Caesars Aims at the Sports Betting Sector With a Big William Hill Bid
Casino and hotel giant Caesars Entertainment (NASDAQ: CZR) made a $3.7 billion bid for London-based sports betting company William Hill (OTC: WIMHY) over the weekend, according to Bloomberg, potentially accelerating its push into digital wagering and online sportsbook activities.
Caesars offered a bid of 272 pence per share, a 25% premium above William Hill's Thursday closing price, though the sportsbook company's stocks jumped to around 280 pence per share on Friday after traders and shareholders caught wind of the offer.
Online sports betting is a swiftly expanding market, with the Colorado Department of Revenue reporting an August 2020 117% surge month over month in sportsbook wagering.
Source Fool.com
