William Hill buys Tom Waterhouse's online betting
UNITED Kingdom bookmaking giant William Hill has bought Tom Waterhouse's online betting business for $34 million.
William Hill chief executive Ralph Topping said the deal, which could end up being worth $110 million courtesy of a $70 million earn-out linked to the performance of the business until the end of 2015, was part of the company's strategy to make Australia its "second home".
Earlier this year William Hill bought Sportingbet Australia for a reported $660 million.
"We are delighted to have secured this acquisition. International expansion is a key part of William Hill's growth strategy and making Australia our second home is our priority," Mr Topping said in a statement.
"I'm impressed by Tom Waterhouse and his team, who are passionate and entrepreneurial. They've built a good business in a short period of time and have achieved strong growth momentum."
The business will remain as tomwaterhouse.com and Mr Waterhouse will stay on as managing director. The 31-year-old, who has courted controversy this year, will also join William Hill Australia's management team.