American gambling group Caesars Entertainment Inc. has announced that they're considering submitting a $3.71 billion cash offer to purchase UK sportsbook William Hill, which would aid the land casino giant in the expansion of sportsbetting throughout the United States.
The proposed terms would see Caesars paying out 272 pence per share for William Hill, and would then roll the company into the Caesars umbrella. Caesars is primarily known for their land casino operations throughout North America, but with the expansion of legalized sportsbetting in the United States, is working to incorporate a solution to build a solution throughout their properties.
Commenting on the proposal Caesars CEO Tom Reeg said, "The opportunity to combine our land-based casinos, sports betting and online gaming in the US is a truly exciting prospect. William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to better serve our customers in the fast-growing US sports betting and online market.
"We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting and entertainment."
A formal statement from William Hill's board hasn't been made, but there are indications that the group would vote to approve the deal. Any purchase would be subject to various regulator approvals, as well as shareholder votes. It's expected that if a deal is approved it would be completed at some point during the second half of 2021.
Casino Listings News is following this story and will update readers as we learn more.