Caesars Launches $3.7 million takeover bid for William Hill

Just as you thought William Hill was making a play to completely take over sports betting in the Garden State, it has become apparent that British sports wagering giant has simply been building its value in New Jersey with an eye to a potential sale to American sports betting behemoth, Caesars.

Only two days after Caesars have announced it was in ‘advanced talks’ to take over William Hill, the deal is over the line.

The companies have agreed to terms on a $3.7 billion deal that has seen the stocks of both companies jump in the region of 20 to 25%.

What the deal means

The historic acquisition will set up Caesars as one of the largest gaming and entertainment companies in the United States and one of the world’s most diverse gaming entities, as William Hill is one of the world’s leading sports betting and online casino providers.

The takeover itself will be subject to anti-trust and regulatory approvals and the deal is expected to be concluded by the second half of 2021.

“The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” said Tom Reeg, Caesars Entertainment Chief Executive Officer.

Caesars understand that the online gaming and sports wagering sector is the largest growth area in the U.S. gaming industry, with industry analysts estimating a total market size with a potential of up to $30-35 billion. The numbers reflect the online sports wagering legalization shift at U.S. state level and the inevitable increased uptake by sports bettors as integration with national sports and media brands continues.

“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.”

William Hill also announce the Caesars Deal is a Win-Win

Roger Devlin, Chairman of William Hill, commented positively on the deal;

“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.”

“Under the revitalized senior leadership team, William Hill has been delivering on its strategy and potential. William Hill is one of the world’s leading betting and gambling companies, with a long and proud heritage. It is one of the most recognized brands globally. Over recent years, it has transformed from a business once heavily reliant on U.K. retail into a company that is truly diversified by geography and channel, providing a stable standalone platform for future growth.” Devlin explained.

What New Jersey Sports Bettors get out of the Caesars/William Hill Deal

The combined company should have a world-class portfolio of betting brands for New jersey sports bettors, including William Hill’s sports betting expertise, in addition its established technology program. The combined company will also offer access to Caesars’ existing relationships with dozens of U.S. professional sports teams and events including the blue ribbon position as the exclusive Casino Sponsor of the NFL.

As part of the combined company, William Hill customers will be granted be access to Caesars’ industry-leading and highly regarded loyalty program (currently with more than 60 million members) for use online and in-house at Caesars land-based casinos.

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