When the U.K. Gaming Commission reviewed 888’s acquisition documents for William Hill Group, it discovered potential sanctions. William Hill set aside £15 million (US$19.6 million) to cover the cost of a potential regulatory settlement, according to iGaming Business.
The update related to an agreement between 888 and current William Hill owner Caesars to reduce the cash portion purchase price for William Hill assets by £250 million.
888 justified the change as a reflection of the change in the macroeconomic and regulatory environment since the deal was agreed to last year.
In the document, 888 revealed that William Hill is subject to an ongoing license review, launched following a compliance assessment conducted in July and August 2021. The operator addressed certain actions relating to its social responsibility and anti-money laundering obligations.
The sanction could turn out to be the largest related to social responsibility and money laundering.
Caesars would cover further costs if any of the licenses held by William Hill entities ended up suspended, 888 said.
In other William Hill news, the sportsbook got the all clear from the Nevada Gaming Control Board April 7 to run the race and sportsbook at the soon-to-reopen Palms. Board members unanimously recommended approval of a nonrestricted gaming license to William Hill after a short hearing. The Nevada Gaming Commission will consider final approval on April 21, according to the Las Vegas Review-Journal..
Jeffrey Hendricks, senior vice president and assistant general counsel of regulatory and compliance for Caesars, and David Grolman, senior vice president of retail operations, told board members the Palms book will have five betting stations and six kiosks when it opens April 27.
The San Manuel Band of Mission Indians owns the Palms.
Palms will have its first guests in more than a year on April 28, the night the National Football League draft begins.
William Hill operates 124 locations in the state.
