⁍ U.S. casino operator Caesars Entertainment agreed to buy British-based gambling group William Hill for 2.9 billion pounds ($3.7 billion) to expand in the fast-growing U.S. sports-betting market.

---

⁍ The U.S. group, owner of Las Vegas’s Caesars Palace, intends to sell William Hill’s non-U.S. operations, including more than 1,400 UK betting shops.

---

⁍ The deal, which Caesars will partly fund via a $1.7 billion issue of new stock, is a move to take control of – and expand – the companies’ U.S. sports-betting joint venture.

---

– Caesars Entertainment has agreed to buy Britain’s William Hill for $3.7 billion in what it says will be a move into the fast-growing US sports-betting market. Caesars, owner of Las Vegas’ Caesars Palace, plans to sell William Hill’s non-US operations, including more than 1,400 UK betting shops, and said it would integrate the US business into Caesars with few, if any, job losses, Reuters reports. It could sell the UK assets to private equity group Apollo, and if that failed, launch an auction process. Online gaming firm 888 said it would be interested. “We’re looking at different activities and bolt-on acquisitions. This (William Hill’s European business) can definitely fall under that category,” CEO Itai Pazner told Reuters. Shares in William Hill, which already offers sports betting in Caesars casinos in the United States, hit a two-year high of 312 pence on Friday after the British company said it had received separate takeover offers from Caesars and Apollo. With the board backing the deal with Caesars, market pricing now indicates investors expect the 272 pence per share takeover by the US company to go through. William Hill shares were last down 0.15% at 273.85pence. The deal, which Caesars will partly fund via a $1.7 billion issue of new stock, is a move to take control of—and expand—the companies’ US sports-betting joint venture, currently 80%-owned by William Hill. Long the preserve of informal bookmakers, sports betting in the US is growing rapidly.