British billionaire bookmaker and Betfred founder Fred Done, is reportedly considering an unexpected bid for William Hill. Should he accept the bid, it would effectively intrude Caesars Entertainment’s planned takeover.
After months and months of deliberations, Caesars Palace finally agreed to acquire William Hill for an estimated $3.69 billion in cash, an offer that was fully favored by the board. Done, who currently enjoys the largest private shares at 6%, is expected to give his approval for the transfer of assets, which has so far already been recommended by William Hill’s board of directors.
In previous months, speculations were rife that Done was willing to consider other options, including the possibility of outbidding Caesars. However, he is now purportedly inclined to support the transfer of the company’s American assets under Caesars’ control. Even though the Caesars’ takeover is as good as done, Done still has a play for the remaining William Hill assets internationally.
William Hill is a trusted brand as we’ve covered here and as market conditions change, partnerships and acquisitions such as the ones discussed here will allow the brand to make the most out of available opportunities. Although this deal isn’t official yet, it’s not surprising that these 2 companies want to consolidate given that they already have a tight-knit relationship in the sports wagering arena.
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Ever since PASPA’s repeal by the U.S Supreme Court and the resultant affluence of sports wagering and expansion in the country, there has been a noticeable trend towards consolidation. As time has progressed and the industry has continued to mature, the number of truly separate entities and single competitors has been plummeting as more and more brands unite under a shared umbrella.
There are several reasons for the mounting consolidations. For one, partnerships such as William Hill and Caesars’ enhance operational efficiency. When giant operators consolidate, it also improves their market power, as well as the ability to cross-sell. This tie-up between William Hill and Caesars will be one of the highest-profile consolidations yet so it will be interesting to observe how it shakes up the industry once it is finalized.
What we cover
Expansion plans for William Hill continue
In the US, William Hill hopes to proceed with its expansion plans with the operator’s existing business in the country delivering impressive results and performance. Part of this great growth can be largely attributed to mobile-driven growth as well as the continued sports betting expansion that’s been happening all over the country.
Following betting regulation, which as you may already know is on a state-by-state basis, William Hill has managed to expand in several more states apart from Nevada, including West Virginia, Pennsylvania, Rhode Island and Iowa, Florida, Indiana, Mississippi, New Mexico, Delaware. It operates 113 race and sportsbooks in Nevada, as well as the state’s top mobile sports wagering app.
William Hill has also secured access to more than 20 states so far, primarily through strategic partnerships with leading multi-state casino operators such as Eldorado Resorts back in 2019 and now Caesars once the deal goes through.
2020 may have presented its challenges to the brick and mortar industry as a whole but it hasn’t thwarted William Hill’s plans to capitalize on its position as one of the topmost experienced sports wagering operators in the US, having set up shop in Nevada since 2012. The US branch of William Hill was established by acquiring and merging 3 smaller sportsbook operators under the William Hill flag.
Since then, William Hill has been on an upward trajectory making considerable advancements to introduce customers to a vast product range. William Hill is now easily one of the top online betting and gaming companies in the country. With sports wagering expanding quicker than ever, the operator has been able to leverage its experience and status in the US market, thus allowing it to move quickly.
William Hill has plans to launch in every state that enjoys legal sports betting. Because this number is expected to grow considerably in the coming year as more states welcome legal sports betting, William Hill is expecting some great times ahead.
And it’s not just legal sports betting that William Hill has to look forward to in the coming year. William Hill recently entered a partnership as we’ve discussed here with Evolution, which is by far one of the largest providers of Live Casino solutions today. As a result of this partnership, William Hill now offers New Jersey customers Live Casino which is streamed live from Evolutions studio in AC. As the Live Casino market continues to mature, William Hill hopes to expand this product in more states.
Final Thoughts
The gaming industry might be going through a rough patch right now but there is a lot of exciting stuff on the horizon. 2020 has been a pivotal year for William Hill presenting the behemoth operator with ups and downs that it has had to endure.
William Hill has done its best to prepare where it can and it has seemingly grounded its decisions in doing what’s best for the customer experience. As such, William Hill’s business will be sustainable in the long-term regardless of whatever obstacles it may have to overcome.
As 2021 fast approaches, William Hill boasts not only regulatory lucidity but also a passionate betting market and a clear strategy. Add to this the group’s robust balance sheet capable of supporting investments and what you have there is a winning formula for success in a market that’s very quickly becoming overcrowded.
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