Caesars Entertainment agrees a £2.9bn takeover of William Hill

1 Oct 2020

will-hill-caesarsUS casino operator Caesars Entertainment has reached terms to overtake British bookmaker William Hill through a £2.9bn deal. The deal, typically awaiting the final approval from William Hill shareholders, is expected to be completed in late 2021.

It will be focused on the US sports betting market, with Caesars mainly expecting to increase its market penetration in the country. Be reminded that sports betting was illegal across most of the USA until a 2018 ruling changed it all. Naturally, this has sparked a race among bookmakers who want to enter one of the world’s biggest betting markets.

Tom Reeg, CEO of Caesars Entertainment, said: “We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment.".

Chairman of William Hill, Roger Devlin, stated: "The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders. In terms of our UK and International businesses, we believe they have a strong future ahead and we will work with Caesars to find suitable partners to further the long-term growth prospects of these businesses.".

The value of Caesars’ shares had, in recent months, reached lows of almost $6; while recently bouncing back to $54, just after rumors of the deal went out. Its management expects the takeover to bring them some $600 to $700m in net revenue for 2021 in the US.

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During the early years of online betting, being registered to William Hill’s website was considered a sign of prestige. One of the leading worldwide brands, Will Hill remains stable and secure, always reliable, by carrying the proud tradition of British bookmakers. They have also kept the traditional horse racing and greyhound betting. Football and other sports (especially minor leagues outside Britain) have been massively reworked through the years and are now considered one of their best suites. They remain a traditional choice for every punter, however we would like to see an increase in their limits on some less popular events.

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