British bookmaker William Hill has agreed to sell its Australia business to a unit of CrownBet for an equity value of A$313.7m as a ban on credit betting pressured its profit in that country.
The deal represents an enterprise value of $300m, the company said.
The Australian business, which operates licensed betting, over the telephone, internet and mobile phone platforms, has about 284,000 customers.
It made up 7% of William Hill's total revenue and nearly 6% of adjusted operating profit in 2017.
The company had said in January it was reviewing options for the Australia business after the unit's profits came under pressure following a ban on credit betting and the likely introduction of a point of consumption tax in some states.
However, the retreat from Australia could raise further questions about the future of William Hill, which has missed out on a round of consolidation in its home British market.
The company said in November it was in "very preliminary discussions" with CrownBet, which is partly owned by Canada's Stars Group, about a possible combination with its Australian business.
Proceeds from the sale will be partly used to pay down debt, William Hill said today.
