William Hill Buys CG Technology Assets to Expand in Vegas
The unrelenting push of consolidation in the sports betting industry turned south down Las Vegas Boulevard this week as William Hill US acquired the “sportsbooks assets” of CG Technology.
The deal, according to a press release, would include the leases at The Cosmopolitan of Las Vegas, The Venetian, Palazzo, Palms, Tropicana and Silverton, adding high-profile properties to the 113 race and sportsbooks the United Kingdom-based company owns in Nevada.
Also included are the betting platform and risk management consulting operations to the Atlantis on Paradise Island in the Bahamas, according to a Wednesday press release.
“This will allow us to expand our Las Vegas footprint to several marquee resorts,” William Hill US CEO Joe Asher said in the release. “We look forward to working with our new casino partners and transitioning CG Technology’s retail and mobile customers to our award-winning offering.”
The transaction is “subject to certain closing conditions, including regulatory approval in Nevada and The Bahamas,” according to William Hill.
“We are happy to reach an agreement for the sale of the race and sportsbook assets of CG Technology to William Hill and look forward to a seamless transition for our loyal casino partners and customers,” Parikshat Khanna, CEO of CG Technology said in the release.
William Hill Consolidates Vegas; Competitors Divvy Country
William Hill US also offers sports betting in Indiana, Iowa, New Mexico, New Jersey, Rhode Island and West Virginia, and it will operate the sportsbook operation in Capital One Arena in Washington, D.C., when sports betting goes online at some unannounced date.
The CG Technology deal isn’t quite the Flutter Entertainment blockbuster of October, when the company that owns FanDuel announced a $12 billion all-share merger with The Stars Group to create the largest gambling company in the world.
It’s not the Penn National Gaming deal of August, which seeded DraftKings, theScore, The Stars Group and PointsBet to a multitude of untapped markets.
But it fortifies the William Hill base as most other gaming companies attempt to catapult from success in New Jersey to a national scale.
“Right now, it’s people getting up and going and there's a lot of enthusiasm. People are staking their claim in New Jersey out there,” Asher said when asked about industry consolidation in October at the Global Gaming Expo. “It's like Iowa for Democratic presidential candidates right now. Everybody is trying their luck in New Jersey to see how they do. Some will be the successful. Some over time will not be successful and then you get to the consolidation phase.
”I clearly think there's going to be, in the U.S., over time … you would expect to see consolidation.”