Caesars Entertainment on Wednesday announced a $3.7 billion deal to acquire British-based bookmaker William Hill. The agreement builds off the deal in which Eldorado Resorts acquired Caesars Entertainment Corp., completed over the summer and after which Eldorado rebranded itself as Caesars Entertainment.
The expansion of sports betting in the U.S. was a key driver of the latest acquisition. Prior to the Eldorado-Caesars deal, Eldorado already had a sportsbook exclusivity agreement in place with William Hill US.
"The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect," Caesars Entertainment CEO Tom Reeg said in a news release Wednesday. "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 news release stated that the acquisition would bring together Caesars, which is among the largest gaming entertainment companies in the U.S., and William Hill, one of the world’s leading betting and gambling companies. Per usual, such an acquisition is subject to anti-trust and regulatory approvals, and the deal isn’t expected to reach completion until the second half of 2021.
"The William Hill Board believes this is the best option for William Hill at an attractive price for shareholders," William Hill chairman Roger Devlin said. "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 UK and Europe."
