William Hill Joins FTSE 100Published May 14, 2013 by OCR Editor
Hill becomes first online gambling firm on FTSE 100 since PartyGaming's exit
May marks a major milestone for the world of online gambling, with British giant William Hill becoming the first firm in the industry to join the FTSE100 since PartyGaming's exit a couple of years ago.
Hill on FTSE 100
FTSE Group, a provider of stock market indices, announced that due to the merger of Anglo-Swiss multinational mining companies Glencore PLC and Xstrata PLC, William Hill will be added to the FTSE 100 Index of the biggest shares on the London Stock Exchange by total market capitalization.
This latest news comes hot on the heels of two major steps by William Hill: in April, it completed its £425 million buyout of Playtech's 29% share in their William Hill Online joint venture. In addition, it recently acquired the Australian operations of leading rival gambling firm Sportingbet for £459 million, as part of an international expansion strategy.
Lone gambling firm
The only previous gambling firm to have the honor of a place on the FTSE100 was PartyGaming, which held a spot there until its market capitalization fell low in 2010, and then ceased to exist as a sole entity following its merger with Bwin to become bwin.party digital entertainment.
The merged company remains listed on the London Stock Exchange with joint CEOs, and is best known for its online poker room PartyPoker and its online sportsbook under the bwin brand. At the time it became the world's largest online gambling firm, but today it sits well behind William Hill and the FTSE top 100 for market cap.