Market opening in August
The partnership between the British bookmaker William Hill and the Reno, Nevada-based casino chain Eldorado has been a done deal since November 2018, and the common goals are currently being concretely implemented: William Hill is starting a sports betting program in the Iowa casinos of the US-widely known gaming provider. According to William Hill, this involves the installation of land-based betting counters and terminals within the establishments as well as the implementation of a mobile sports betting program for the “Eldorado Resorts Isle Casino Hotel Bettendorf” and the “Isle Casino Hotel Waterloo” in Iowa.
The agreement also stipulates that William Hill will act as the official sports betting provider of the two venues and provide local gaming customers with access to its mobile offerings in relation to sports and in-play betting. However, the bookmaker will not be able to start its sports betting activities until the legalization of sports betting in Iowa is completed. A corresponding amendment to the law has already been signed by Governor Kim Reynolds, but according to local authorities, the final opening of the market should take place next month.
Long-term partnership with Eldorado
As already indicated, the cooperation between William Hill and Eldorado is not unexpected. Last September, the two gaming providers established a 25-year partnership that extends far beyond the state of Iowa, which has around 3.2 million inhabitants. The two newly reunited partners finalized the deal in January, with Eldorado acquiring a $50 million stake in William Hill's U.S. Business. Eldorado also received a 20 percent stake in Hill's subsidiary William Hill US.
As a result of the agreement, William Hill will once again become the exclusive sports betting partner of all US-based Eldorado Casinos. From now on, the operator is responsible for providing all digital and land-based sports betting offerings, including online gaming. In addition, William Hill receives the opportunity to offer online casino offers and poker games at all Eldorado resorts that have the appropriate license. It is hardly surprising that Hill's US CEO David Grolman is happy about the lucrative and long-term deal. In current media reports is it [called:
"We are excited to build on our already extensive relationship with Eldorado Resorts as the U.S. Sports betting industry continues to gain momentum. As a growth-oriented company, we have taken tremendous steps to reach the forefront of the gaming industry."
At this point, Grolman receives support from Eldorado chairman Anthony Carano, who in a statement emphasized the advantages for Iowa's gambling customers. The wording says:
“Expanding our William Hill relationship in Iowa offers our loyal customers a full range of gaming action while also playing an important role in providing guests with the incredible betting experience they have come to expect from Eldorado Resorts.”
Eldorado new Caesars owner
Eldorado Resorts has grown continuously over the last few years, primarily through acquisitions of other companies. In this context, the USD 8.6 billion takeover of Caesars recently made headlines. From now on, Eldorado holds 51 percent of the Las Vegas-based entertainment giant. Caesars will continue to keep its name and its establishments; the merger will create the largest gaming company in the USA.
To understand: Eldorado currently operates 26 casinos in 12 US states, while Caesars has 50 casinos in 13 US states. The new company will operate 76 casino resorts in a total of 16 US states and will continue to be traded on the Nasdaq Global Select Market. Tom Reeg, CEO of Eldorado, emphasized in this context:
"The combination of Eldorado with Caesars will create the largest operator of U.S. Casinos, representing a strategically, financially and operationally compelling opportunity to advance both companies' interests immediately and over the long term. Together, we will operate a highly powerful suite of iconic gaming and entertainment brands."
In addition, Reeg referred to a number of “valuable strategic alliances with industry leaders in sports betting and online gaming” – which of course also includes the agreement with William Hill. The combined company will serve customers “in virtually all major U.S. Markets,” according to Reeg. In addition, a “high level of customer satisfaction” can be guaranteed. As a result of the deal with Eldorado, William Hill is likely to have secured one of the leading positions in the growing US sports betting market. Further developments remain to be seen for the time being.
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