..

William Hill to buy US-based Sports Betting Businesses

Written by:
Guest
Published on:
Apr/14/2011
William Hill

(Bloomberg News) - William Hill Plc (WMH), a U.K. bookmaker with about 2,350 shops, is entering the U.S. market by agreeing to acquire two Nevada land-based sports-betting businesses for a total consideration of about $39 million.

William Hill will buy American Wagering Inc. and Club Cal Neva Satellite Race and Sportsbook Division, the London-based company said in a statement today. Both supply sports-betting services to casinos and bars in Nevada, where it’s legal.

European gambling companies have been positioning themselves to gain business in the U.S., which banned online- gambling financial transactions in 2006. William Hill today called the acquisitions “only the start of our investments in the U.S. market.”

“Like us, Americans love the sport,” Chief Executive Officer Ralph Topping said in a conference call to analysts. “Like us, Americans love to bet, and we can bring the two together.”

Legislators have introduced online gambling bills in states such as New Jersey, and Washington, D.C. city council approved a budget allowing the district’s lottery to operate a poker website inside city limits.

Besides Nevada, sports betting is only legal in the U.S. in Montana, Delaware and Oregon. The Nevada sports-betting market was worth about $2.7 billion last year, according to William Hill.

In March, 888 Holdings Plc was approved by the Nevada Gaming Commission for a supplier relationship with Caesars Interactive Entertainment Inc. Playtech Ltd. has an agreement with New York-based Scientific Games Corp. to develop games together.

 

David Altaner and Colin Keatinge contributed to this report

Business/Financial News

China's Top Regulators Ban Crypto Trading and Mining, Sending Bitcoin Tumbling

China's Top Regulators Ban Crypto Trading and Mining, Sending Bitcoin Tumbling

China's most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Oregon Ducks Star Kayvon Thibodeaux Launches Own Cryptocurrency

Oregon Ducks Star Kayvon Thibodeaux Launches Own Cryptocurrency

Oregon defensive end Kayvon Thibodeaux announced Thursday the launch of his own cryptocurrency.  The news comes following changes to the NCAA's name, image and likeness rules made in July.

Businesses That Have Survived Rough Times

Businesses That Have Survived Rough Times

If you have an online iGaming project and you also want to expand it with sports betting, then it’s important to have high-functioning sportsbook software. Well, the aim of any gambling or betting site is to attract as many players as possible by providing them the best experience possible.

Bitcoin Site Goes Dark After Apparent Hacking

Bitcoin Site Goes Dark After Apparent Hacking

Bitcoin.org, the website that was once the main landing portal for all things Bitcoin, today suffered an embarrassing hack that has already cost naive BTC users money.

Bitcoin, Ether Slump as Market Selloff Widens

Bitcoin, Ether Slump as Market Selloff Widens

Cryptocurrency prices sank on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande's (3333.HK) troubles spread across financial markets.

Syndicate