A woman runs past a William Hill betting shop in Manchester, Britain, September 9 2021. Picture: REUTERS/PHIL NOBLE
The reverse takeover gives 888 more scale to capitalise on a surge in demand for digital gambling during the pandemic. The company’s stock price has doubled in the past year. UK betting companies have been closing many of their physical stores after a government crackdown to reduce problem gambling made them less profitable. 888 plans to keep the remaining William Hill shops open, CEO Itai Pazner said in an interview.
888 has been a relatively small player in a UK betting market dominated by the likes of Flutter Entertainment and Entain. Analysts at Peel Hunt estimate the William Hill deal will roughly quadruple its size. They say the new combined entity would have earned $664m in the financial year to March 2021, compared to $164m for 888 alone.
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