888 Holdings has inked a deal to acquire William Hill’s European assets from Caesars Entertainment Inc for a cost of $2.76 billion.
British National Newspaper, The Times, made this announcement on Wednesday, affirming that 888 had won the bid to acquire the renowned betting company’s operations in the UK and Europe.
The Times article on Tuesday prompted 888 Holdings to announce the ongoing talks with Caesars. However, the company affirmed it was not certain the discussions would result in a transaction.
Though no further announcement is yet to be released, The Times stuck to its gun on Wednesday, reiterating that the Gibraltar-based online gaming had outbid US private equity firm, Apollo Capital Management.
William Hill brand dates back to 1934 and comprise betting shops and the bookmaker’s online operations in UK and Europe.
Caesars purchased William Hill last year for $3.69 billion but made it known that it had no interest in the company’s European operations. The Nevada-based casino giant earlier was in a joint venture with William Hill after the US Supreme Court lifted the ban on sports betting.
Though William Hill’s European division is valuable, its operations are over years experiencing tightening regulation, even in its home country, the UK. Meanwhile, the US is soon expected to become the biggest sports betting market in the world.
Since 888 Holdings is stickily online, the additional land-based operation could be challenging due to regulatory clampdown in the UK and across Europe. However, 888 CEO Itai Pazner has suggested the acquiring William Hill’s business could be beneficial.