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,” Ralph 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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Tags: Australia, betting, Britain, business, Darwin, gambling, Melbourne, New South Wales, Northern Australia, online, online gambling, Sydney, tomwaterhouse.com, United Kingdom, Victoria, William Hill
