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Caesar Sells William Hill – What Would That Mean For The Betting Industry

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To understand the role of the three biggest companies in the betting industry, i.e., Caesar, William Hill, and 888 Holding Inc., you will have to go back to the years 2020. Well, in that year, Caesar, a giant casino company in the U.S., bought William Hill at £2.9bn to expand the casino business in the U.K. region. Moreover, Caesar Entertainment, who is well aware of the U.S. market, and most of the states also agreed for gambling, then why such a giant company sells out William Hill to 888 Holding Inc. Furthermore, what would be the future of the betting industry due to this deal? Well, some sort of questions was definitely popping up in your mind, and here you will get to know everything from scratch.

The Auction of William Hill

Last year, the auction process of William Hill was processed by Caesar Entertainment with an initial bid amount of £1.5bn. Still, the entry of three major companies in the race, i.e., Apollo Global, CVC Capital Partners, and 888 Holdings, took the bidding amount to £2bn. Interestingly, CVC Capital was quite sure to crack this deal because the company owned William Hill earlier. Likewise, Apollo Global was also at the top of the race chart, but twists and turns made 888 Holding the leading one, and finally, the company bought William Hill at the whopping price of £2.9bn.

What Next?

After the acquisition of William Hill, 888 Holding Inc., Management released the statement stating that it was a great deal that would give exposure to the betting industry, and the blend of online gambling together with 1,400 betting shops would be amazing.

The prime agenda of the 888 management is to give a safe gambling environment to the public and huge diversification of the gambling sector. Additionally, the 888 company is also planning to take advantage of the sports assets of William Hill by doing cross-marketing as 888 Holding itself deals on online sports betting sites. So, a new concept of cross-marketing will emerge that will be hugely applauded by the public.

888 Holding Inc – Winner of the Race

888 Holding is one of the major gaming and online platforms which offers a fair and secure gambling environment. The betting atmosphere covers online casinos, sports betting, online poker, and online bingo. 888 Holding Inc is a part of the 888 groups based in Gibraltar and is also listed on London Stock Exchange.

William Hill – At a Glance

The top three companies were in the race to acquire William Hill, but why is it so crucial for such companies? Well, this question may arise in your mind, so let’s see about this company.

William Hill laid the foundation stone of betting in 1934 with an aim to build a strong and secure betting market in the U.K. Since after the foundation, the company offered ample betting options, such as casino, poker, bingo, and others. In the present day, the company retains 1,400 betting shops which are handled by 12,000 employees. William Hill has now become a brand, and the streets around this company are always crowded. The company is also famous in the Internet as many sports fans around the world placed their bets online in William Hill using a VPN for the UK. This is one of the major reasons why the companies were rushing to acquire William Hill as they have don’t have to bother about the consumers.

Caesar Entertainment – The Company Sold William Hill

Now, you are very much aware of William Hill, and you may wonder why Caesar Entertainment sold such a big gambling company where it is getting consumers and ready to use gambling infrastructure? To know the answer, you must be familiar with the background of Caesar Entertainment.

Caesar Entertainment is the brand in the gambling industry in the U.S. that has spread its wings on other countries too. After getting success in the gambling industry, the firm initiated to give most of the luxurious services to the public and thus merged gambling and hospitality. In short, Caesar is also offering hospitality services which include resorts, and they are working under the sub-brand name of the company such as Horseshoe, Eldorado, and others.

Why Caesar Entertainment Sold William Hill?

William Hill is quite popular in sports betting, and Caesar was planning to expand its business by using its expertise. As the public in the U.K. are more fascinated with gambling, but as per the market, the USA was also the emerging gambling market where most of the states opened the door for the gambling companies. Intending to this, Caesar plans to focus more on the USA instead of the U.K. and thus planned to sell the stake of William Hill.

Now, it is very much clear about the twist and turns that took place amid the acquisition of William Hill. Moving ahead to the topic, you must know what the effect will be on the gambling industry. The takeover of 888 Holding Inc to William Hill will change the gambling scenario, and let’s see what the company has planned for the future.

888 Holding Inc Future Plan

After owing William Hill, the company is expecting to generate £100m yearly by using the William Hill assets and also by cross-marketing. Furthermore, William Hill was very much successful in the U.K. region, and retaining the same value will give good profit to 888 Holding Inc.

William Hill is a brand, and acquiring the same by 888 Holding Inc means a lot for its portfolio, especially in sports betting. Currently, no official from 888 Holding said about the future plan, but the authorities are taking this as a landmark and ready to expand the betting business.

Effect on Betting Industry

Acquisition of one company from the same domain to another is quite common in the financial market, and this is done to expand the business. Likewise, in the betting industry, the same thing has been done with the aim to provide ample betting services to the public in a secure environment. Now, with this William Hill evolution and the rise of Sbobet, the public will have much more options of where to place their bets. Undoubtedly, the acquisition symbolizes the rise of the gambling industry in the present era as the companies are giving much more to the public.

Bottom Line

The step taken by Caesar Entertainment to sell William Hill was justiciable as per the company’s view. Additionally, the acquisition of the same by 888 Holding Inc is also good for the gambling industry. In a nutshell, these companies get what they want; Caesar got a good amount against selling William Hill, and 888 Holding Inc’s plan became successful.

Industry News

SKS365 keeps investing in people: GROW People Management Program took the next level

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11 experienced people managers from the SKS365 group’s 4 locations gathered last week in Belgrade for the new GROW People Management Program. From 15 th to 19 th of April, through trainings, discussions, and social connections, people had the opportunity to further grow individually and as a team, while enjoying Belgrade’s city center and rivers.

Created in 2023 with the purpose of building foundation people management skills across the organization, GROW initiative evolved this year by including a new, advanced program for experienced people managers to further consolidate their skills and prepare for future opportunities.

Building and fostering connections, sharing experiences, and enjoying team building experiences – all these activities have been part of the GROWpmp agenda for the 11 people managers coming from Commercial, Product and Development, Finance, and Sportsbook departments of the group’s 4 locations – Malta, Italy, Austria, Serbia.

GROWpmp included a variety of topics that people managers in SKS365 recognized as the key areas for management development. Topics such as influence through communication, team effectiveness, DEI, through to presentation skills and business topics like understanding finance and management reporting, were delivered with the support of external professionals and internal experts, while designed and organized by the SKS365 People & Culture team.

 

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Industry News

Kindred’s Share of Revenue from High-risk Players Shows Slight Increase

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Kindred Group plc’s (Kindred) share of revenue from high-risk players showed a slight increase to 3.2% (Q4 2023 3.1%) in the first quarter of 2024. Compared to the first quarter of 2023, the high-risk revenue share decreased marginally. The percentage of detected customers who exhibited improved behaviour after interventions came in at 87.1% (compared to 87.4% in Q4 2023 and 83.0% in Q1 2023). This sustained trajectory in the improvement effect after interventions, observed over an extended period, serves as a testament to the strong dedication and collective efforts throughout the company. It reflects Kindred’s ongoing commitment to fostering positive change within the industry.

“We continue to see our share of revenue from high-risk players fluctuate quarter to quarter, and we are working closely with all teams across the company to support customers towards a more sustainable gambling experience. However, it is encouraging to see that our Journey towards Zero data has steadily decreased since 2020. A similar trend can be seen across the healthier gambling behaviour effect after interventions. This tells us two things: our work is paying off, but we need to continue to push ourselves to propel a sustainable progression,” Alexander Westrell, Director of Communications at Kindred Group, said.

“It was very encouraging to witness the open and transparent discussions at the Sustainable Gambling Conference in London on 20 March, where those with lived experience shared their important stories. Also, it is evident that technology is moving forward, and will provide greater opportunities to detect and intervene in the future. We hope to see more regulators engage with the industry and with experts to secure a more sustainable industry for everyone,” Alexander Westrell added.

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Industry News

PENN Entertainment Names Aaron LaBerge as Chief Technology Officer

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PENN Entertainment announced that Aaron LaBerge has been named Chief Technology Officer (CTO) effective July 1, 2024, subject to customary regulatory approvals. Mr. LaBerge will report directly to PENN CEO & President Jay Snowden.

In his new role, Mr. LaBerge will be responsible for driving the technology strategy and execution for PENN, while leading the multinational team of technologists and serving as the key business leader for the company’s Interactive division.

Mr. LaBerge spent more than 20 years at The Walt Disney Company, in two stints separated by five and a half years as a technology entrepreneur. He was most recently President & Chief Technology Officer for Disney Entertainment and ESPN where he was responsible for driving all technology and product development in support of The Walt Disney Company’s two media divisions. In that role, he helped set the vision and strategic leadership for how Disney uses technology to enable storytelling and innovation, drive its business, and create unparalleled consumer experiences with entertainment and sports content.

“We are thrilled to have someone of Aaron’s caliber join our PENN executive team. Having overseen a global organization of thousands of engineers, product developers, designers, technologists, and data scientists that created some of the largest scale and most successful media properties in the world, there is no better candidate to lead our Technology and Interactive division into its future. I know Aaron is looking forward to working with Todd George, our head of operations, and our entire Executive Team to continue growing our position as a leader in online gaming, sports betting, and digital sports media,” Mr. Snowden said.

“I’m excited to join another talented team at PENN Interactive and lead our technology strategy. PENN Entertainment is at the forefront of the fast-changing gaming and sports media industry. I plan to use my experience from Disney and ESPN to help make ESPN BET an essential piece of the sports fan experience. Together, we’ll push the limits and redefine how fans interact with sports and gaming,” Mr. LaBerge said.

Prior to his most recent role at the Walt Disney Company, Mr. LaBerge was Executive Vice President and Chief Technology Officer at ESPN from 2015 to 2018. At ESPN he played an instrumental role in the growth of ESPN’s consumer-facing digital media products and services – leading many of ESPN’s most ambitious and challenging projects and helping establish ESPN’s position as the leader in digital sports and innovative sports technology development. He was a key architect in the design, development, and engineering of ESPN’s state-of-the-art facilities in Bristol, CT; Los Angeles, CA; Charlotte, NC; and Austin, TX, as well as data centers and infrastructure that connect those facilities around the world, as well as the technology design and development to support the launch of the multi-platform SEC Network.

Between 2007 and 2012, LaBerge was co-founder and CEO of Fanzter, Inc. – a venture-funded consumer software and digital product development company. At Fanzter, he directed all day-to-day operations and led the development and launch of a variety of consumer-focused internet and mobile products, ground-breaking social and commerce technologies and more.

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