William Hill announced on Wednesday that they had formed a joint venture with Eldorado Resorts to further expand sports gambling into the US.
The deal is a nationwide market access deal for William Hill, giving the UK bookmaker access to their properties across 13 different states. William Hill will be Eldorado’s exclusive partner for providing land-based and online sports betting, as well as providing online gaming for Eldorado.
Philip Bowcock, William Hill PLC Chief Executive Officer, said:
"Partnering with Eldorado gives William Hill access to one of the largest and most attractive casino footprints with 23 million customers across multiple states. This partnership provides extensive cross sell and profit growth opportunities to both parties. 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."
Added Gary Carano, Chairman and Chief Executive Officer of Eldorado Inc.:
"Having worked with the company since 2012, we believe William Hill represents the gold standard in global sports betting and we are confident that our expanded partnership will be successful. We look forward to bringing the excitement of sports betting to customers across our growing platform of leading casino resorts, creating value for all shareholders."
As mentioned above, William Hill will be Eldorado’s exclusive partner for all sports betting, and will give William Hill access to Eldorado’s 26 properties across in more than a dozen states in the United States (pending Eldorado’s acquisition of Tropicana). The deal will be active for a massive 25 years.
Eldorado will also receive $50 million worth of stock in William Hill US, a 20 percent state in William Hill US and a share of profits (specific share not listed). The announcement also lists that work will begin on sportsbooks in five existing casinos immediately, splitting the cost of construction between the two companies.
The casinos selected are The Tropicana (New Jersey), The Mountaineer Casino Racetrack and Resort (West Virginia), Lady Luck Casino (Mississippi), Isle of Capri (Mississippi) and Tropicana Casino (Mississippi).
William Hill and Eldorado aren’t totally unfamiliar with each other. The two have been partners since 2012 in Nevada, so it was a natural extension of that partnership.
Outside of Eldorado, William Hill operates over 100 race books and sportsbooks in Nevada. They also opened the first sportsbook outside of Nevada at Monmouth Park Racetrack in New Jersey in June.
They also operate the Ocean Resort Casino in Atlantic City. Once sports betting begins in Mississippi, William Hill expects to be operating sportsbooks in 13 different casinos, which would make it the market leader in the state.
William Hill is also the risk manager for the sports lottery in Delaware, as well as the exclusive partner to the IGT in Rhode Island. Most recently, they’ve begun operating out of West Virginia, with the first bets taken on August 30. They expect to begin taking bets in Pennsylvania soon, despite the state’s prohibitive sportsbook licensing costs. No word on their sportsbook app being released to the rest of the country yet.
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