Gambling
William Hill Signs 25-Year Sports Betting Deal With Eldorado Resorts Inc.
James is a dedicated sportswriter. He earned his bachelor's degree in English and Creative Writing from Southern New Hampshire University. James enjoys watching sports and helping gamblers win money.
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Britain’s William Hill has expanded further into the United States, signing a 25-year sports betting deal with casino operator Eldorado Resorts Inc. Founded by William Hill in 1934, the company is headquartered in London. In August 2021, the company rebranded to Caesars Sportsbook in the U.S.
William Hill US was founded in 2012
William Hill shares increased by as much as 5.2 percent after news of the third such U.S. deal. A crackdown in its British home market on gambling machines and stakes has driven a 19 percent fall in William Hill shares this year.
This led to the company looking to the U.S. for growth.
Industry analysts GamblingCompliance estimate U.S. online sports betting will be worth over $3.1 billion (£2.41 billion) in revenue in the years ahead as more states follow Nevada in regulating the sector.
As of July 2024, a total of 38 states and Washington D.C. offer some form of legalized gambling.
“We are positioned to capture the evolving U.S. opportunity – starting with land-based sports betting and extending to digital sports betting and, in some states, online gaming,” William Hill Chief Executive Philip Bowcock said in a statement.
Founded in 2012, William Hill US is already the largest sports betting business in the United States. The company operates 108 race and sportsbooks in Nevada as well as the state’s leading mobile sports betting app.
Company will pay $50 million in stock to Eldorado Resorts
Under the terms of the deal, William Hill will pay $50 million in stock to Eldorado Resorts. The company is also subject to a 3-5 year lock-up, along with a share of profits from its licences.
Additionally, Bowcock added that the deal covers 26 casinos in 13 states.
“There’ll be an incremental revenue coming through this because of the additional casinos we’ll be able to operate in,” he said.
In New Jersey, William Hill is operating at Monmouth Park Racetrack, Ocean Resort Casino, Tropicana Atlantic City, and online with the William Hill New Jersey sports betting app.
The company is also operating sportsbooks in Indiana, Iowa, and West Virginia. It has a race book in Florida as well.
Not to mention, it’s a licensed sports betting provider in numerous casinos in Mississippi and New Mexico.
In October 2019, the operator signed an agreement with Monumental Sports & Entertainment. This deal was reached to build and operate a sportsbook at Capital One Arena in Washington D.C.
The sportsbook opened at the arena in July 2020.
Search “Caesars Sportsbook” to find U.S. casinos and sportsbooks.
