M&A News

William Hill is significantly expanding its US sports betting business with the acquisition of CG Technology’s sportsbook assets and operations in Nevada and the Bahamas.

The acquisition gives William Hill the sportsbook leases at The Cosmopolitan of Las Vegas, The Venetian and The Palazzo, The Palms, the Tropicana and Silverton, as well as the betting platform and risk management consulting services to the Atlantis on Paradise Island, Bahamas.

“We are pleased to have reached this agreement. This will allow us to expand our Las Vegas footprint to several marquee resorts,” said William Hill US chief executive Joe Asher. “We look forward to working with our new casino partners and transitioning CG Technology’s retail and mobile customers to our award-winning offering.”

CG Technology chief executive Parikshat Khanna added: “We are happy to reach an agreement for the sale of the race and sports book assets of CG Technology to William Hill and look forward to a seamless transition for our loyal casino partners and customers.”

CG Technology was ordered to withdraw from the Nevada gaming market in 2018 following violations of the Nevada Gaming Control Act and regulations of the Nevada Gaming Commission (NGC), although that order was later reversed when the company agreed to pay a $1.75m fine to the commission.

The financial details of the transaction have not been disclosed.

Shares in William Hill plc. (LSE:WMH) were trading up 0.75 per cent at 180.45 pence per share in London Thursday on the news and release of the company’s third quarter results.