After a disclosure earlier today surrounding Caesars Entertainment’s £2.9 billion take over of William Hill and speculation as to how the takeover will reshape the company, Betfred owner Fred Done is looking at sweeping up William Hill’s UK online and retail estate at a discounted price.In March, Done invested in a 6% stake in William Hill, cashing in on a huge ‘pandemic’ fallout share price of 36p. After the announcement of the takeover earlier today, Done is set to pocket £170 Million, sparking rumours of Done’s interest in William Hill’s UK online and retail outlets.
UK Profits Plunged
The drastic reduction on the maximum deposits for FOBT’s by the Gambling Commission in April has seen William Hill’s profits plunge and they had to make huge cut backs in retail estate and rethink it’s presence in the UK, which incurred a huge £800 million in their 2019 accounts.Even after the losses William Hill accrued in 2019, Caesars are confident in the fact William Hill are aggressively perusing its sportsbook expansion in the US, where Caesars have built the biggest domestic casino footprint after a successful $17 billion merger with Eldorado Resorts.
US Sportsbook Success
With the success of William Hill’s US deal and continued growth, Caesars are pushing forward with the US expansion and may offload the UK arm of the business, both retail and online to concentrate on its US mass-market sportsbook operation.Following the takeover, William Hill’s future looks a lot brighter and it’s US expansion moving along swiftly.