William Hill’s high street rival Betfred was thought to be interested in acquiring the bricks-and-mortar shops in a deal that would have nearly doubled the size of its UK network.
“We’re planning to keep the retail stores and the great people they have in them.” “Today they’re managing a very well-run retail estate that’s present in good and prime locations,” Pazner said. William Hill has already trimmed its shop network from 2,333 in 2018 to about 1,400 today, a process accelerated by the effect of Covid on the high street and the revenue-crimping effect of the cut in fixed-odds betting terminal (FOBT) stakes from £100 to £2, which took effect in 2019. Itai Pazner, the 888 chief executive, said: “We did see interest in the retail from the outside but we feel that the retail is an integral part of the William Hill asset.” Investors holding 47% of 888’s shares had already approved the deal, either with expression of support or irrevocable undertakings, it said.Ĩ88 Holdings, founded by Israeli tech entrepreneurs, specialises in online casino gaming but said it had no intention of selling William Hill’s traditional high street sports betting operation and had already rebuffed overtures. On Thursday, 888 confirmed it had won the race to acquire the remainder of William Hill and said it expected to complete the deal in early 2022, subject to approval from shareholders.
