William Hill To Acquire 7 New Nevada Books
November 26, 2019
The sports betting industry is positively exploding, and sportsbooks operators are taking advantage in the upswing. The latest news is that the US division of major British bookmaker William Hill is; pending regulatory approvals; in the process of purchasing and acquiring the sports book assets belonging to the Nevada-based CG Technology.
Once formally through and approved, what the latest deal will mean for the UK bookie is that the total number of sports books owned by William Hill in the gambling and betting capital will be officially pushed up to a phenomenal 120 in total.
Nevada & The Bahamas
The deal will involve William Hill acquiring assets registered in Nevada as well as in the Bahamas, which effectively means that regulatory approvals will have to be had from both regions. CG Tech’s Nevada-based assets include bookies situated at the following popular betting havens: the Cosmopolitan, the Venetian, Silverton, Tropicana, Palms and Palazzo Casinos in Las Vegas.
As far as what the Bahamas are concerned, William Hill will assume ownership and operation of CG Technology’s betting platform Atlantis. The latter is situated in popular tourist destination Tropical Island.
No Fin-Details Provided Yet
No financial details have been published as of yet, but all indications at this stage of the deal point in the direction of finalisation somewhere in the vicinity nearing the close of the first half of 2020.
One may be tricked into thinking that the deal represents general order-of-the-day trade for William Hill; especially since the sports betting giant already owns 113 sports books in Nevada. But its important to note that even though the latest deal involves only 7 new sports assets being on the table, those assets include marquee resorts. The logic behind the deal is that William Hill will not have established a major Las Vegas presence without having acquired the CG Technology assets in question.
Laying It All On The Table
William Hill US Chief Executive Officer Joe Asher commented on the latest deal in an official company statement to the press. Asher made it clear that CG Tech’s assets would be fully absorbed by William Hill’s operations and that those assets would furthermore be transitioned to William Hill’s own offerings. The assets to be acquired include retail as well as mobile assets.
The reason for the clarity and insistence regarding the future of the combined structure of the assets to be acquired is in all likelihood tied to CG Technology’s uneasy past in Southern Nevada. The company during the period running from 2014 through 2018 violated no fewer than 3 major regulations within the gambling state’s legal framework. These violations ultimately meant that CG Tech discovered itself to be on the wrong end of some $8.8 million in penalty fines.
William Hill will obviously be eager to distance itself from CG’s murky past; hence the reasons for the elaborate press release regarding the latest deal. One of the fines handed down during 2014 is to this day regarded as one of the largest ever passed down by Nevada’s regulator and totals a staggering $5.5 million. In fact, its officially the second largest of them all – ever. The company; named Cantor Gaming at the time of the fines having been passed down; had supposedly been involved in a right mess of money laundering and other illegal financial and gambling activities. Its affinity for dabbling in things not entirely above board also ensured a whopping $22.5 million being attracted in federal punishments.
Current CEO in charge of business operations at CG Technology Parikshat Khanna commented briefly on the announcement too, saying that bettors could rest assured in the knowledge of the expectation of a 100% seamless transition once the deal is officially approved by the relevant regulators.