- Caesars Entertainment is ending the William Hill era and rebranding the popular sportsbook as Caesars Sports.
- Caesars Entertainment is also closing and selling the William Hill retail locations in the UK.
- William Hill was acquired by Caesars Entertainment for $3.7 billion.
LAS VEGAS – Caesars Entertainment has completed its multibillion-dollar acquisition of popular sportsbook William Hill. The company now plans to rebrand William Hill as Caesars Sports.
The William Hill sportsbook across the US will become Caesars Sports for both its retail operations as well as the mobile betting app.
In addition, Caesars Entertainment is accepting bids for the many William Hill brick-and-mortar sportsbooks in the UK and fully focusing on the US market.
William Hill Becomes Caesars Sports
The acquisition of William Hill by Caesars Entertainment is valued at $3.7 billion. The results of the purchase saw the overall value of the company spike first quarter of 2021. According to the Q1 earnings report, the company has seen a major surge in valuation.
“We are excited about the ongoing improvement in operating trends which we expect will lead to increased free cash flow generation,” said Bret Yunker, Chief Financial Officer. “We ended the quarter with $1.8 billion of unrestricted cash and our revolver availability remains unchanged at $2.1 billion.”
The company is looking to continue riding this high in success. The first major move they are making following the acquisition of the William Hill sports betting operation is to immediately merge it with its already established Caesars Sports brand.
What will happen is the many William Hill sportsbooks across the US will be renamed Caesars Sports and will promote odds under the new moniker.
“We’re going to rebrand our books as Caesars, our app as Caesars Sports and tie our business into our Caesars Rewards database,” said Thomas R. Reeg, CEO of Caesars Entertainment. “And as I look at what’s out there in sports and do the analysis of the numbers that we can see, there’s some things that make us optimistic. There’s a great correlation between spend and market share at this point, not quite so much for brand or other non-spend categories. That’s a good sign for us when I talk about the cash flow that we’re generating right now.”
Selling William Hill Assets
Another big thing Caesars Entertainment will be doing is selling off the William Hill retail sportsbooks in the UK. The company also delisted William Hill from the UK Stock Exchange.
Caesars Entertainment has no interest in the multiple facilities in the UK that once operated William Hill books, and has made it clear they planned to sell William Hill shops as soon as the acquisition was complete.
The bidding war is currently going to be between prominent UK brands 888 Holdings and Apollo Global Management.
It is unknown how much the operations will be going for, but analysts predict that the winning bid could surpass £1.5 billion or $2 billion.
Caesars’s acquisition of William Hill will surely shake up the legal sports betting world. The one prominent name-brand synonymous with sports betting will now be no more.
In order to provide you with the best independent sports betting news and content LegalSportsBetting.com may receive a commission from partners when you make a purchase through a link on our site.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.