The British bookmaker, William Hill, has agreed to a $3.7 billion buyout bid by Caesars Entertainment. Last week, both groups issued a statement that they were involved in advanced talks, and the completion of the deal was confirmed on Thursday.
“The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” said Tom Reeg, the CEO of Caesars Entertainment. “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.”
Caesars has said that it intends to keep William Hills’ US assets, but will be seeking to sell off its assets in other countries like the UK.
William Hill is one of the most recognizable brands in the UK betting industry since it was founded in 1934. When the UK government started restrictions on its home turf, William Hill settled its sights across the Atlantic and started investing in the US market.
Since the US Supreme Court’s landmark decision to allow individual states to legalize sports betting, William Hill has made signficant progress in the US, especially New Jersey.
William Hill and Caesars already operate together through a joint venture, where Caesars owns 20% of WillHill’s US business. In return, the bookmaker has the right to offer sports betting at the 50 or so casinos that are run by Caesars in the US.
William Hill currently has 170 retail betting sites in 13 states.
Caesars has said that it will integrate William Hill’s business into its brand and will attempt to do so with as few job cuts as possible.
Due to the pandemic, William Hill’s business in the UK has been severely impacted. In August this year, the group said that it would not be reopening some 120 of its high street betting shops.
