The two companies are already involved in a joint venture in which Caesars will use William Hill to run most of Caesars US online and retail sportsbooks. But after William Hill revealed that it had accepted an offer to be bought by private equity firm Apollo Global Management, Caesars submitted its own proposal.
The New York Post reported Monday that Caesars was “binding” on a current agreement with William Hill that said it would suspend some elements of the current arrangement if Apollo acquired the sportsbook. A few days later, the operation officially became part of Caesars.
The acquisition is still pending approval from the regulatory body and is expected to be completed in the second half of 2021, according to a press release visit poker88.
“The opportunity to combine our land-based casino, sports betting and online gaming in the US is a really exciting prospect,” said Caesars Entertainment CEO Tom Reeg in a statement. “William Hill’s sports betting expertise will complement Caesars’s current offering, enabling the combined group to serve our customers in the fast growing US online and sports betting market. We look forward to working with William Hill to support future growth in the US by providing a superior and comprehensive experience to our customers in all areas of gaming, sports betting and entertainment. ”
The move comes as Caesars tries to position itself to become a force in the burgeoning online gambling sector, which is believed to reach a market cap of between $ 30- $ 35 billion.
Caesars’ main US competition, MGM Resorts, also believes that online gambling is the future as it received a $ 1 billion investment from InterActive Corp based solely on how the company is positioned to enter the online gambling market.