Venerable UK based bookmaker William Hill has been bought by Caesars Entertainment for the princely sum of $3.7billion, which gives Caesars access to the ever explanding sports betting industry in the US.
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Caesars said it is interested in the the company’s U.S. assets, and indicated it would seek to sell off William Hill’s assets in the United Kingdom and other countries.
“The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” Tom Reeg’s Caesars CEO said. “William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast growing U.S. sports betting and online market.”
William Hill was founded in 1934 and grew to become a well-known name in the betting industry, particularly in England.
“The William Hill board believes this is the best option for William Hill at an attractive price for shareholders,” company chairman Roger Devlin said. “It recognizes the significant progress the William Hill Group has made over the last 18 months, as well as the risk and significant investment required to maximize the U.S. opportunity given intense competition in the U.S. and the potential for regulatory disruption in the U.K. and Europe.”