Tom Waterhouse, the Australian bookmaker who elicited the ire of the Australian public for his incessant TV appearances to promote live betting odds during sports broadcasts, has sold his online betting site to UK’s biggest bookmaker, William Hill.
Waterhouse initially sought to sell only fifty percent of his Internet-based betting agency at an asking price of $100 million. Instead, the deal negotiated with William Hill closed at a hundred percent ownership for $34 million, plus assumption of the agency’s $6 million outstanding liabilities.
Additionally, Waterhouse could still receive as much as $70 million as potential share of the business’ future earnings through year 2015. However, payment realization would depend on the betting website’s revenue performance during the inclusive periods.
In line with the arranged deal, Tom Waterhouse retains his position as managing director of the online betting agency, as this will give him a direct hand in attaining and ascertaining the profitability of the business.
William Hill CEO Ralph Topping expressed his confidence on Waterhouses’ business sense and proven track record as an entrepreneur; thus, he foresees that the deal will work out profitably by 2014. Although the controversy in which Tom Waterhouse figured, prompted a repercussion that resulted to the banning of TV adverts during live broadcasts of sports matches, this did not affect CEO Topping’s decision to acquire the Aussie bookmaker’s online betting business.
William Hill is currently on an expansion roll in the “Land Down Under” as the company also bought Sportingbet Australia for $670 million earlier this year. With Tom Waterhouse staying on as part of William Hill Australia’s management team, the deal will likely give the UK bookmaker access to major Australian media.