- Caesars Entertainment sold its William Hill assets to 888 Holdings.
- 888 Holdings will now offer retail gambling options in the UK with its online platforms.
LAS VEGAS – 888 Holdings just grew bigger as a company thanks to an agreement with Caesars Entertainment for the purchase of the assets of UK-based William Hill.
Caesars Entertainment And William Hill
All involved parties could stand to gain financially and seem excited about the new agreement.
“I’d like to personally thank Ulrik and all of the team at William Hill for their professionalism and dedication while they have been part of Caesars and particularly during the sale process. I am delighted that, as we said we would when we announced the offer for William Hill PLC, we have found an owner for the William Hill business outside the US which shares the same objectives, approaches and longer-term ambitions of that business,” said Tom Reeg, CEO of Caesars Entertainment, in a recent press release.
This transition is currently expected to be finalized by early 2022 for retail and online gaming.
888’s Perspective On The Deal
888 believes that this new acquisition will greatly benefit the company in various different ways according to a media release on their website.
“The Acquisition represents a transformational opportunity for 888 to significantly increase its scale, further diversify its product mix and accelerate the upward shift of its revenue growth profile. The combination of 888 and WHI is expected to deliver significant operating efficiencies, including pre-tax
cost synergies of at least £100 million per year 1, leading to improved profit margins.”
Prior to this agreement, 888 Holdings did all of its business in a strictly online capacity, but with the newly acquired 1,400 retail betting locations, accessibility to the companies offerings has increased even more.
Fans of 888’s online gambling options can rest assured that those will remain unaffected in the meantime.