Sportingbet Australia Sold to UK Bookmaker

Sportingbet Australia, an powerful but controversial online business owned by Tom Waterhouse, has been sold to a UK bookmaker for less than the expected numbers.

William Hill has acquired the company, whose net worth is $660 Million, for $34 Million, while also assuming $6 million worth of liabilities.

William Hill estimates that it could potentially increase its value to $110 million by 2015, assuming that business is brisk and that the betting firm performs really well.

The sale of Sportingbet Australia involved a tedious process. Its former owners were originally looking to sell half the stake of the company for $100 Million.

In a statement, an executive from William Hill said that they are happy to secure the company and will now treat Australia as its “second home”.

“International expansion is a key part of William Hill’s growth strategy and making Australia our second home is our priority.”

“I’m impressed by Tom Waterhouse and his team, who are passionate and entrepreneurial. They’ve built a good business in a short period of time and have achieved strong growth momentum.”

Mr. Waterhouse is expected to become part of William Hill’s management following this transaction, while still retaining director status at TomWaterhouse.Com

Mr. Waterhouse announced in a statement that he is pleased with his new family. “I particularly like that they bring the knowledge and support but that they trust the local management to carry out the plan.”

Analysts, meanwhile, estimate that Tom Waterhouse continues to have a 5% stake of the company.