Caesars Entertainment completes £2.9 billion takeover of William Hill

Caesars will sell off William Hill's operations outside the US
Caesars will sell off William Hill's operations outside the USCredit: John Cooper

William Hill's £2.9 billion takeover by Caesars Entertainment was completed on Thursday, with the casino giant reiterating its intention to sell the bookmaker's businesses outside the US.

Caesars said the acquisition gave it "ownership of one of the world's leading betting and gambling companies and gives the company the ability to maximise the opportunity within sports betting and online gaming in the US".

"We are thrilled to complete the acquisition of William Hill, combining two of the premier operations in the sports betting and iGaming industries under one roof," Caesars' chief executive Tom Reeg added.

As a growing number of US states legalise sports betting, William Hill's rival Entain this week said it expected the value of the total betting and gaming market in the US and Canada to reach $32bn (approx £23bn).

Following the takeover of William Hill, Caesars expects to be operational in 20 US jurisdictions by the end of the year.

However, the company said on Thursday: "As previously disclosed, Caesars intends to sell the non-US businesses currently owned by William Hill, including the UK and international online divisions and the retail betting shops."

Private equity group Apollo Global Management, which was the main competitor to Caesars for William Hill, is understood to be among the front-runners to buy the bookmaker's operations outside the US, while online operator 888 have also voiced an interest in bidding for the business.

Betfred are expected to be a potential buyer for William Hill's chain of betting shops should they come on to the market.

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Bill BarberIndustry editor

Published on 22 April 2021inNews

Last updated 15:35, 22 April 2021