Caesars Entertainment is shaking up the regulated US sports betting market with the purchase of UK operator William Hill. The blockbuster deal has Caesars shelling out a whopping $3.75 billion for William Hill’s operations in a deal that has major ramifications for US gaming markets.
At the core of this deal is Caesars’ desire to cement its place as a major player in the burgeoning regulated US sports betting market. That US focus explains why Caesars will be selling of all of William Hill’s non-US assets. And with William Hill quickly establishing itself as a credible spot for regulated US sports betting, that makes a lot of sense.
Roger Devlin, Chairman of William Hill commented on the deal in a press release saying, “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.”
Caesars Entertainment CEO Tom Reeg hyped the deal saying, “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 William Hill purchase is expected to be completed sometime in 2021.