HomeGamblingUS Casino Firm Caesars buy British bookmaker William Hill for £2.9bn
US Casino Firm Caesars buy British bookmaker William Hill for £2.9bn
October 2, 2020
US casino giant Caesars has agreed a £2.9bn takeover of British bookmaker William Hill. Caesars already owns a 20 per cent stake in William Hill‘s US operations, which also have exclusive rights to operate sports betting under the Caesars brand.
Last week, William Hill said it had also received a takeover approach from private equity firm Apollo but it has rejected that offer in favour of Caesars.
Caesars is particularly interested in William Hill’s US bookmaking business which has 170 sites in 13 states.
Gambling profits are on the rise in the US after a long-standing ban on sports betting was ruled unlawful by the Supreme Court. Campaigners have warned of an increase in the risk of addiction and gambling-related harm.
Last month, William Hill said it would reopen 119 of its UK High Street betting shops after the coronavirus shutdown, because it thought customers numbers were unlikely to recover.
UK bookmakers have been making an increasing share of their profits from online gambling.
William Hill chairman Roger Devlin, chairman, said: “The William Hill board believes this is the best option for William Hill at an attractive price for shareholders.
To provide the best experiences at 24x7 Business News website, we may use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.