Betting firm 888 to buy William Hill’s non-US assets for $3.03 billion

On Thursday, the British gambling firm 888 Holdings revealed that they have agreed on a deal with Caesars Entertainment Inc to buy the international assets of the US casino group William Hill for around $3.03 billion (£2.2 billion). 

888 Holdings said it expects cost savings of £100 million per year from the acquisition and will raise nearly £500 million by issuing new equity via a capital raise.

Tom Reeg, the CEO of Caesars, said that they’re planning to find an owner for William Hill’s business outside the US that shares the same objectives and ambitions as William Hill.

As a part of a wider consolidation in the gambling industry, Ceasar Inc purchased William Hill for £2.9 billion earlier this year. Now, American companies are buying out London-listed groups to gain more experience as the United States opens up to sports betting; as for now, sports betting is only legal in two dozen US states.

Willian Hill plays a big part in the UK’s gambling industry as it was the company with the most betting shop operators in the UK in 2019.

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