GVC Holdings, a provider of B2B and B2C services, has acquired Sportingbet. Under the terms of the deal, British bookmaker William Hill has acquired the Australian business and has an option on Sportingbet's Spanish division.
The move, which is designed to develop Hill's online business over a wider gambling market is part of a strategy of expansion. Australia is one of the largest licensed betting markets in the world but until now William Hill have not had a presence.
Kenneth Alexander, CEO of GVC Holdings PLC said: "The acquisition of Sportingbet is a transformational deal. It consolidates our position as one of the leading operators and should provide scope for considerable growth."