Golden deal for Will Hill U.S.
News on 5 Sep 2018
News on 5 Sep 2018
Online and land gambling group William Hill revealed Tuesday that it has entered into a partnership with its existing partner in Nevada, Eldorado Resorts, for digital and land-based sports betting and online gaming across the US.
Eldorado is a major land casino group with 21 properties across 11 states and a customer base of 23 million players. Its pending acquisition of Tropicana Entertainment would further extend its reach to 26 properties in 13 states on completion, which was expected to occur in the fourth quarter of 2018, a company statement claimed..
Under the terms of the agreement, William Hill becomes Eldorado’s exclusive partner in the provision of digital and land-based sports betting services as well as online gaming. William Hill’s reach would extend to 13 states where sports betting is either legal or sports betting bills had been tabled. the statement added.
The partners intended to open William Hill sports books in five properties across three states within three weeks, including the Tropicana in Atlantic City, the Mountaineer Casino Racetrack and Resort in West Virginia and three casinos in Mississippi.
‘This partnership provides extensive cross sell and profit growth opportunities to both parties,’ William Hill chief executive Philip Bowcock said.
‘Together, we are positioned to capture the evolving US opportunity – starting with land-based sports betting and extending to digital sports betting and, in some states, online gaming.’
The 25-year partnership agreement represents a major step in the expansion of William Hill activity in the United States as the legalisation of sports betting spreads to more states.
The UK-based firm said Wednesday it had agreed to pay $50 million (GBP 38.87 million) in stock, subject to a 3-5 year lock-up, as well as a 20 percent stake in its U.S. business and a share of profits from its licences under the deal.
