William Hill and Caesars are both leaders in their respective fields. William Hill is considered one of the best sports betting platforms in the world, and it has recently entered the US market big time as a result of legalizing sports betting. On the other hand, Caesars is one of the biggest casino operators in the US, with more than 20 casinos across the state. However, Caesars has been into a sort of financial trouble recently, and they were looking to merge with another company, William Hill being one of their choices.
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However, the talks between the bookmaker from the UK and the US giant were not really that successful. Had they been successful, it would have been one of the biggest mergers of that kind, and the company from the US would have become a sports betting powerhouse in the US market worth £6 billion. However, the talks failed as the two sides were unable to negotiate a price that would suit them both.
Sources who were familiar with the talks told Sunday Times that the two sides had long talks regarding “a cash-and-shares deal.” However, the talks were not that fruitful and had to be aborted eventually as they couldn’t agree on the price.
William Hill has been actively observing the US market as it has been thriving ever since the Supreme Court removed the federal ban on sports betting last May, which paved the way for the legalization of these gambling activities in a couple of states.
What’s interesting is that both William Hill and Caesars have been facing difficulties in their home countries. Caesars is in debt, and ever since Carl Icahn bought a huge share of the company, he has been actively pushing for a merger which is bound to happen in the near future.
On the other hand, William Hill has been facing some issues in the domestic market as they have been accused of fixed-odds betting terminals and have been experiencing a lot of regulatory pressures. Furthermore, the company experienced a serious blow when the regulation to decrease a maximum bet on gaming machines from £100 to £2 was imposed. This is expected to result in many shop closures and many people in the UK are probably going to lose their jobs because of that regulation.
William Hill is in a sort of a race, and they need to find a partner in the US which would help them penetrate the US market. Although they are already present there, many other competitors have made partnership deals and are threatening to overtake the American market.
To sum up, the clock is ticking, and the thriving American sports betting market is still open for business. However, the competition is very high and the market could be occupied in a matter of years. Both William Hill and Caesars are companies which have a long and successful tradition, and it is up to them to decide which path they want to take since they decided that they are not going to merge at the moment.
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