant force in the European wagering sector.

Pazner highlighted the strategic importance of the acquisition, explaining that it sets 888 up for substantial expansion and presents attractive financial gains. He contends that combining the two entities is a logical match, a view shared by Lewis, who admitted that the possibility of such a merger had been discussed for some time.

This purchase concludes a race for William Hill’s non-US operations, which Caesars Entertainment listed for sale after acquiring William Hill earlier this year. 888 ultimately surpassed competition from other industry leaders like Tipico, Apollo Global Management, and Betfred.

The latest consolidation has ignited considerable debate, largely due to the remarkably sound strategic reasoning underpinning it. 888’s head of strategy illuminated the projected earnings and intended customer base for the unified entity. He stressed that the agreement establishes “a highly varied income stream” and would yield a revenue flow “roughly fivefold greater.”

Geographically, the amalgamation will substantially reinforce the group’s footprint in crucial regulated territories. The consolidated corporation is positioned to be among the top three contenders in the United Kingdom, Italy, and Spain. Discussions about uniting these two industry giants have circulated for years, making its realization a thrilling development. The sheer enthusiasm surrounding this merger speaks volumes about the robust strategic thinking driving it.

Moreover, they perceive substantial expansion prospects in six supplementary regions: Germany, Canada, the Netherlands, Romania, Denmark, and Ireland. These markets collectively represent an estimated worth of around $7.5 billion, and the merged company is assured in its capacity to ascend to a leading position in each.

From a financial standpoint, the transaction is appraised at £2.2 billion, encompassing £100 million in capitalized lease expenditures, resulting in an effective acquisition cost of £2 billion.

The firm requires one billion pounds, a figure the CFO of 888 called a “highly favorable sum for a premium asset.”

Dafna also mentioned that the primary requirement for finalizing the purchase is the endorsement of stakeholders, with an official ballot occurring in the initial quarter of 2022. He expressed satisfaction with the “robust investor backing thus far” and indicated the group’s objective is to conclude the transaction within the first six months of 2022.

Pazner affirmed that the William Hill agreement wouldn’t affect 888’s “ambitious US objectives,” which are founded on the recently established alliance with Sports Illustrated (SI) Sportsbook, introduced earlier this week in Colorado.

“SI represents a powerful American brand possessing a vast and expanding US audience,” Pazner remarked. “Collaborating with them enables us to be more discerning and productive with our US ventures, with a distinct emphasis on capitalizing on the SI brand’s potency and standing to attract customers more effectively and cultivate a lucrative enterprise over time.”

“We are incredibly enthusiastic about the chance to expedite our US expansion strategies, penetrating additional states while integrating substantial sports wagering proficiency from the William Hill team, including their previous US operational experience.”

Pazner concluded the discussion by stressing: “This is an exceptionally advantageous agreement for both 888 and William Hill International.”