Tom Waterhouse has sold his online betting company, tomwaterhouse.com, William Hill for at least $34m.

Tom Waterhouse will remain managing director in the business, and can earn up to $70m more under an earn-out deal.

“I am excited by tomwaterhouse.com becoming part of the William Hill family. We’ve been searching for the ideal strategic partner for a while - William Hill truth that partner and much more,” Waterhouse said.

“I particularly like that they bring the knowledge and support however that they trust the local management to carry out the plan.”

Purchasing tomwaterhouse.com is the second online-betting company purchase for William Hill. They also acquired Sportingbet in March this year for $670m. The CEO of William Hill, Ralph Topping, said the company had plans to become Australia’s biggest online bookie.

“International expansion is a major factor of William Hill’s growth strategy and making Australia our second home is our priority. The Sportingbet acquisition gave us a strong and proven platform with an experienced management team," he explained.

"Acquiring tomwaterhouse.com gives us a rapidly growing business that appeals to a wider customers."

Waterhouse’s prolific advertising as well as a sponsorship deal with the NRL, under which live odds were given during game broadcasts, prompted government intervention and a backing away from the deal by the NRL.

Waterhouse was accused by other betting industry heavyweights, including the CEO of Sportingbet, of “acting irresponsibly”.

The Australian Communications and Media Authority (Acma) this month confirmed new guidelines, banning live odds during game play and restricting gambling advertising to scheduled breaks.

William Hill said inside a statement there would be “limited crossover” between tomwaterhouse.com, Sportingbet and Centrebet.

Online betting giants Ladbrokes and Bwin were also interested in Waterhouse’s online bookmaker.