Caesars Entertainment announced on Wednesday, 30th September 2020, that the gaming giant has agreed to acquire London-based bookmaker William Hill for the equivalent of $3.7 billion. The acquisition will be a monumental agreement between one of the largest sports betting companies in William Hill and one of the largest U.S. gaming companies in Caesars Entertainment.
This follows Caesars completing a huge $17.3 billion merger with Eldorado Resorts over the summer.
William Hill and Caesars Entertainment were already involved in a joint venture that saw Caesars using William Hill to run the majority of Caesars’ online and retail sportsbooks in the U.S. However, after Williams Hill disclosed that it had received an offer to be acquired by private equity firm Apolly Global Management, Caesars made a proposal of its own.
Tom Reeg, Caesars Entertainment’s Chief Executive Officer, commented on the acquisition by saying that the opportunity to combine their land based casinos, sports betting and online gaming in the U.S. is a truly exciting prospect.
Reeg went on to say that William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to serve their customers in the fast-growing U.S. sports betting and online market.
He also said that they look forward to working with William Hill to support future growth in the U.S. by providing their customers with a superior and comprehensive experience across all areas of gaming, sports betting and entertainment.
The deal will still need to go through anti-trust approval and it is anticipated that the complete deal will be completed by the end of next year.
