Exclusive: Ulrik Bengtsson to depart William Hill as 888’s acquisition nears completion
Swede calls time on tenure after almost three years as CEO and insists the “brilliant business” is in safe hands with 888
Ulrik Bengtsson has officially stepped down as the CEO of UK-headquartered bookmaker William Hill, EGR can exclusively reveal.
Senior executives at William Hill were informed of the departure on Thursday 23 June, with the group’s wider employees told of Bengtsson’s exit on Friday morning.
The 50-year-old spent almost three years at the helm after joining as chief digital officer in April 2018, before advancing to the top job in September 2019 in the wake of the departure of prior CEO Philip Bowcock.
During his tenure, Bengtsson oversaw the acquisition and absorption of the Mr Green business and the increased transition of the business away from retail towards a more omni-channel-focused approach, further developing its online brand.
In an exclusive interview with EGR, Bengtsson said he was proud of what he and the rest of the William Hill team had accomplished and that he had “no regrets” regarding doing anything differently in hindsight.
“I guess some of my own personal highlights would be growing William Hill US to become the biggest sports betting operator in the US prior to our acquisition by Caesars Entertainment, taking back – almost doubling – market share in the UK, [and] establishing William Hill in Malta following the acquisition of Mr Green in 2019,” Bengtsson said.
“I am also proud of the great resilience and dedication our fantastic colleagues and teams showed during the Covid-19 pandemic and, most importantly, the engagement from our people that have improved drastically over the last four years,” he added.
Bengtsson also played a key role in the eventual sale of the William Hill business, firstly to Caesars Entertainment in April 2021 for £2.9bn and then the sale of the firm’s non-US assets to 888 for £2.2bn just five months later.
This was later reduced to just under £2bn due to changing economic and regulatory conditions.
A veteran of the sector, Bengtsson spent more than five years at Malta-headquartered operator Betsson Group, serving as CEO and then as president and chief executive.
He remains as the non-executive chairman and remuneration committee chair at affiliate Raketech, a role he has occupied since May 2021. As to next steps, he would not be drawn on whether he would look to stay in the industry.
“I remain the chairman of Raketech and I will be around to offer advice at William Hill for a few more months, so I have no long-term plans at present.
“In the short-term I will spend some time in Sweden over the summer and then I hope to get to see more Chelsea games at Stamford Bridge,” he added.
Pressed for what advice he would give his successor, Bengtsson added: “Enjoy it. You have acquired a brilliant business with two premium brands in William Hill and Mr Green, and I look forward to seeing how the combined business grows over the coming years.”
The departure comes as 888 prepares to conclude its £2bn acquisition of the William Hill International business, a deal approved by the firm’s shareholders in May.
888’s acquisition of William Hill international is expected complete on 1 July. 888 CEO Itai Pazner waxed lyrical about the achievements of his opposite number and the legacy he would leave behind in the enlarged 888 business.
“I have great admiration for the work Ulrik has done at William Hill over recent years, which has helped to make the company such a fantastic partner for 888,” Pazner told EGR.
“Ulrik can rightly be very proud of building such a strong team and, as we look forward to combining the businesses, I am excited about the opportunities for the enlarged business, supported by top quality management talent from both businesses.”
The acquisition marks new territory for 888, with the online-only operator diversifying into retail bookmaking for the first time with the addition of William Hill’s retail estate of some 1,400 shops. Discussing this, Bengtsson highlighted retail as an area which 888 was “fully focused” on.
“We always talk about smart retail and the William Hill betting shops are still hugely important.
“We have made a lot of technology investments in them over the last year or so to ensure a better omni-channel experience for our customers as well as a better experience for our employees.”
He continued: “My advice would be, tap into institutional knowledge that exists at William Hill to understand how that part of the business works.
“Retail in the UK has been struggling. High streets are struggling. But there is a future still for bookmakers on these high streets. It is about understanding what the customer wants and making that customer experience a priority,” Bengtsson added.
An important factor in the combined group’s immediate future is the long-awaited publication of the UK government’s review of the Gambling Act 2005 and its potential implications for affordability, sponsorships and stake limits.
Bengtsson commented: “Ministers will hopefully be true to their word and deliver a white paper that is based on evidence, not emotion.
“If that is the case then the industry should be able to move forward and flourish. Obviously, the people, the product and the platform for the joint entity will be absolutely key and that would be my priority,” he concluded.