William Hill is set to be purchased by Caesers Entertainment after the British bookmaker announced that it was being acquired for around $3.7 billion by one of the United States’ largest gambling companies.
The move comes less than a week after it was revealed that there were two competing proposals for the company between Caesars and Apollo Global Management.
Another sports betting blockbuster has been formally announced: Caesars has agreed to buy William Hill for $3.7 Billion.
— Darren Rovell (@darrenrovell) September 30, 2020
The deal is expected to close sometime in the latter half of next year and help make Caesars become a top player in the burgeoning United States sports betting industry. The deal will need to be approved by 75% or more of William Hill shareholders.
Caesars intends to focus on the US market and will likely sell off non-stateside assets such as those in the United Kingdom. The bookmaker has more than 1,400 betting shops in the United Kingdom alone.
Caesars Entertainment and William Hill have been joint partners on sports betting in the United States over the last couple years, both online and at Caesars casinos. Caesars currently owns 20% of William Hill’s United States facing business in exchange for William Hill having the right to operate in Caesars casino properties.
William Hill currently offers sports wagering in a diverse selection of states including Colorado, Nevada, New Mexico, Iowa, Illinois, Indiana, West Virginia, New Jersey, Mississippi and Rhode Island. Had Caesars and Apollo come to terms on a deal, it would have meant that William Hill and Caesars would have severed part of the deal.
Caesars CEO Tom Reeg reiterated that the deal would be a great fit for Caesars’ portfolio of products.
The opportunity to combine our land-based casinos, sports betting and online gaming in the U.S. is a truly exciting prospect. William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast-growing U.S. sports betting and online market.
