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William Hill back to ‘buy’ for Shore Capital over US opportunity

Analysts believe the US sports betting and iGaming market will eventually be worth US$20bn

William Hill PLC - William Hill back to ‘buy’ for Shore Capital over US opportunity

William Hill PLC (LON:WMH) is now a ‘buy’ with a 225p target price for Shore Capital, which was keeping the stock under review, after increasing the most geared play on the US opportunity.

Analysts believe the US sports betting and iGaming market will eventually be worth US$20bn, as more states continue to regulate, soon to cover over 40% of the population, while iGaming momentum has accelerated during lockdown.

READ: William Hill scores digital touchdown as US partner slam-dunks ESPN deal

Investor appetite has also increased, with daily fantasy sports contest and sports betting operator Draftkings currently valued at US$18bn.

“These developments, coupled with Eldorado’s acquisition of Caesars, strengthen the case for William Hill seeking a full tie-up of digital assets,” analysts commented.

“Going ‘all in’ with Caesars would bring scale, brand and iGaming and we estimate could eventually be worth US$8bn - potentially 300p per share William Hill share.”

Shares dipped 2% to 222p on Thursday late morning.

Quick facts: William Hill PLC

Price: 270.9 GBX

LSE:WMH
Market: LSE
Market Cap: £2.85 billion
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