William Hill Makes Multi Million Dollar Bid on Mr Green & Co

william-hill-200x200William Hill, the London listed gambling company which has a strong growing presence in the US gambling market, has made a multi-million dollar bid to buy the online gaming platform, Mr Green & Co (MRG). It was reported that William Hill offered Mr Green $309 million for its brand.

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The Swedish based Mr Green is listed on the Nasdaq Stockholm exchange and offers multiple gambling products, including sports betting, bingo, keno and online casino games. It has made a point of working in licensed gambling markets and operates in 13 jurisdictions including the UK, Ireland and Malta.

Speaking about the offer, the chief executive officer of William Hill, Philip Bowcock said: “This proposed acquisition accelerates the diversification of William Hill – immediately making us a more digital and more international business.”

“MRG will provide William Hill with an international hub in Malta with market entry expertise and strong growth momentum in a number of European countries,” he added. “William Hill will move from a single brand to a suite of brands that can maximize growth opportunities moving forward in new and existing markets.”

There are many advantages for William Hill to make a bid for Mr Green. One of them is that the deal has the potential to reduce William Hill’s exposure to the UK gambling market, pushing their joint revenues from 14% to 21% derived from international operations.
Mr Green has also seen impressive growth, with numbers climbing 23% from 2015 to 2017.

The statement by William Hill also said that the combination of both companies would “create a strongly positioned combined business with an expanded pan-European footprint in faster growing online betting and gaming markets, further supported by the existing William Hill Online and Retail businesses in the UK and the US.”

William Hill has been working hard to extend further into the US gambling market, by signing deals with entities such as IGT and Eldorado Resorts. It has also entered into partnership with a number of NHL franchises with the change in the US sports betting laws.

Mr Green shareholders need to give their final okay to the deal by the first week of 2019.

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