As sports betting in America continues to explode, Caesars Entertainment has made a multibillion-dollar offer to acquire William Hill for nearly $4 billion.
The companies said in a joint statement that the Caesars could offer $3.45 per Will Hill share, which is an 81% premium to the stock’s average price over the past three months. The deal would give Caesars control of their US joint venture. Meanwhile, William Hill says it has a 32% share of revenue in the Nevada sports betting market while rapidly expanding in other states.
The American Gaming Association expects nearly 35 million people, or 13% of American adults, to bet on the NFL this season. You can read more on the proposed acquisition at CNN.