William Hill investors should take Caesars’ money and run

Lombard nicknamed William Hill, the betting business, Zippy Chippy, a US racehorse famous for 100 starts and no wins after the group's record of false starts, falls and refusals. Until recently, investors' eyes tended to turn to the negative regulatory outlook for betting in William Hill's UK heartland. The UK group now claims a 29 per cent share of running sports books in Las Vegas and Nevada gambling halls and an 8 per cent share of online gaming across the US. Bulls reckon in time, as rules continue to ease and the market expands, William Hill's market share could be nearer 15 per cent. Some analysts reckon William Hill's US operations might be earning £320m-plus before nasties and worth at least £3bn in time. Caesars has already made clear that it would terminate the JV if private equity house Apollo, which emerged as a potential bidder last week, were to buy William Hill.

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