Sportsbook giant William Hill is looking to potentially merge its US gambling business with the online casino platform Caesars Holdings.
The deal could value the combined organizations at around $7 billion, and as a single entity, they could possibly generate $700 million in annual revenue and give industry leader DraftKings a competitive challenge, which is worth more than $13 billion.
William Hill US announced the acquisition of CG Technology, following last week’s approval from Nevada. As such, there are now four additional William Hill sportsbooks operating on the Las Vegas Strip.
Caesars already owns 20% of William Hills US under a deal with Eldorado Resorts which was agreed on this past July. William Hill has run Eldorado’s sportsbook exclusively for the past couple of years (since 2018), and anticipated the casino operator would acquire its rival.
William Hill’s CEO, Joe Asher, has confirmed that the company is in further discussions with Caesars about combining their sports-betting and online gaming operations. He shared with Bloomberg: “There’s a lot of opportunity in there, and we think that we’ve got some really powerful assets in this space, so obviously it’s an ongoing subject of discussion. We’ve been riding on their coattails as they’ve been growing. Clearly, we bet on the right horse.”
Recently, William Hill introduced online casino betting in New Jersey.