Last week reports stated that the British bookmaker William Hill got into discussions with Crown Resorts to buy CrownBet. This week’s reports say that there is another player in the game that is expected to make an offer to Crown Resorts about CrownBet. That other player is Paddy Power.
Paddy Power already owns the main and leading Aussie gambling business, Sportsbet. This already brings quite the profit to the company, as well as a rise in its shares to €98.80. That is a rise of 3.08-4%.
Crown Resorts has already addressed the divest speculation last week. This has raised a completely different question about who the respective buyer is going to be. William Hill confirmed the speculations that they are in the buying game and are making some offers. Will Hill also confirmed being involved in preliminary discussions with Crown Resorts.
Their statement says: "Following media speculation, William Hill confirms that it is in very preliminary discussions with CrownBet, the 62% owned online wagering business of Crown Resorts, regarding a possible combination of William Hill Australia, a wholly owned subsidiary of William Hill, and CrownBet.” However, “there is no certainty that these preliminary discussions will lead to any transaction."
The only thing left to be done is to wait and see if whichever of their discussions are going to have a transaction ending.