William Hill pens deal with US casino operator Eldorado
William Hill has signed a partnership deal with Eldorado, a Nasdaq casino operator in the US, which will see Hills as the exclusive sports betting supplier for group’s casinos.
William Hill will supply both digital and land betting services to the casinos, along with online gaming. The deal will give the British bookmaker access to an additional seven US states and 23m customers, thanks to Eldorado’s extensive coverage across the US.
Eldorado will see $50m in William Hill PLC stock in return with a three-five year lock up. Eldorado will also receive a 20% stake in William Hill US and a share of that business’ profits. The deal will initially run for 25 years.
William Hill US will lead strategy of the sports betting service and hold 80% of the advanced business.
The plan is to open five William Hill sportsbooks in five casinos in three states in the coming weeks. These will include multiple casinos in the state of Mississippi, one in West Virginia, and The Tropicana casino in Atlantic City, New Jersey.
The partnership is nothing new for either party, with William Hill having operated sports betting services for Eldorado since 2012. However, this partnership is said to have further aligned each party’s interests significantly.
Speaking about the deal, Philip Bowcock, William Hill CEO, 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.– Philip Bowcock, William Hill CEO
William Hill continues to do shrewd business in the US as it looks to establish a national presence. The bookmaker is currently active in six states, while this deal will see it enter a further seven.
That is set to continue. Eldorado is currently acquiring Tropicana Entertainment, which has casinos in many more US states. That deal should be completed by the end of this year and could see Hill enter up to 13 more US states.