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AAP
August 9, 2013,
7:34 am
Controversial bookmaker Tom Waterhouse has sold his online betting business to British gaming company William Hill.
Mr Waterhouse will receive $34 million for the business, plus an earn-out agreement that could see him receive up to $70 million.
He will also remain managing director of the business.
William Hill earlier this year acquired Sportingbet's Australian business for $670 million.
The company's chief executive Ralph Topping said William Hill had set its sights on becoming Australia's biggest online bookmaker.
"The Sportingbet acquisition gave us a strong and proven platform with an experienced management team," he said.
"Acquiring tomwaterhouse.com gives us a rapidly growing business that appeals to a wider customer base," Mr Topping said in a statement.
Mr Waterhouse has been a source of controversy this year owing to a sponsorship deal with the NRL which prompted widespread criticism that gambling was being promoted during match TV broadcasts.
http://au.news.yahoo.com/thewest/bus...ls-up-for-34m/
Not bad for a couple of years work from young Tom. If he got $34 million, Ravi must be worth $Vshitloads