A blockbuster sports betting deal could be in the works as Caesars Entertainment has made a $3.7 billion offer to take over U.K.-based William Hill. Caesars currently owns 20% of the two companies’ joint U.S. venture.
At the price offered, William Hill’s board of directors said “they would be minded to recommend” the deal to shareholders. The acquisition likely wouldn’t close until the second half of next year, but William Hill’s shares dropped 12.43% since market close Friday.
William Hill’s online wagering technology, which includes sports betting and virtual casino games, has stayed strong despite European storefronts closing during the pandemic. Caesars’ main goal is to keep William Hill’s U.S. assets and betting technology, but it could sell its international operations.
Projected Share of $18 Billion U.S. Sports Betting Market in 2025:
28% — Flutter Entertainment, owners of FoxBet and FanDuel
20% — DraftKings
12% — Caesars