After the recent £2.9bn acquisition of William Hill by Caesars Entertainment, Betfred owner Fred Done has denied rumours Betfred are eyeing up the takeover of William Hill’s UK retail and online arm stating he was ‘weighing up all options’.
Previous Interest
Fred Done, who already invested a 6% stake in William Hill, is reportedly set to receive £170 million after the announcement of the Caesars takeover.Done had previously shown interest in William Hill’s 1,400 betting shops towards the end of 2019. However, a spokesperson for Mr Done has since stated he or his company Betfred will not make an offer to the firm.
UK Retail Likely To Be Sold Off
After the acquisition by Caesars, and William Hill’s huge push in the US sports betting market it’s looking more likely the UK arm of the retail and online business will be sold off after difficult conditions due to the Covid pandemic.William Hill also saw profits plummet in 2019 after the enforcement of the maximum stake on FOBT’s which dropped from £200 to £2, leaving William Hill with an £800m impairment charge.Caesars are confident in William Hill after the firm continues to aggressively push its sportsbook expansion in US markets. Caesars have built the biggest domestic footprint after a successful $17 billion merger with Eldorado Resorts.After William Hill’s success in the US, it’s looking more likely the UK retail and online arm of the business may be offloaded to make way for the continued US expansion.