An agreement between Caesars Entertainment and U.K.-based international betting company William Hill was struck Tuesday, reports the Reno Gazette Journal. This deal comes just two months after the $17.3 billion Eldorado Resorts-Caesars Entertainment merger. The $3.7 billion cash acquisition will place the largest sports betting operation in the United States under the Caesars brand. expansion
Although Caesars already owned a 20 percent stake in William Hill, this deal will expand Caesars’ footprint in the sports betting and online gaming market as it continues to expand and more states become open to it. Analysts say the online gaming sector is worth upwards of $35 billion.
“The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” said Tom Reeg, CEO of Caesars Entertainment. “William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to serve our customers in the fast-growing U.S. sports betting and online market.”
William Hill also has operations in the Bahamas, Italy, Spain and Sweden.