Caesars Entertainment has announced the delayed completion of its $4bn (£2.9bn) acquisition of William Hill, which was initially slated for finalisation at the turn of this month.
Furthermore, as previously disclosed, Caesars intends to sell the non-US businesses currently owned by the group, including the UK and international online divisions and retail betting shops.
It has been suggested that Caesars’ initial rival in securing a deal, Apollo Global Management, could be among those interested in securing all, or a portion of, those interests, with 888 and Betfred also among the names mentioned.
Caesars has praised the takeover of “one of the world’s leading betting and gambling companies,” which it says offers the ability to maximise the opportunity within sports betting and online gaming in the US.
A lot has happened in the 87 years since William Hill opened his first shop in Jermyn Street in London. We were the first bookmaker to be listed on the LSE. Today is another Momentous day for @WilliamHillPLC as we become part of the Ceasar’s family 🔵 pic.twitter.com/PBER9grUbH
— Ulrik Bengtsson 🇸🇪🇨🇦🇲🇹🇬🇧 (@UlrikBengtsson) April 22, 2021
“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,” said Tom Reeg, CEO of Caesars Entertainment. “We look forward to announcing future sports partnerships that will drive long-term growth.”
The combined companies currently operate sports betting in 18 jurisdictions in the US, 13 of which offer mobile sports betting. The company expects to be operational in 20 states by the end of 2021.
Caesars has previously offered a belief that the enlarged gambling business could generate in the region of $600m-$700m in net revenue during this year.
The transaction further expands the reach of Caesars Rewards by providing William Hill members access to the loyalty program, including the ability to earn tier status that can be used at all of its land-based and online properties.
This combination also enables a further enhancement of its services to customers, with an intention of providing a single-wallet offering of sports betting and online gaming products across the enterprise in the future.