William Hill offloads to The Stars Group-owned company CrownBet after citing regulatory pressure
William Hill is to sell its business for 300 million Australian dollars (€188.7 million) to CrownBet following an Australian gambling crackdown.
A ban on credit betting and the introduction of what the company described as ‘adverse tax and regulatory changes’ in a number of states have put profits under pressure at the bookmaker. Profits from the sale will go towards debt clearance and business investment.
Today, Hills boss Philip Bowcock said, “We are pleased to announce the sale of William Hill Australia to CrownBet.
“The disposal will allow [us] to focus on continuing to grow our UK online and US businesses.”
The Australian company booked revenues of 201 million Australian dollars last year and earnings of 47 million Australian dollars.