Who Is William Hill
William Hill should be a familiar name to anyone with even a passing interest in sports betting. The British sportsbook operator is a worldwide giant and has had a sizable presence in the US for many years. The decades of experience in booking sports bets ooze from the app. William Hill is committed to responsible gaming, the prevention of underage gambling, and supporting problem gambling awareness and education programs. Only customers who meet the legal wagering age will be permitted to wager. William Hill is operated by WHG (International) Limited, a company registered in Gibraltar. WHG (International) Limited is licenced and regulated by the Gambling Commission (licence no. 000-039225 R-319373-001) for customers in Great Britain, and licenced by the Gibraltar Government and regulated Vby the Gibraltar Gambling Commissioner (licence no. 034 & 042) for all other customers.
Founded in the UK in 1934, William Hill is a recognised and trusted brand in the global sports betting and gaming market.
We employ more than 12,000 people in 10 countries globally and are unified by our Group value to always ‘Go one better’. We continually innovate to bring our customers engaging ways to bet and game, whether in betting shops, sports books, online or on their mobile devices. And we are committed to enabling them to gamble in a positive way, with a range of tools and systems that promote customers’ control.
We started out as a UK business and this is still our home market, accounting for 86% of our business last year. But the share of our international revenues will go up as we continue to deliver on our strategy of building a digitally-led, internationally diverse gambling company. We have been licensed to deliver online betting and gaming in Italy and Spain since 2011 and 2012 respectively, and we have been operating in the US since 2012. Our European footprint significantly increased following our acquisition Mr Green, a high-growth European gaming business, in January 2019, while we are growing rapidly in the US as more states choose to regulate sports betting.
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This is a highly innovative industry and, as one of the largest companies in gambling, we’re continuously investing in our people, product and marketing to bring customers a great experience.
Our brand is an 85-year-old favourite that has stood the test of time and still stands for the values espoused by William Hill himself – trust, integrity and customer service.
Caesars bid to acquire William Hill was announced last month to much fanfare, but there’s some evidence Hill shareholders might not accept the offer.
Caesars made the bid at 272p ($3.45) per share, but Hills currently trades at 280p even after a relatively weak set of Q3 results.
In other words, the market is pricing in a chance the CZR offer is rejected. That might force Caesars to make a higher offer, or allow other bidders to enter the frame — or William Hill could still spin out the US business itself.
Several hedge funds have also started acquiring Hills shares at prices above the offer level.
Who is buying William Hill?
New York hedge fund HG Vora added around 1.8% of the WMH float after the deal was announced at 277p. The HG Vora fund currently owns 9% of William Hill, having built much of the position at lower prices.
Investment firm Millennium Management has also been building a long position in recent days at 278p a share.
Who Is William Hill
“I think [shareholders] will vote the deal down and demand something that starts with a ‘3’,” said another UK-based equities analyst.
Who blinks first?
Some investors believe the Caesars offer undervalues William Hill when compared to the public valuations of US sports betting companies.
Third Bridge senior analyst Harry Barnick said some Hills shareholders were underwhelmed by the Caesars offer when first announced. However, they were somewhat backed into a corner by Caesars’ threat to terminate its US joint venture with William Hill if it found another suitor.
“It would be very difficult for WMH to find a partner that provides as much access to the US market as Caesars,” Barnick said. “In comparison, Caesars has options to seek additional partners and could clearly back out of the current equity share. The power dynamics at play are not even.”
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It’s unclear if Caesars would actually terminate the JV, as it would be forced to find a new operator for its sportsbooks across the US.
Shareholder opinion divided
Of course some major Hills shareholders would stand to benefit from the transaction. Betfred founder Fred Done is the single largest shareholder at 6%, and could scoop up any William Hill betting shops that Caesars would offload after the deal.
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Done would also make massive profits on his William Hill stake, after acquiring much of it at around 129p back in March.
William Hill Sportsbook
William Hill saw US revenue climb 10% in Q3.