Caesars May Merge Online Casinos With Sportsbook William Hill
(OTC: WIMHY) is looking to merge its U.S. gambling business with the online casino operations of Caesars Holdings (NASDAQ: CZR).
(NASDAQ: DKNG).
Image source: Getty Images.
The odds favor a deal
recently acquired by Eldorado Resorts.” data-reactid=”31″>Bloomberg reports William Hill just completed its acquisition of Cantor Fitzgerald’s sports betting unit CG Technology and now has designs on Caesars business. The casino operator, which already owns 20% of the U.K.-based operator’s sportsbook in the U.S., was recently acquired by Eldorado Resorts.
William Hill has run Eldorado’s sportsbook exclusively since 2018, and anticipated the casino operator would acquire its rival.
William Hill CEO Joe Asher told Bloomberg, “We’ve been riding on their coattails as they’ve been growing. Clearly, we bet on the right horse.”
Yet Caesars is amenable to the matchup, with CEO Tom Reeg quoted as saying in July the union would result in “gathering all our mobile assets, both sports and online. That would be ideal.”
The merger could value the combined operations at around $7 billion. DraftKings is currently valued at $13.5 billion. While analysts believe it’s possible Caesars could acquire William Hill, the betting money is on a publicly traded joint venture.
Following Eldorado’s acquisition of Caesars, William Hill will be responsible for 170 locations in 13 states.
Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.” data-reactid=”45″>Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Caesars May Merge Online Casinos With Sportsbook William Hill was originally published by The Motley Fool” data-reactid=”46″>Caesars May Merge Online Casinos With Sportsbook William Hill was originally published by The Motley Fool
