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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Established in 1934, William Hill is one of the true betting pioneers. The football, horse, and greyhound zones are packed, with hundreds of betting options and races available every day. There are so many website languages, and customer support is accessible 24/7. It keeps adding betting features, like Bet Builder and Request a Bet, and you can win up to £2,000,000 in football's top leagues. If you asked me 7 years ago, I would have told you that William Hill is the thε world’s best sportsbook. However, today is a different story. Even though the winning limits are incredibly high, you will see your account restricted very fast if you are a successful bettor. Besides, the overall payout is below par, even for football betting. Finally, if you are not looking to bet on horse racing, you will not be dazzled by what is available. Overall, William Hill offers a solid product for UK sports, but I would like to see the sportsbook improve the international offering as well.

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