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U.S. casino operator Eldorado Resorts has signed a 25-year sports-betting partnership with Gambling group William Hill.
UK-based firm said it had agreed to pay $50 million (£38.87 million) in stock, subject to a 3-5 year lock-up, as well as a 20 percent stake in its U.S. business and a share of profits from its licences under the deal. The agreement follows a Supreme Court ruling in May that lifted a broad ban on sports betting and follows moves by rival GVC Holdings and Dublin-based bookmaker Paddy Power to partner with other U.S. casino chains.
Betting company and Eldorado will collaborate on the development and construction of in-casino sports books as well as in the infrastructure needed to support in-casino wagering as well as mobile and online wagering. The companies aim to focus initially on New Jersey, Iowa, Mississippi and West Virginia, with Eldorado’s casinos in West Virginia and Mississippi expected to be ready for sports betting this NFL season.
