Crownbet and Sportsbet main contenders for William Hill’s Australian business?

Speculation in recent weeks that William Hill Australia may be up for sale due to the difficult regulatory environment Downunder firmed this week with business media reports that CrownBet and Sportsbet are the main contenders, and will be permitted access to carry out bid due diligence.

The two names bring into play major groups in the background; Sportsbet is a subsidiary of Paddy Power Befair, whilst CrownBet was recently the subject of a management buy-out in which The Stars Group made a significant investment.

The William Hill Australia group comprises TomWaterhouse.com, Centrebet and Sportingbet and was a star performer prior to recent regulatory changes in the country that have adversely impacted the business.

The Australian Financial Review estimates that William Hill has invested around A$700 million in the Australian operation, whilst insider sources have told some publications that the asking price is unlikely to be below the A$200 million mark.

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