William Hill buys Australia’s biggest online gambling site

United Kingdom online betting giant William Hill has agreed to purchase Australian online betting firm Tom Waterhouse for at least A$34 million.

The online betting site has agreed to pay A$34 million up front and assume A$6 million in debt for tomwaterhouse.com.

It will pay up to A$70 million more on a sliding scale based on tomwaterhouse.com achieving earnings growth between A$10 million and A$30 million in 2015.

Tomwaterhouse.com was established in 2010 and is one of Australia’s fastest growing online racing and sports betting businesses.

It is a privately held company owned by managing director Tom Waterhouse and others and has around 80 employees based in Sydney, Melbourne and Darwin.

“We are pleased to have secured this acquisition,”┬áRalph Topping, CEO of William Hill. “International expansion is a key part of our growth strategy and making Australia our second home is a priority. Acquiring tomwaterhouse.com gives us a rapidly growing business that appeals to a complementary customer base.”

Australia has the world’s biggest gambling habit per capita.

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