Tom Waterhouse Sells To WIlliam Hill

Friday August 9,2013 :  WILLIAM HILL ACQUISITION OF AUSSIE ONLINE BOOKIE COMPANY CONFIRMED (Update)
 
Tom Waterhouse has sold his online betting business for A$34 million and earnouts.
 
The Australian business press is reporting that bookmaker Tom Waterhouse has sold his online betting business to British gaming company William Hill for A$34 million, plus an earn-out agreement that could see him ultimately receive up to A$100 million.
 
The price includes the assumption of around A$6 million in debts and up to A$70 million more on a sliding scale based on tomwaterhouse.com achieving earnings growth between A$10 million and A$30 million in 2015.
 
Waterhouse will remain as managing director of the business.
 
The takeover adds to William Hill's Centrebet business in Australia and follows its acquisition of Sportingbet plc's Australian interests for A$670 million earlier this year.
 
Chief executive Ralph Topping said William Hill had set its sights on becoming Australia's biggest online bookmaker.
 
"The Sportingbet acquisition gave us a strong and proven platform with an experienced management team," he said Friday. "Acquiring tomwaterhouse.com