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Eldorado Resorts has finalized its deal to secure a $50 million equity stake in William Hill and 20% stake in William Hill’s subsidiary as a part of their 25-year-long US focused partnership.
William Hill became the exclusive sports betting technology partner for all Eldorado Resorts’ land-based casinos and the investment into in-venue sportsbooks are already in the works as well as developing the infrastructure to support in-casino, online and mobile wagering.
Betting company William Hill’s U.S. gambling unit has announced the joint venture back in September with U.S. casino operator Eldorado Resorts as the British company planned to further expand into the U.S. market.
The initial agreement stated Eldorado will take a 20% stake in William Hill’s business across the States and therefore William Hill will gain distribution in Eldorado casinos across 13 states. William Hill served as sports betting operator for Eldorado for 25 years in jurisdictions where this activity is legal including Nevada, New Jersey, Delaware, Iowa, Mississippi, West Virginia, along with The Bahamas and St Kitts.
William Hill will operate online betting under the first skin in markets that require online operators to have a land-based partner, as well as the third skin where applicable. They will also have the option to offer online casino and poker under any second skin launched via Eldorado’s license if regulations of the country permit it.
“Extending our long-term relationship with William Hill partners Eldorado with the world’s leading provider of in-casino, mobile and online sports wagering to launch sports wagering across our current platform of 26 properties at such time as legislation is enacted, and regulatory approvals are obtained.”
Tom Reeg, Eldorado Resorts’ CEO, commented the deal as the opportunity to drive customers’ visitation and enhance the revenue.
In addition to this deal, Eldorado Resorts forged a separate partnership deal with The Stars Group which allows PokerStars the option to launch the second skin for online sports betting and third skin for online casino and poker. In exchange, Eldorado has received an up-front equity interest in The Stars Group and will be granted a percentage of revenue generated through the operator’s iGaming operations under its skins.
“Our ability to capitalise on the expected expansion of online betting and gaming is further enhanced by the 20-year definitive agreement that we entered into with The Stars Group, granting it the option to access our second skins for online sports wagering, and our third skins for real money online gaming and poker operations in the United States.”