British bookmaker William Hill (Hills) has formally exited the Australian market following the sale of its struggling sports betting division to Australian online sports betting operator CrownBet Holdings Pty Ltd.

The Financial Times reported Hills has already agreed to sell its Australia business to a unit of CrownBet for an equity value of AUD313.7 million (US$243.65 million), while the enterprise value is around AUD300 million (US$233.09 million).

The deal comes a week after The Stars Group announced that it had acquired a 62 percent stake in CrownBet from Australian casino operator Crown Resorts for US$117.7 million. With the acquisition of Hills’ Australian division, CrownBet now becomes the third largest sportsbook in Australia, just behind Tabcorp and Paddy Power Betfair’s local brand Sportsbet.

In January, Hills put its Australian business under review as the costs linked to running the division become increasingly onerous.