Recently Will Hill, one of the top UK online casinos, and Cryptologic, the leading online gambling developer, have broken off their relations. And after that Will Hill and Playtech, the biggest world’s provider of online gaming software, have signed a five-year software licence for casino and poker operations.

According to the agreement between Playtech and Will Hill, William Hill Online will be created, a subsidiary that will be controlled and operated by William Hill. Playtech will hold a 29% stake in it. The both companies expect that transaction will require limited up-front cash with capital expenditure, integration costs and transaction costs of about £24 million.

Henry Birch, the former CEO of Leisure and Gaming will lead the new branding. Moreover, without any doubt Playtech has such asset that can bring great knowledge about the online casinos which are powered by the company and its experience having obtained in European marketing as well as its software operations and customer retention. Thus, it is obviously that Will Hill is looking forward to becoming one of the top online casinos, poker and sports betting sites in Europe. Ralph Topping, the current chief executive of William Hill, said that the company would surely become the online leader among the UK casino gambling operators.

The five-year agreement includes an option according to which Playtech can lift its stake entitlement up to 32% if further conditions are reached. Will Hill also can buy the stake of Playtech on an independent fair value price basis after four years.