Tom Waterhouse Sells Up

[icyfroth]

Controversial bookmaker Tom Waterhouse has sold his online betting business to British gaming company William Hill.

http://finance.ninemsn.com.au/newsbusiness/8703406/tom-waterhouse-sells-up-for-34m

Mr Waterhouse will receive $34 million for the business, plus an earn-out agreement that could see him receive up to $70 million.

William Hill earlier this year acquired Sportingbet's Australian business for $670 million.

The company's chief executive Ralph Topping said William Hill had set its sights on becoming Australia's biggest online bookmaker.

"The Sportingbet acquisition gave us a strong and proven platform with an experienced management team," he said.

"Acquiring tomwaterhouse.com gives us a rapidly growing business that appeals to a wider customer base," Mr Topping said in a statement.

There's fortunes to be made out of gambling isn't there?

Not for the poor sap betting his week's wages though, methinks 😞

[Anonymous]

Good on ya Tom.

I love hearing about Australian businesses succeeding and selling their brand and systems on to merge and become multinationals.

It's healthy and simulates others to strive toward success, it brings out a call of good on ya mate for Tom, because that's the Aussie way.

You win some, you loose some... looks like Tom had a good one won today.  

[acacia_pycnantha]

If I somehow made 30 - 70 million dollars, I'd never want to work again. Bet he does though. makes you wonder why?

[the_bob_delusion]

a business that makes money on other people's misery. 

[icyfroth]

He's very cute