As expected, Caesars Entertainment has taken steps to unload William Hill’s non-U.S. betting shops. A sale could involve some 1,400 shops, as well as its U.K. and European online businesses. It could bring in up to £1.5 billion (US$2.1 billion).
Apollo Global Management and Shaked Ventures, the parent company of 888 Holdings, are favorites to tender a bid, according to The Telegraph. Apollo would be expected to combine William Hill’s assets with Gamenet, an Italian gambling operator it owns, and make cost cuts.
Shaked boss Itai Pazner told analysts last week: “We have mentioned William Hill in the past that could be something that we would be looking at.
888 Holdings’ shares have tripled in the last year and its 23 percent market share is values at more than £350 million. 888 might make a good fit as its focus centers on casino and poker gambling.
Fred Done, the British billionaire behind Betfred, might be interested in bidding but with 1,600 shops of its own, Betfred might face competition obstacles. Swedish based Kindred, the owner of 32Red, and Betsson, could toss its hat in the ring.
The auction could be announced this summer and completed by year’s end.
Caesars bought the sportsbook for $3.7 billion last month and promised to dispose of any assets outside the U.S. Caesars could also sell its nine Harrah’s-branded U.K. casinos as part of its U.S. only operation.
