Caesars Entertainment completed its acquisition of sportsbook operator William Hill in a deal worth approximately $4 billion.
William Hill has an estimated 29% share of the U.S. sports betting market and is the third-largest sportsbook operator in the country behind FanDuel and DraftKings.
The acquisition comes on the heels of a rough 2020 for Caesars, which experienced a net loss of $1.8 billion, compared to $81 million in losses a year prior.
Caesars confirmed its interest in acquiring William Hill in September and, in March, received approval from the Nevada Gaming Commission to proceed with the transaction.
The process was initially met with resistance by William Hill’s shareholders due to terms of the joint venture agreement not being properly disclosed, but the issue was resolved.
As a combined company, Caesars and William Hill reach 18 jurisdictions in the U.S., including 13 that offer online sports betting, and hope to be live in 20 jurisdictions by the end of 2021.
Caesars previously held a 20% stake in William Hill but will now lead the charge. “We wanted to sit at the steering wheel ourselves,” Caesars CEO Tom Reeg said.