..

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

Why The Supply of Bitcoin is Limited

Why The Supply of Bitcoin is Limited

In an editorial piece appearing on the Coingeek.com website, Dr. Michael Wehrmann discusses the limitations of Bitcoin.

Cathie Wood Backing Sends Bitcoin Back Above $50K

Cathie Wood Backing Sends Bitcoin Back Above $50K

Ark Investment boss Cathie Wood told Bloomberg Tuesday evening she remains "very positive on bitcoin," and is "very happy to see a healthy correction here."  This may have helped push the cryptocurrency price above the $51,000 mark overnight.  But there are other factors perhaps.

Craig Wright Begins Landmark Legal Action Against Bitcoin Developers, Others

Craig Wright Begins Landmark Legal Action Against Bitcoin Developers, Others

Dr. Craig Wright, an Australian computer scientist who claims to be the inventor of bitcoin, is now suing the developers of BTC, BCH, BCH ABC and BSV over 111,000 stolen Bitcoin, according to an announcement by ONTIER.

Bitcoin and Ethereum Prices 'Seem High,' Says Musk

Bitcoin and Ethereum Prices 'Seem High,' Says Musk

Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time when the cryptocurrencies have hit record highs, with bitcoin crossing the $1 trillion market-capitalization threshold.

Bitcoin Flirting WIth $54K: Hits $1 Trillion Market Cap

Bitcoin Flirting WIth $56K: Hits $1 Trillion Market Cap

The price of Bitcoin continued to rise Friday morning, peaking around the $57000 mark Saturday before dipping slightly. The cryptocurrency is currently used for more than 80% of transactions with online gambling sites operating in restrictive markets.

Syndicate