William Hill Rebrand? Caesars Agrees To Buy Company For $3.7 Billion Pricetag

Caesars has officially agreed to purchase William Hill for $3.7 billion.

William Hill, one of Illinois’ five virtual casinos, gained market access through the Grand Victoria Casino in Elgin, a Caesars residence.

This is what we understand regarding the deal and its potential impact on sports betting in Illinois.

All in on playing games online

Caesars, one of the largest entertainment companies in the nation, wished to expand its product line.

This deal appears to have accomplished that.

“The chance to merge our land-based casinos, sports betting, and online gaming in the US is an incredibly thrilling opportunity,” stated Tom Reeg, CEO of Caesars Entertainment, in a press release.

The agreement might be concluded in the upcoming quarter of 2021. Before the acquisition, Caesars held a 20% share in William Hill, leading to the association of Grand Victoria with William Hills & rsquo.

Caesars has been proactively searching for online partnerships, and this agreement could potentially expand its influence in that area. While William Hill is in partnership with CBS Sports, it also has a long-term alliance with ESPN.

Caesars expects that its new sports and online gaming division will generate net revenue of $600 million to $700 million within the US in 2021.

Roger Devlin, the chair of William Hill, stated:

& ldquo, according to the William Hill board, this is the best choice for shareholders at a reasonable price. It acknowledges the major advancements made by the William Hill party over the past 18 months, as well as the risk and sizeable funding needed to take full advantage of the US opportunity given the country’s fierce competition and the possibility of regulatory disruption in Europe, the UK, and other countries. & rdquo,

Furthermore, due to Caesars’ powerful brand recognition, there is a possibility that William Hill’s virtual casinos could be rebranded under the former, although this cannot be confirmed.

William Hill is based in Illinois, but it seems to have little to no marketing in comparison to other casinos.

Perhaps it refrained from undertaking any substantial promotion initiatives until this deal was finalized.

Up until last week, William Hill may have been the least compelling among Illinois’ five online sportsbooks. However, there is certainly a reason for interest now.

Caesars will buy off non-US companies

The press release stated that the entertainment business planned to divest William Hill’s assets outside the US.

“It states, ‘Regarding our UK and International organizations, we are confident in their robust future. We plan to collaborate with Caesars to identify appropriate partners to enhance the long-term growth potential of these companies.'”

During the first half of 2020, 93% of the group’s revenues were derived from those assets.

This encompasses the UK retail house, the company’s global division, and William Hill UK online. Combined, they produced approximately $575 million in revenue in 2019.

Additional advantages for Caesars

The Caesars have been preoccupied, with the acquisition of William Hill being the latest example.

The unification of Eldorado with Grand Victoria Casino was completed in July. The casino is now owned by Caesars as Eldorado had purchased it back in 2018.

Caesars currently owns Harrah’s Joliet and Harrah’s Metropolis in Illinois. Presently, neither of these casinos has a retail sportsbook. However, if they decide to seek licensing, William Hill is fully prepared to collaborate.

Additionally, Caesars boasts a widely recognized loyalty program with approximately 60 million members.

Another attractive feature of the offer is the seamless integration and consistent user experience across the online sportsbook and casino.

The share price of Caesars increased by 3% in pre-market trading following the news.