The Chief Executive, Head of Strategic Planning, and Chief Financial Officer of 888 are deeming today a “landmark event” following the purchase of William Hill’s assets outside the United States.

In a teleconference, 888 Holdings CEO Itai Pazner, along with Chief Strategy Officer Vaughan Lewis and CFO Yariv Dafna, elaborated on how the latest acquisition of William Hill’s non-US operations will influence 888 moving forward, labeling it a “landmark event” for the organization.

The call, observed by Gambling Insider, occurred soon after 888 revealed it had secured an agreement with Caesars Entertainment to procure the enterprise for £2.2 billion ($3.03 billion). Caesars Entertainment obtained William Hill in April 2021 for £2.9 billion but swiftly declared it would be divesting the European holdings of the UK gaming behemoth. Tipico, Apollo Global Management, and Betfred were all allegedly keen on acquiring the business, but the bidding contest concluded today.

Commenting on the transaction, Pazner remarked: “We believe the merger of 888 and William Hill is an ideal pairing, generating a truly exceptional value creation prospect for the stakeholders.”

“We explored numerous opportunities, and I genuinely believe this agreement will place 888 in a very robust strategic standing within the market, and the financial yields are truly compelling.”

Concurrently, Lewis pointed out that 888 is familiar with the rationale behind the deal, stating: “This amalgamation is something that’s been deliberated numerous times over the years; it’s fantastic to be involved in uniting these exceptional businesses.”

This business consolidation is a significant event in the internet gaming industry. It’s generating widespread discussion due to its intelligent tactical advantages for both entities. The head of strategy at 888 has even suggested their post-merger ambitions, outlining revenue targets and desired market dominance. They’re projecting a substantial fivefold revenue surge – a remarkable figure! It’s evident they’re constructing a highly varied income stream portfolio.

Their primary objective is to become key contenders within the largest regulated sectors. Consider regions like the UK, Italy, and Spain – they aspire to secure a top-three position in each. This endeavor has been years in the making, and its realization is exciting to witness.

Their aspirations don’t end there. They’re also targeting six additional markets: Germany, Canada, the Netherlands, Romania, Denmark, and Ireland. These markets are poised for expansion, collectively valued at approximately 7 billion pounds. Their aim? As anticipated – to achieve a top-three ranking in each of these markets as well.

The transaction itself is valued at around 2 billion pounds, encompassing certain leasing expenses. It’s a considerable sum, but given the potential returns, their willingness to commit such an investment is understandable.

The firm requires £1 billion to finalize the agreement. The 888’s financial chief characterized this valuation as a “remarkable bargain for a premium asset.”

A crucial remaining obstacle is an investor ballot, anticipated in the initial quarter of 2022. There’s confidence regarding obtaining investor consent, with aspirations to conclude the purchase by the middle of 2022.

This transaction won’t disrupt 888’s ambitious United States development strategies, which lately received a boost via a collaboration with Sports Illustrated (SI) to introduce a sports wagering platform.

The SI trademark holds substantial weight in the US, possessing a sizable and expanding viewership. This alliance enables a focused and productive method for US expansion, utilizing SI’s sway to draw users and establish a lucrative enterprise.

The purchase provides valuable proficiency in sports betting, encompassing previous US involvement, further reinforcing 888’s growth approach and creating opportunities in new markets.

To summarize, this is mutually beneficial for both 888 and William Hill International.