Bookmaker exits market due to regulatory and adverse tax challenges
An industry advisory Tuesday from bookmaker William Hill details the successful sale of its Australian business assets to CrownBet for an A$300 million consideration.
“The disposal will allow William Hill to focus on continuing to grow our UK online and US businesses,” Philip Bowcock, chief executive officer of William Hill, said.
The business was put under strategic review earlier this year having faced “adverse tax and regulatory changes,” the executive said at the time.
Proceeds from the sale will be used to invest in other parts of the business and minimise debt as the company narrows its focus on the UK and U.S. markets.