It has been announced today that one of the largest sportsbook operators in the world, both online and retail; William Hill, is to be acquired by gaming and hospitality giant Caesars Entertainment.
Both firms are pleased to announce that they have reached an agreement for the terms of the deal, including the recommended cash acquisition of almost £3bn.
Tom Reeg of Caesars Entertainment commented on the acquisition:
“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 serve our customers in the fast-growing U.S. sports betting and online market.
We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment.”
The total sum amounts to around £2.9 billion and finalising the deal will be a historic moment as Caesars Entertainment would become one of the largest gaming-entertainment firms in the United States.
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Roger Devlin of William Hill also shared comments on the deal and what it means for the firm going forward:
“The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders.
It recognizes the significant progress the William Hill Group has made over the last 18 months, as well as the risk and significant investment required to maximize the U.S. opportunity given intense competition in the U.S. and the potential for regulatory disruption in the U.K. and Europe
Under the revitalized senior leadership team, William Hill has been delivering on its strategy and potential. William Hill is one of the world’s leading betting and gambling companies, with a long and proud heritage. It is one of the most recognised brands globally.
Over recent years, it has transformed from a business once heavily reliant on U.K. retail into a company that is truly diversified by geography and channel, providing a stable standalone platform for future growth.”
For now, it is very much business as usual. Employees will be kept fully informed through this process.
In terms of our U.K. 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.”
In addition, Caesars will also be one of the world’s most diversified gaming entertainment corporations along with William Hill being one of the leading retail gambling, online gambling and sports betting companies across the globe.
The entire acquisition, which includes the entire issued and to be issued share capital of William Hill is subject to regulatory approval and anti-trust checks.
The deal is expected to complete in the second half of 2021.