William Hill and Caesars discuss iGaming merger
William Hill is in discussions to merge its US sports betting and iGaming operations with Caesars Entertainment, a deal worth approximately $7 billion based on Caesars’ $600 million to $700 million online gaming and sports betting revenue forecast for 2021, according to Bloomberg.
Caesars already owns 20% of William Hill US, which has the exclusive rights to operate sports betting for Caesars. Hill will add 15 sportsbooks to Caesars’ properties in the next few weeks, resulting in 170 US retail sportsbooks in 13 states, a market share of 29%, according to the company.
“There’s a lot of opportunity in there, and we think that we’ve got some really powerful assets in this space, so obviously it’s an ongoing subject of discussion,” William Hill US CEO Joe Asher said in an interview.
“We’ve had the market-leading share in Nevada, for a number of years, but not that big of a presence on the Vegas Strip. With Caesars and Cantor, it allows us to sign up people for mobile accounts at some iconic properties in Las Vegas.”
William Hill CEO Ulrik Bengtsson added: “We have continued to develop both our technology platform and our product offerings, with more significant enhancements to come in the second half. We have the financial strength to confidently pursue our growth agenda, taking advantage of our market leading position in sports betting in the US, and the terrific opportunity that Eldorado’s merger with Caesars brings.”
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