NeoGames foothold acquired by William Hill for $25 million

UK online and land gambling group William Hill plc announced Thursday that it has acquired a 29.4 percent interest in online lottery and software developer NeoGames for a consideration of $25 million.

The agreement gives the British company a foothold in the online lottery market and comes with an option to acquire the remaining 70.6 percent of the US internet lottery company at three and five year future points.

NeoGames began operations in 2005 and has since introduced a variety of online lottery services and products, offering games, technology and service deals to international operators.

“The emergent online lottery market is an exciting new opportunity in the gambling sector and NeoGames is a disruptive technology operator offering customers a great experience and lottery rights holders a compelling alternative to established retail lottery operators,” said Will Hill CEO James Henderson in a company statement.

“This agreement gives William Hill good optionality in a new market that is increasingly attractive to gambling customers.”