Caesars Bids $3.7 Billion for William Hill in Sports Betting Mega-Play
When William Hill was taking his first wagers in 1934 on Jermyn Street in Westminster, London there’s a good chance the last thing on his mind was forming an alliance with an American gaming and entertainment behemoth.
However, the legalization of online sports betting in the United States means these two giants have indeed come together. Caesars Entertainment, Inc. has made an agreement to take over William Hill for $3.7 billion.
The offering to William Hill shareholders is 272 pence per share.
Legalized Sports Betting
The historic ruling by the US Supreme Court two years ago that individual states could legalize and regulate sports betting, has led to the biggest names in the US gaming industry scambling for position and market share. Time is of the essence. So it makes sense that they have turned to European and other international bookmakers for their longstanding expertise.
For their part, William Hill is fully aware of the opportunities available. Online gaming is expanding rapidly across the United States. Undoubtedly, this has whetted their appetite for the deal.
Caesars will look to sell off William Hill’s non-US businesses when the deal closes, likely in late 2021. It is expected to further expand on William Hill’s powerful entry to the US market both on market share and revenue.
The merger will also facilitate access to markets where Caesars do not currently operate an online platform for sports betting.
Expansion and Casino Operations
This list of states includes Colorado, Illinois, West Virginia, Rhode Island (in which William Hill is the sole sports book provider) and Iowa. The latter looks set to allow remote registration of online accounts in early 2021. The UK sports betting specialist already has four casino partners in this one state.
Caesars Palace, Harrahs, Horseshoe and Eldorado casino brands all fall under the Caesars Entertainment umbrella
William Hill is also making advances in the US online casino market. The huge brand recognition of Caesars will give their operations in that space a boost. They will have access to the eponymous Caesars Palace brand but also Harrahs, Horseshoe, and Eldorado which are all under the Caesars umbrella.