One of the biggest, most prominent gaming companies in the industry, William Hill U.S. has just inked an extremely important partnership deal which will make the company fully authorized sports betting operator of the NBA. In order to make this happen, the London-based company has partnered with the owner of the popular Capital One Arena located in Washington DC, Monumental Sports and Entertainment.
Under the terms of this business agreement, William Hill US will craft the very first sportsbook within a United States-based sports arena. Needless to say, this is a major accomplishment for the London Stock Exchange-listed company which has been around since 1934. The company was founded by William Hill in London, the UK. At the time of its inception, gambling was considered illegal which surely posed major threats for the company.
Since its inception, William Hill changed many owners over the years. First of all, the company was acquired by Sears Holdings back in 1971. Then, Grand Metropolitan purchased the company in 1988 before Brent Walker acquired it in 1989. Several years later in 1997, a Japan-based investment bank mounted a massive £700 million-worth William Hill leverage buyout following Brent Walker’s financial struggles and growing debts which at the time exceeded £1.3 billion.
William Hill Operations Outside the United Kingdom
The company’s financial struggles did not stop here. In 1999, the Japanese investment bank offloaded the entire company to privately owned equities CVC Capital Partners and Cinven for around £825 million. The company’s stocks eventually appeared on the London Stock Exchange back in 2002. At this time, the company was in a better place in terms of its finances which led to its rapid growth. WH acquired Sunderland Greyhound Stadium in 2002, followed by the acquisition of Newcastle Greyhound Stadium a year later.
Two years later, William Hill acquired more than seven hundred betting offices across the United Kingdom, Isle of Man, and the Republic of Ireland. This acquisition, in particular, took the company to the very top position in the rich, highly competitive United Kingdom betting market. When it comes to the company’s operations outside its home country, William Hill operates worldwide with more than 14,000 people working across its board.
In June of 2002, the company expanded its operations to Nevada which at the time was the only US state allowing sports wagering. During the process of its expansion in the state of Nevada, William Hill purchased three sportsbook chains, Club Cal Neva, Leroy’s and Lucky’s for around $53 million. After the Supreme Court’s ruling from June 2018 which allowed New Jersey to legalize some sports betting activities, William Hill entered this market as well and started offering services to Ocean Resort Casino and Monmouth Park Racetrack both located in New Jersey.
The Deal Kicking Off Just in Time
When it comes to the company’s latest partnership deal, William Hill is allowed to use the official National Basketball Association’s betting data while at the same time, the NBA will work on promoting its partner across its several different holdings including its social media, NBA.com and NBA.app platforms. All in all, the business deal comes at the right time as the NBA regular season kicks off on the 22nd of October.
Commenting on the news, the NBA’s Head of Fantasy and Gaming, as well as its Senior Vice President Scott Kaufman-Ross, said in its official press release that William Hill as a global, internationally-recognized brand makes a perfect partner for the NBA. He also added that William Hill which has entered the US betting market several years ago will provide a true, world-class experience to all fans of the NBA.
On their part, the William Hill officials said that the company is extremely proud of this latest creative partnership which will benefit both parties. The partnership deal with William Hill is the NBA’s fourth alignment of this kind as the association has already inked deals with MGM Resorts, FanDuel, and the Stars Group.
