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Snapshot Update: Caesars Entertainment to acquire William Hill

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On Monday 28 September, Caesars Entertainment announced its plan to acquire the British gambling company William Hill. The deal comes in an attempt by William Hill to conquer the expanding U.S. sports betting market. Caesars intends to combine its land-based casinos with William Hill’s online franchise and has offered to buy the company at a whopping $3.7 billion. The bid follows another bid from private equity firm Apollo Management. However, according to analysts, Apollo comes in as the less favourable bidder due to the existing joint venture between Caesars Entertainment and William Hill. Caesars has since threatened to terminate the partnership if Apollo win the bid, which will certainly hinder William Hill’s expansion efforts into the U.S. sports betting market.

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