Tom Waterhouse sold to UK betting firm

Tom Waterhouse sold to UK betting firm

Tom Waterhouse has sold his online betting business to UK sports betting firm William Hill for up to $110m.

William Hill has paid $34m upfront for the online business and is taking on $6m in liabilities.

The potential of an additional earn-out of up to $70m increases the deal to $110m.

The earn-out is dependent on Tom Waterhouse’s performance until the end of 2015, with earnings before interest and tax between $10m and $30 the yard stick.

The sum is less than Waterhouse was expecting, according to Fairfax, which pointed to m edia reports that bookmaker was seeking up to $100m for a 50% stake in the business.

Tom Waterhouse has been criticised for its integration into Nine’s NRL coverage with Waterhouse’s commentary involvement watered down after complaints.

Public anger over the number of betting promotions and live odds updates during TV sports broadcasts, for which Tom Waterhouse became the face, has seen a crackdown on the practice.

For more on the issue of TV sports coverage and betting ads click here.

Earlier this year William Hill purchased Sportingbet Australia for more than $600m.

In a release the British bookmaker said it is forming Australia into “its second home market”.

The sale will see Waterhouse join William Hill's Australian management as he continues as managing director of the Tom Waterhouse gambling site.

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