William Hill has managed to sign a major deal in the American sports betting market. It was recently announced that the bookmaker had signed a 25-year deal with Eldorado Resorts, which is one of the largest regional casino operators in the United States. William Hill will become the exclusive sports betting partner for Eldorado, providing land-based and online sports betting, as well as online casinos, where it is permitted.
William Hill has signed a deal to provide Eldorado Resorts with its sports books for the next 25 years.
William Hill Increases Presence
Following the signing of this deal, William Hill has managed to significantly increase its presence in the American market. Eldorado currently has 21 casinos in 11 states. This will mean that William Hill will be able to expand its presence from six to 13 states. The bookmaker is currently the market leader in Nevada, sitting with a 55% market share and it is operating in all five states where sports betting has been legalized.
Numerous details about the deal have been revealed. According to the agreement, Eldorado will take a 20% share in the US operations of William Hill. In addition to this, it will be granted $50 million worth of shares in the overall William Hill group. It will be the exclusive sports betting provider for the Eldorado properties. However, the bookmaker will still be free to seek further partnerships.
Sports Betting Market Continues to Grow
While the sports betting market in the USA is definitely in its infancy, it is growing at a rapid rate. Since the repeal of PASPA, states have been rolling out regulation to legalize it. In many states, bookies are being required to partner with existing gambling operators in the state, such as casinos, racetracks, or lotteries.
This has lead to a complex system of alliances between state casino groups and European betting companies who are looking to join the American market. With the deal in place, William Hill looks to significantly increase its presence in the USA, while still being free to seek other opportunities. It certainly seems like a win-win for the bookie.