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German betting and gaming operator Tipico is rumored to be in the running to acquire William Hill’s UK and European assets. Part of the British bookmaker’s business is up for sale, following its takeover by US casino giant, Caesars Entertainment. Some news outlets have reported that Tipico has made William Hill a competitive offer.

Tipico is interested in purchasing William Hill’s UK assets from Caesars Entertainment, which runs the famous Caesars Palace casino in Las Vegas. ©15299/Pixabay

Caesars to Sell UK Business

News outlets have reported that the Tipico Group is likely to purchase William Hill’s British and European assets, after bidding more than £1.5 billion. The bid is thought to be backed by majority owner of Tipico, CVC Capital partners. If the deal does go ahead, Tipico will own the famous bookmaker’s high-street shops, as well as its resources on the continent.

The assets have been up for sale since Caesars Entertainment completed its £2.9 billion takeover of William Hill last year. The American gambling giant, most famed for its casinos in Las Vegas, purchased the sportsbook for its betting expertise. As one of the most established bookmakers in the UK, William Hill has 87 years of valuable experience.

In contrast, the US sports betting market is in its infancy. The Supreme Court declared the Professional and Amateur Sports Protection Act unconstitutional in 2018, making it possible for states to legislate for themselves on sports betting. Since then, it has steadily been legalized across the US, creating opportunities for gambling firms to move into sports betting.

Caesars Entertainment bought William Hill to capitalize on this new market, however it decided that it is only interested in its US business. That left the bookmaker’s UK and European businesses in peril, at risk of collapse if a purchaser wasn’t found. Thanks to William Hill’s respected brand name and good reputation, a number of buyers have been interested for some time.

It was thought that Apollo Global Management could buy the bookmaker’s UK betting shops, after losing out Caesars on the bigger takeover. 888 Holdings has also shown some interest, as has Fred Done of Betfred. Now it seems that Tipico is in the running too, with industry sources saying that it has submitted its own “credible offer”.

Competitive Bidding

Caesars Entertainment has hired advisers from Deutsche Bank to conduct the auction. While there is stiff competition Tipico could be in with a chance, thanks to its backing from CVC Capital Partners. One of the biggest private equity and investment firms in the world, it bought Tipico in 2016. It also bought 80% of Sky Betting & Gaming’s shares in 2015.

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That investment certainly paid off, as in 2018 Sky Bet went on to be sold to The Stars Group for £3.4 billion. That was swiftly followed by a £10 billion merger between The Stars Group and Flutter Entertainment, which previously traded as Paddy Power Betfair. That acquisition made Flutter the largest online gambling group in the world, based on revenue.

While other bidders include 888 Holdings, Betfred and Apollo Global Management, a number of firms have already pulled out of the bidding process. Private equity firm Advent International has decided against bidding, as has rival betting and gaming operator Entain. Despite this, there is still considerable interest in the auction, which analysts say could push the price over £1.5 billion.

If Tipico is successful with its bid, William Hill and CVC would be reunited after almost two decades apart. CVC bought William Hill in 1999 alongside private equity firm Cinven. They paid £825 million then, and three years later the bookmaker was floated on the London Stock Exchange.

However, the company dropped off the FTSE 100 Index at the end of 2005 amidst fears that it had overspent on 624 betting shops purchased from Stanley Leisure for £504 million. William Hill is best known by the British public as one of the UK’s biggest high-street bookmakers. The company does have a large presence in Europe though, especially in Italy and Spain.

Tipico a Good Match

As it is already well-established in a wide range of markets, its assets represent a great opportunity for operators wishing to expand their customer outreach, as well as private equity firms that simply want to boost their portfolios. William Hill currently runs over 1,400 betting shops, although it has recently had to close some of its stores.

Last August it announced the permanent closure of 119 shops, due to the coronavirus pandemic. It did manage to offer new positions to those working at affected shops, with the result that only sixteen employees lost their jobs. At the same time, the company also announced plans to merge its retail and online operations, following the increase in online gambling.

If Tipico’s bid is successful, the German operator will benefit from the opportunity to diversify its business. In Germany, the gambling industry has recently undergone strict re-regulation, which has been costly for operators to adjust to. In the UK new regulation is likely to be brought in soon, as the government is currently undertaking a review of the 2005 Gambling Act.

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The outcome of the Gambling act Review is likely to have an impact on the value of William Hill’s assets, although how the review plays out remains to be seen. Some curbs are expected, for example on online casino VIP schemes and player protections. A ban on gambling firms sponsoring football shirts has also been reported to have the backing of the Prime Minister.

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As Germany’s largest sports betting group, Tipico could be a good fit for William Hill. The gambling firm is headquartered in Malta, with branches in Austria, Croatia, Colombia, Germany and Gibraltar. It recently signed an agreement with US media firm Gannet to become its exclusive betting and gaming provider.