888 Holdings has transformed its business, completing the acquisition of William Hill’s UK and International units from Caesars Entertainment for £1.95 billion – a deal initiated in September 2021.
This morning, 888 announced that it had begun its integration of William Hill and Mr Green – new brands that will serve alongside the group’s B2C portfolio of 888 and SI Sportsbook, the latter for North American markets.
The enlarged FTSE business will continue to be led by Itai Pazner as Chief Executive, supported by Group CFO Yariv Dafna – who will lead a new C-level team formed of existing 888 and William Hill executives.
Vaughn Lewis – who joined 888 in 2021 from FTSE competitor Flutter Entertainment – will serve as Chief Strategy Officer (CSO), spearheading 888 global growth directives
“I am delighted to announce the completion of our transformational combination with William Hill,” Pazner commented.
“We have built an outstanding leadership team, combining strengths from across both businesses, and as I look at the future, the combination of our product and content leadership, powered by our proprietary technology, and our world class brands, gives us a powerful platform for growth.”
The enlarged group’s day-to-day operations will be led by Guy Cohen as Chief Operations Officer (COO), who will be supported by William Hill executive Mark Skinner as Chief People Officer.
888’s technology and product development will be led by Satty Bhens as Chief Technology and Product Officer (CPTO) – who formerly led William Hill technology units.
A key stakeholder in the integration of William Hill brands, Bhens will be supported by Chief Transformation Officer – Naama Kushnir, who previously held the role of COO at 888.
The firm’s restructured UK business will be overseen by former William Hill UK Managing Director Phil Walker – who will now serve as 888’s UK MD.
888 maintains its pledge that a successful integration of William Hill assets should see the company benefit from anticipated pre-tax cost synergies of at least £100 million, to be fully achieved by 2025.
The FTSE firm’s corporate reporting will change to reflect the group’s enlarged profile, in which 888 will report on its business segments’ (including US performance), with William Hill International and William Hill Online and Retail as standalone UK divisions.
Approving of the changes, Lord Mendelsohn, Chair of 888, commented: “This combination brings together two high-quality businesses to create a powerful, global betting and gaming business.
“We believe the acquisition will create significant value for shareholders, creating a combined business with leading technology, products and brands across sports betting and gaming. With a top quality management team, formed from talent from across both businesses, I am confident about our future plans.”