William Hill Approaches The $1Bn US Mark
August 21, 2019
Let no man or woman dispute the fact: sports betting is big-revenue business. And as it stands at the moment, the US is a sports betting moneymaking heaven. UK betting giant William Hill is finding welcome relief in US markets, and especially in New Jersey and Mississippi. The operator has been forced to close nearly a third of its outlets back at home due to the unforgiving nature of gambling and wagering regulations in the UK. But in the US it’s an altogether different story and here, William Hill expects to soon break through the $1 billion revenue barrier.
The operator recently said that it hopes to move into a position of generating up to 45% of all revenue on US soil and that judging by the way things are going at the moment, this looks to be more than just a possibility. The operator is currently in the process of launching various new US-focused sportsbooks, with eye of course on the new NFL season that kicks off in September.
Legalisation Is The Current Trend
US Chief Executive Joe Asher recently commented on the state of US sports betting affairs and how William Hill fits into that particular picture. Asher said that the expectation is that in excess of a dozen states will have legalised betting on sports before the current year is out, with many more expected to follow suit early in 2020.
The trend is obvious and clear, said Asher, in that legalisation is imminent. Its only a matter of time before more states join the sports betting party. Of the 10 states to have legalised sports betting since the strike-down of the PASPA laws in 2018, the UK bookie is now enjoying doing fair trade in 8. And with that having been said, its since been confirmed that William Hill will soon be present in Iowa and Indiana too.
Legalisation Saved The Day
Before the 2018 sports betting revolution, an estimated $150 billion was every year funnelled into the deep and dark illegal sports betting pit. There was no control, supervision or regulation to speak of and rogue bookies basically did as they pleased, often allowing bettors to bet on credit and even to take out private bonds to fund their unregulated betting habits.
But now that betting on single games has been legalised, the money generated by bets is actually ending up where it’s supposed to and bettors are enjoying the regulatory protection that they deserve.
Looking To The Future
As for William Hill, legalisation has been a mammoth and profitable blessing. Eldorado Resorts did not permit the grass to grow underneath its feet and roughly 4 months post-regulation, acquired a 20% stake in the bookie. Part of the perks of acquiring a large ownership stake in William Hill and its US licence-structure, meant that Eldorado would be in a position to offer sports betting at all 26 of its US-based properties.
But that’s not even the best of it yet. Eldorado in June set the wheels in motion to acquire Caesars Entertainment in a giant-size $17.4 billion deal. The deal is currently subject to regulatory approval but is expected to be finalised early in 2020. What this will mean for William Hill is quite extensive. Once the deal has been fulfilled, William Hill will be in a position to instantly offer sports betting services to the citizens of 5 more states via the mobile betting services operated by Caesars Entertainment.