William Hill and Caesars Entertainment are negotiating to merge their sports betting and iGaming operation within the US. The potential value of this merger would exceed $7 billion, with Caesars’ projected iGaming and sports betting revenue of $700 million in 2021. As a separately listed entity, it could sport an attractive market valuation at a time when DraftKings is worth more than $13 billion and expanding in many states.
Merger to secure the top leading spot
This Tuesday, William Hill announced they’d completed the acquisition of CG technology after the approval by Nevada’s regulators. According to the deal, the sports betting operator would bring four other sportsbooks and layout its presence on the Las Vegas Strip.
Caesars already owns 20% of William Hill US under a deal with Eldorado Resorts, which took over Caesars this July. William Hill, as one of the top sports betting operators, has exclusively run Eldorado’s sportsbook since 2018.
William Hill US CEO Joe Asher confirmed the company has discussions with Caesars about merging their sports betting and online gaming businesses. He adds that there is a lot of potential and opportunity in this business move, and he’s confident they have powerful assets in this dialogue. As a company, they assumed Eldorado might take over Caesars, and clearly, they correctly predicted the business moves.
Caesars CEO Tom Reeg in July discussed combining mobile betting and gaming assets of both William Hill and Caesars as the next reasonable step to business growth.
Expanding the presence of the business
About 15 additional locations should be added and announced in the upcoming weeks with locations in Iowa and New Jersey. They would bring William Hill’s total to 170 retail locations in 13 states, with recently introducing online casino betting in New Jersey.
William Hill has long been in the leading sportsbook position in Nevada. This acquisition expanding their business horizons will give them a more prominent presence on the Las Vegas betting and gaming landscape. As their company executives say, this is an exciting time for their company, continuing to grow and introduce offers to new customers.
William Hill branded sportsbooks are open at The Venetian Resort, The Palazzo Resort, The Cosmopolitan and Silverton in Las Vegas. New offers include self-service kiosks, improved wagering menu featuring LIVE InPlay Wagering on the app and compelling rewards club offers.
On the other hand, the CEO of William Hill Ulrik Bengtsson added they’re continuing to develop and improve both tech platform, and product offers with more significant improvements coming by the end of this year. They believe they possess all the assets needed to pursue their growth plan, take advantage of their leadership position in the US sports betting market and the exceptional opportunities that the merger will bring.