William Hill signs sports betting deal with casino giant Eldorado in US push
William Hill has signed a 25-year partnership with US casino group Eldorado as it looks to expand into the growing US sports betting industry.
Eldorado, which owns 21 casinos across 11 states, would take a 20 per cent stake in William Hill's US business and receive $50m in stock from the bookmaker.
It comes after the US supreme court struck down a federal law barring gambling on football, basketball, baseball and other sports in most states.
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A crackdown on fixed-odds betting terminals (FOBTs) in the UK, and the rise in online gambling has increased the pressure on bookmakers and hit revenue in recent months.
Eldorado's pending acquisition of Tropicana Entertainment will soon take its portfolio up to 26 casinos in 13 states.
The deal would give William Hill distribution in all those casinos and a joint online venture with the US gambling giant.
William Hill will open sports books in five of those casinos within weeks, the companies said today, adding digital betting and gaming services subject to the legislation in each state.
William Hill chief executive, Philip Bowcock, said: “Partnering with Eldorado gives William Hill access to one of the largest and most attractive casino footprints with 23m customers across multiple states.”
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He added: “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 two companies, who have been partners in Nevada since 2012, have initially signed a 25-year agreement, they confirmed today.
Chairman and chief executive of Eldorado, Gary Carano, said: “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.”