Oct 31, 2018

William Hill places bet on online group Mr Green

William Hill has launched a £242m bid to buy Stockholm-listed online gaming group Mr Green, as it tries to counter difficult conditions for betting shops and reduce its dependence on the UK. Mr Green operates from a hub in Malta, a centre for online gaming groups, and has remote gambling licences in Denmark, Italy, Latvia, Malta, the UK and Ireland. William Hill said on Tuesday that presence, together with MRG's experience of launching in new markets, would help it expand overseas. As well as its Mr Green brand, the Swedish group operates gambling site Redbet and provides software and support for the online gaming industry. William Hill said that based on half-year numbers, the purchase would increase its overall online revenues from 42 per cent to 47 per cent, excluding the US, with the proportion of international revenues rising from 14 per cent to 21 per cent. Shares in the UK bookmaker rose more than 8 per cent after the announcement on Wednesday, before falling back to close 1 per cent higher at 210.2p. MRG shares jumped 48 per cent to SKr69.

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