London (CNN Business) Caesars Entertainment is in talks to buy William Hill in a deal that would value the British bookmaker at £2.9 billion ($3.7 billion) and underscore the size of the opportunity in online gaming and sports betting in the United States. William Hill WIMHY Caesars CZR In a joint statement on Monday, the companies said that the casino operator could offer £2.72 ($3.45) pershare, an 81% premium to the stock's average price over the three months to September 24. William Hill says it has a 32% share of revenue in the Nevada sports betting market, and it is rapidly expanding into other states. "The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect," Caesars CEO Tom Reeg said in the statement. "William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market."

Source: CNN September 28, 2020 10:30 UTC