Many suitors including gambling giant Caesars are wanting to purchase betting operator William Hill to get the company out of the United Kingdom. In recent years, the London-based company has witnessed a major dip in revenue and is now looking to be sold.
Caesars is one of the world’s leading gambling entities that is looking to take over William Hill, but several other suitors are also interested in taking hold of this hugely successful operator.
UK Lawmakers to Toughen Gambling Regulations
The UK is famous for having one of the largest gambling industries in the world which many people attribute to the country’s loose regulations. However, in recent years, the country’s gambling regulations have been tightened to help reduce problem gambling and gambling-related suicides. Many citizens had been complaining about the government apathy that eventually led the country to check the growing trend.
Since 2018, many new regulations have been imposed on UK gambling operators. Most restrictions center on the type of advertising that operators can offer, although some new laws have even cracked down on land-based gambling machines in the UK.
Earlier last month, UK Prime Minister Boris Johnson and his associates publicly supported a move to increase gambling regulations again. Inevitably, the new regulations will further tighten the stranglehold on the gambling companies in the country.
The UK’s land-based gambling industry in particular been losing a huge amount of revenue during the past few years, due to changes in regulation amongst other factors and a reduction in public interest. William Hill is no exception and it now appears that William Hill will soon be acquired by a US gambling entity.
Caesars & Apollo to Purchase William Hill
William Hill was launched in 1964 and grew to become one of the most successful gambling companies in the world. Today, it provides an extensive range of both land-based and online gambling options worldwide.
In 2019, the House of Commons passed a law requiring FOBTs to limit maximum bets to a mere £2. Before that, gaming machines could take hundreds of pounds in a single bet. Many believe that regulation essentially castrated the betting machine industry in the UK and inevitably, this took a toll on brick and mortar gambling entities. William Hill immediately reported a huge toll that these restrictions took on the company’s land-based operations.
Eventually, William Hill diverted its focus on the newly-emerging US sports betting industry. It now looks that some major companies are keen on acquiring William Hill. Most recently, Caesars and Apollo have offered proposals to take over the London-based bookmaker. However, the Wiliam Hill officials told the media that no deal had been finalized yet.
All the interested entities now have until October 23 to make the deal and so we eagerly await the news. An acquisition to Caesars would expand what is already believed one of the world’s biggest gambling entities.
Caesars Eying on Expansion
Over the last few years, Caesars has become the center of attention in the gambling industry. In 2019, it was revealed that Eldorado Resorts agreed to acquire Caesars Entertainment for a whopping $17 billion, the largest merger between two casino entities ever made.
A deal that size takes time to organize and experts predicted that the merge would be complete by the end of 2019. However, this was not the case as both entities required approval from their respective states. Eventually, the merger saw the long-awaited merger this past July. Interestingly, they kept Caesar’s name and have now begun targeting further expansion.
Early last month, news broke that Caesars had forged a new betting alliance with ESPN. Most analysts believe this will expand the company’s reach throughout the US, as well as helping Caesar’s stock price increase.
There is no denying that things are happening much faster in the US gambling industry than that of any other part of the world, and it now appears Caesars will soon acquire William Hill to add to their ever-growing list.