William Hill shows smart money is on US takeover
As states have legalised sports betting, its fantasy league site FanDuel has helped it capture US market share faster than rivals.
The stakes are getting higher, too. Flutter’s potential has drawn interest from the Murdoch empire. Led by Lachlan Murdoch, Rupert’s eldest son, the broadcaster Fox took a 5pc stake in the company last year alongside a partnership to power its own sports betting service.
The Murdochs, who have touted gambling as the future of Fox after cashing in their entertainment assets in a $71bn sale to Disney, doubled down on the investment at the height of the pandemic, lining up to increase their stake as part of Flutter’s £800m fund-raise in May.
Against this backdrop, William Hill shareholders are just the latest and, frustratingly for some, last to benefit. On Friday the company revealed it has been approached by two suitors – the private equity firm Apollo and the Vegas casino owner Caesars Entertainment – triggering bets on a bidding war.
The shares, already performing solidly this year considering the brutal economic backdrop, rocketed 43pc to their highest point in more than two years. William Hill has suffered at home as a result of the justified restrictions imposed on “crack cocaine” FOBT machines in its shops, as well as the broader decline of high streets.
