888 Holdings has completed its acquisition of William Hill's non-US business from Caesars Entertainment.
After the completion, 888 has confirmed its new executive leadership team, with William Hill's former CEO Ulrik Bengtsson and chief financial operator Eric Hageman leaving the group.
The enlarged 888 group shall continue to be headed by CEO Itai Pazner, supported by CFO Yariv Dafna, chief strategy officer Vaughan Lewis, and chief operating officer Guy Cohen. Also, newly appointed chief risk officer Harinder Gill will be joining the group, and will start his role on August 3rd.
The company said that any future organizational changes would be managed with the main objective of maintaining momentum within each business, with the group looking to achieve anticipated pre-tax cost synergies of at least £100 million by 2025.
With its interim first half results for 2022 set to be released in August, 888 will initially report results in four segments:
- 888 (including the US)
- William Hill Online UK
- William Hill Retail (UK)
- William Hill International
Ceo of 888 Itai Pazner said:
"I am delighted to announce the completion of our transformational combination with William Hill. We have built an outstanding leadership team, combining strengths from across both businesses, and as I look at the future, the combination of our product and content leadership, powered by our proprietary technology, and our world class brands, gives us a powerful platform for growth.
"I'd like to thank Ulrik and Eric for the great job they have done at William Hill and I wish them well for the future."
Chair of 888 Lord Mendelsohn said:
"This combination brings together two high quality businesses to create a powerful, global betting and gaming business. We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans."
About 888 Holdings
888 Holdings plc (and together with its subsidiaries, "888" or the "Group") is one of the world's leading betting and gaming companies. In 2022, the Group acquired the international (non-US) business of William Hill to create a global industry leader.
Headquartered in Gibraltar, and listed in London, the Group operates from 15 offices around the world and employs approximately 12,000 people worldwide.
The Group's mission is to lead the gambling world in creating the best betting and gaming experiences, bringing unrivalled moments of excitement to people's day-to-day lives. It achieves this by developing state-of-the-art technology and content- rich products that provide fun, fair, and safe betting and gaming entertainment to customers around the world.
The Group owns and operates internationally renowned brands including:
In addition, the Group operates the SI Sportsbook brand in the US in partnership with Authentic Brands Group.