CAESARS COMPLETES HISTORIC $3.7B ACQUISITION BRITISH BOOKIES WILLIAM HILL

US gambling giant Caesars Entertainment has announced the completion of its $3.7B USD (£2.9B GBP) acquisition of historic British bookmaker William Hill. 

It follows approval for the deal by the High Court of Justice in England and Wales earlier this week. All issued and to be issued share capital of William Hill, except those shares already owned by Caesars, have now been acquired by Caesars subsidiary, Caesars UK Bidco. 

William Hill has now delisted from the London Stock Exchange, and its shareholders should receive their pay-outs by 6 May. 

Combined, Caesars and William Hill already offer sports wagering in 18 US jurisdictions, including mobile sports wagering in 13 markets, and the firm is expected to grow this footprint significantly over the next few years as it looks to dominate the American markets. 

There are currently over 170 William Hill retail sportsbooks in the United States, representing a 29% market share. 

Commenting on the news, CEO of Caesars Entertainment, Tom Reeg, said: “We are thrilled to complete the acquisition of William Hill, combining two of the premier operations in the sports betting and online gaming industries under one roof. We look forward to announcing future sports partnerships that will drive long-term growth.”

Caesars has previously stated it only intends to keep William Hill’s US assets, and will be looking to sell its UK and international business. 

AYO.NEWS says:

Caesars Entertainment, which lets not forget only merged with Eldorado Resports in July 2020,  is now in a massively strong position in terms of its US offering, and we expect it will waste no time in pursuing very aggressive expansion. Elsewhere it’s going to be interesting to see what happens to William Hill’s UK and international assets – will the COVID crisis have made its retail estate less attractive?