Tom Waterhouse will remain the face of his online betting business - for now - after it was bought by British gambling powerhouse William Hill for far less than initially expected.

William Hill chief executive Ralph Topping said ''there was no intention of covering him up with a brown paper bag'' after the deal, which will result in the British company paying $34 million in cash for tomwaterhouse.com and taking on $6 million of the bookmaker's debt.

William Hill would also pay up to $70 million more if the Australian business achieves earnings of between $10 million and $30 million in 2015. Mr Waterhouse had been previously reported as wanting to sell 50 per cent of the business for as much as $100 million.

Mr Topping did not rule out replacing the names of the Australian betting houses William Hill owns - Sportingbet and Centrebet - with the parent brand, and said the decision was dependent on the outcome of a strategic meeting next month. It is understood the Tom Waterhouse brand is expected to be kept.