- Caesars Entertainment has officially bought William Hill for $3.7 Billion.
- Caesars previously owned 20% of William Hill before buying them completely.
LAS VEGAS—After a year of owning just 20% of William Hill, Caesars Entertainment has finally closed on a deal to acquire 100% of the sports betting company.
The two online gambling companies own two of the leading platforms in the sports betting industry right now, so the fact that Caesars has now gained full control over William Hill is an industry shifting move.
We are pleased to announce that we have reached an agreement on the terms of a recommended cash acquisition pursuant to which Caesars will acquire the entire issued & to be issued share capital of @WilliamHill for approx £2.9 billion.
— Caesars Entertainment (@CaesarsEnt) September 30, 2020
Read full release: https://t.co/d3mDneEAh2 pic.twitter.com/2ZluWC8sgP
The two had already been in business with each other for the last year being that Caesars had owned 20% of the company as mentioned before. In fact, Caesars was slated to take full control much earlier in April, but an objection by a minority shareholder pushed it back.
With that previous 20% ownership that Caesars owned, they had around a dozen William Hill retail sportsbook locations across their properties.
Now with 100% ownership, it is expected that a retail William Hill sportsbook will be located in most if not all Caesars locations. Also, Caesars will take over the online sports betting aspect in the buyout as well.
Getting more into the online aspect of the buyout, bettors that already have an account with either online sportsbook will now be able to gain access to one another and will also have one online sportsbooks wallet where they can fund each of their accounts.
They will also be able to take advantage of the rewards that both sites have to offer as well.
Although this is good news for both sides of the merger, it is not all fun and games for those that are invested in the market for them. After the announcement William Hills’ stock price took a 2% fall while the Caesar stock moved upward by 0.8%, however, that was after it also saw a 2% drop on the day as well.