Caesars announced that it has officially completed an acquisition of William Hill for a price tag of nearly $4 billion. This deal has been in the works since late last year, but there was some opposition, which led to a brief delay.
This deal had to go through a number of legal steps, and the High Court of Justice in the UK gave the official approval earlier in the week. News of this acquisition sent shockwaves through the US sports betting industry as Caesars will now have a clear edge over other companies.
Both Caesars and William Hill are already offering sports betting in 18 different states throughout the US, and the goal is 20 by the end of 2021. Online sports betting is offered by at least one company in 13 different markets, and this number is also expected to grow.
ot only will this transform the US sports betting industry, but the growing online casino gaming industry will be affected as well. Caesars will be looking to offer just one app that will carry both betting platforms in the states where this is a possibility.
Companies Already Have Partnership
This deal made sense for a number of reasons, but the fact that these two companies already had a working relationship should lead to a smooth transition. This wasn’t a big partnership, but a handful of Caesars casinos were already equipped with a William Hill retail sportsbook.
That percentage was right around 20 percent, but it is expected to be close to 100 percent over the next few years as this partnership continues to grow. Both companies will have to obtain the proper licenses in states where sports betting is legal for this to occur.
William Hill an International Leader
Caesars is expected to sell the international portion of William Hill to another bidder, and this could attract a major offer. William Hill is one of the biggest names in the international industry, with more than 1,400 different betting shops.
The value of the international business for William Hill is much lower now than it was 12 months ago as a number of betting shops were forced to close during the COVID-19 pandemic and have not re-opened.
Asher Moving On
The news of the acquisition by Caesars was the biggest headline, but there was also another part of this story that drew plenty of attention. It was also announced on Thursday that Joe Asher has stepped down from his role of CEO at William Hill.
Asher guided the sportsbooks’ United States operations and helped William Hill become one of the top names in the country. He has been the CEO of William Hill since 2012 and is one of the most important figures in the US industry.
He came to William Hill back after the international operator purchased his Brandywine Bookmaking company that he founded 13 years ago. At this time, Asher has no plans of working in the industry with another company.