MELBOURNE Aug 9 British betting giant William
Hill Plc has agreed to buy Australian online betting
firm Tom Waterhouse NT for up to A$110 million ($100 million)
including debt, looking to become Australia's biggest online
William Hill, the world's largest betting agency by market
value, has agreed to pay A$34 million up front and assume A$6
million in debt for tomwaterhouse.com, in a country that has the
world's biggest gambling habit per capita.
It will pay 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.
The takeover adds to William Hill's Centrebet business in
Australia and follows its acquisition of Sportingbet PLC's
Australian arm for A$670 million earlier this year,
taking on Tabcorp Holdings Ltd in its home market.
"Acquiring tomwaterhouse.com gives us a rapidly growing
business that appeals to a wider customer base," William Hill
Chief Executive Ralph Topping said in a statement.