William Hill is taking over the Las Vegas strip. Last week, the Nevada Gaming Commission approved licenses that would kick out GC Technologies and bring in William Hill to operate sportsbooks at six Las Vegas Casinos.
On Tuesday, William Hill will be operating at The Cosmopolitan of Las Vegas, The Venetian and Palazzo, and the Silverton. Those four casinos are currently operating, and The Palms and Tropicana sportsbooks remain closed due to COVID-19. William Hill will be operating as soon as the two open.
William Hill will also be overseeing sports betting operations in the Bahamas. The sports betting operators from the U.K. are also taking over the whole Cesars operations as well thanks to this deal.
William Hill Takeover
The decision for William Hill to take over the sportsbooks was a unanimous one by the Nevada Gaming Commission. This will all become official on Tuesday when the U.K. sports betting company takes over.
The top-level management at William Hill has believed that they were going to have a chance to be able to get a stronghold on the sports betting market in Nevada. Takin over the whole Caesar’s operation is huge for them and a victory in itself.
“We always thought that there was a chance that [Eldorado Resorts] would end up owning Caesars,” Joe Asher, CEO of William Hill, said. “It was not a big surprise to us when they bought Caesars, but we’re clearly the beneficiary, and we’re riding on their coattails. We definitely bet on the right horse, but it was an educated bet. It wasn’t dumb luck.”
A big part of the shift is thanks to CG Technology’s issues with the law over the last few years. Between 2014 and 2018, The Gaming Commission fined CG over $8 million for multiple regulatory violations.
The U.S. Treasury’s Financial Crimes Enforcement Network also fined CG for $12 million in 2016 for money laundering. Not a great look when operating some of the largest sportsbooks in Las Vegas.
Overall, William Hill will continue to expand its footprint around Nevada and also across the U.S. As they enter more markets, they will continue to be one of the top sports betting operators in the world.
William Hill Stock
Last month, it was reported that William Hill holds 29 percent of the U.S. sports betting market share. Now, they are adding six more sportsbook operations to the already 100+ that they currently have.
The U.K. operator is a massive sports betting company that is only going to continue its growth in the U.S., and yet, the stock feels like it trading for pennies on the dollar.
As of writing this, the William Hill stock trading on the London Stock Exchange sits at $9.33. That feels like a very good value for a stock that is the early leader in the U.S. sports betting market.
William Hill will continue to grow and add the six Vegas sportsbooks to the collection is going to help as well. As more states in the U.S. continue to legalize sports betting, William Hill is going to try and jump in on the action.
The William Hill stock still sits below $10 but could easily jump as more people start to realize how much value there is in the company. It is only a matter of time.