Leading UK online
casino, Will Hill and pioneering software developer,
Playtech, will be joining forces following the recent
divorce between Will Hill and Cryptologic. Call it an
affair in which Playtech won the bride, or a
coincidental turn of events (Cryptologic is rumored to
now be signing with Party Gaming), the fact of the
matter - to quote Shakespeare - is all's well that end's
well.
The deal between
Playtech and Will Hill will make William Hill Online
(casino, poker room, sportsbook) a consolidated
subsidiary, in which Will Hill will continue to operate
the site and Playtech will get a minority share (29%
stake) of the profits. A strategic deal to say the
least, hardly any up-front cash will be needed, with
approximately £24 million needed to cover integration
costs for the branding.
Leading the new
branding will be the former CEO of Leisure and Gaming,
Henry Birch. Furthermore, there is a yet-to-be-named
purchased Playtech asset that will bring vast knowledge
about Playtech powered online gaming sites and
experience in European marketing, customer retention and
software operations. In other words, Will Hill is aiming
to become the leading online casino, poker and sports
betting sites in all of Europe. Will Hill's boss man,
Ralph Topping, said Will Hill will certainly become the
online leader amongst UK brick 'n mortar gambling
operations.
Further details of
the five-year partnership include an option for Playtech
to lift its stake entitlement to 32% if further
conditions are obtained. Will Hill also has an option of
buying Playtech's stake on an independent fair value
basis after four years. In order to obtain the 29%
stake, Playtech will be acquiring its online marketing
assets and third party contracts worth up to £144.5
million and selling the majority of these to Will Hill.
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