UK’s biggest bookmaker William Hill has reportedly teamed up with NYX Gaming Group to buy betting technology provider OpenBet. According to information that hit the public, OpenBet owner requests $300 million for the entity.
The news was first revealed by the Telegraph; the paper claimed that William Hill has decided to back Las Vegas-based and Toronto-listed NYX Gaming’s bid to take over OpenBet. The provider, which is based in Chiswick, supplies its products and services to the majority of UK’s leading gaming companies, William Hill included.
However, with OpenBet’s price ranging from $250 million to $300 million, NYX’s market capitalisation of approximately $65 million might not be enough to win against other giants such as Playtech. This is why the bookmaker entered the game, trying to strengthen NYX’s bid and lowering the chances of becoming overly dependent on the Isle of Man-based software provider. Playtech is already one of the main players in the industry and bookies reportedly dislike the idea of letting it further boost its domination on the market.
Currently, OpenBet is owned by Vitruvian Partners, a company that took over the equity back in 2011 for £208 million. The firm, according to some reports, have chosen Morgan Stanley to handle the sale of the sports betting technology supplier and is believed to seek upwards of $300 million. Vitruvian declined to comment on the rumours for now.
The possible partnership between William Hill and NYX shouldn’t be that much of a surprise taking into account the recent mergers that hit the UK’s gaming market; Coral and Ladbrokes, Betfair and Paddy Power as well as GVC Holdings and Bwin.party are some of the companies that decided to combine their strengths in conquering a bigger market share.