Caesars Could Be Set to Buy William Hill for £2.9 Billion
Caesars Entertainment is on the verge of acquiring one of the biggest gambling companies in the world. Last week, the US giant proposed a £2.9 billion takeover for UK bookmaker, William Hill. The board of the company has recently accepted the offer. Should the William Hill shareholders also accept the bid, Caesars would immediately be catapulted to the very top of the US online gambling market. It remains to be seen what the shareholders will make of the bid. Though the directors at William Hill are thought to have recommended that the deal be agreed.
William Hill Accepts the Immense Takeover
Details about the takeover are sketchy, but it is believed that Caesars Entertainment is prepared to pay 272p per share. At the current rate, this would equate the deal as being worth $3.72 billion in value. The deal for one of the UK’s biggest bookmakers is not exactly out of the blue. Over the last year, sports betting has become more and more commonplace in the United States. Indeed, eighteen of the fifty states have currently legalized betting on sports. WilliamHill has a significant presence in those sports betting markets. An acquisition of this magnitude would instantly propel Caesars straight to the top of the pile.
Caesars is already considered to be the world’s premier company when it comes to land-based betting, in particular casino gaming. It already owns the world-famous Caesars Palace resorts. In addition to the World Series of Poker. Thus far, twenty percent of William Hill’s US sports betting operation is currently owned by Caesars.
What Next for William Hill?
WilliamHill had already rejected an offer from Apollo Management. Claiming that it would “harm their operations”. William Hill’s presence in the US is growing. There are already 117 betting outlets in the country. However, over 1,400 of the UK’s William Hill sports betting shops could soon be put out of commission. It is not clear if Caesar’s would want to continue investing in those outlets. Especially given that 119 of them are already set to be terminated following a decrease in demand due to the coronavirus pandemic.
In the United Kingdom, internet gambling is prevalent. It is legalized nationally and considerably better regulated than the current situation in the US. William Hill may very well consider consolidating their grip of the digital market at the expense of their land-based ventures. Before anything can happen in the United States, though, the William Hill shareholders must make that all-important decision.
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