William Hill Shareholders Approve Caesar’s Deal
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Last week, William Hill shareholders approved the acquisition from Caesar’s Entertainment. The U.K. sports betting operator was bought out by Caesar’s earlier this year for $3.7 billion, and William Hill shareholders approved of the takeover. 86% of shareholders approved the acquisition.
54.6% of William Hill shares were represented in the voting, meaning that 47.3% of all operator shares were in favor. Shareholders were also in favor of the takeover scheme Caesar’s is using to complete the acquisition.
“We are pleased to have received William Hill shareholder support for our recommended cash offer. We continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill US into our Caesars sports betting and iGaming franchise.,” said Tom Reeg, CEO of Caesars Entertainment.
Both parties are hoping to have the acquisition completed by March 2021.
Apporval Details
With the approval of Caesars Entertainment acquiring William Hill, both parties can continue to move forward to complete the acquisition in 2021. There was 86% approval of the acquisition and the details with it as well. William Hill and Caesars have a target date of March 2021 for this process to be completed.
According to the deal, Caesars will be purchasing over one billion shares of William Hill stock at £2.72 each. Caesars will be purchasing the company’s sports betting operations and plans to sell the rest of the business off.
Some experts believe that Caesars could see $700 million in net revenue in 2021, thanks to the acquisition. The deal came shortly after Eldorado Resorts merged with Caesars earlier in 2020, which added more casinos under the Caesars umbrella.
What Does this Mean for William Hill
William Hill entered the U.S. market in 2012 in Nevada and has now expanded to over 100 locations. The sportsbook operates in over 10 states and will continue to expand even further now that Caesars Entertainment has acquired the U.K. betting operator.
William Hill will be running all of Caesar’s sportsbooks across the U.S., making its growth even further. This will also help William Hill enter more states as they will launch operations at every Caesars casino in the U.S.
Since entering the market, William Hill has made a huge splash in the U.S., and it will grow even more. The sportsbook had the third-largest market share at the Caesars Entertainment acquisition time and will most likely gain more thanks to Caesar’s reach in the U.S.
The U.K. sports betting operator is already a worldwide sports betting brand that started in the 1930s. It became a legal sportsbook in the 1970s and has expanded across the globe. Now, William Hill is working on the cash cow that will be U.S. sports betting by slowly entering each state one by one.
William Hill also has a partnership with CBS Sports, which will help its branding during live sports events. CBS Sports will use William Hill odds when discussing sports betting and matchups for upcoming games. The acquisition will only help William Hill in the long-term, so expect to see the U.K. sports betting operator compete with names like DraftKings, FanDuel, and BetMGM.
