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Caesars Seeks DraftKings’ Soaring Value in William Hill Bid (1)

Sept. 29, 2020, 4:05 PM

Call it the DraftKings Inc. effect. Since the sports-betting operator announced plans to go public last December, its shares have soared nearly sixfold. Though the company loses money and had revenue of just $430 million or so last year, the business boasts a market value of $20 billion.

Everyone in gambling has eyed that run-up and pondered how to get in on the action, especially Tom Reeg, the canny chief executive officer of Caesars Entertainment Inc. In July, he suggested combining his online business with the U.S. sports-betting operations of William Hill Plc. Now, under pressure from Apollo ...