Jim Cramer: Caesars Can't Stand Up to Penn and DraftKings

Katherine Ross

Caesars agreed to buy British bookmaker William Hill for $3.7 billion as firms continue to chase expansion in the U.S. sports betting market.

The deal is likely to see Caesars buying, and then selling, William Hill's non-U.S. assets, which include thousands of U.K.-based betting shops, and integrating its U.S. business into the broader Caesars empire. Caesars said the growing American sports betting and online gaming markets, which it said could be worth as much as $35 billion a year, was the key driver for the trans-Atlantic takeover.

William Hill, a familiar figure in British culture owing to its sports betting dominance in that market, has been operating U.S. sports books since 2012 and has operations in 13 states. It also has an existing 20% partnership with Caesars.

"The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect," said Caesars CEO Tom Reeg. "William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to serve our customers in the fast-growing U.S. sports betting and online market."

"We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment," he added.

Latest Videos From TheStreet and Jim Cramer:

LIVE WITH JIM CRAMER - WATCH THE REPLAY
Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.
Comments (7)
No. 1-6
AlexM5
AlexM5

Draftkings all the way

Emmanwo8
Emmanwo8

Draftkings >> Penn

JavierFrausto
JavierFrausto

It's going to be a great rivalry for years to come

Nikhil Gunderia
Nikhil Gunderia

Fanduel is also making headway and could even be a problem for Draftkings

kperkins2
kperkins2

I agree with Jim for all of those reasons. Penn and Draftkings already established and favored by users

jeehoyun
jeehoyun

I like penn better i think