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William Hill and Eldorado Resorts enter US partnership

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William Hill and Eldorado Resorts enter US partnershipReading Time: 4 minutes

 

Extends William Hill US’ leadership in sports betting through access to Eldorado’s leading regional casino portfolio and customer base of 23 million people
William Hill becomes Eldorado’s exclusive partner in provision of digital and land-based sports betting and online gaming
Closely aligned partnership to deliver on US opportunity, with William Hill retaining control and strategic flexibility

LONDON, Sept. 5, 2018  — William Hill PLC (LSE: WMH) today announces that William Hill US (“William Hill“) and Eldorado Resorts, Inc. (NASDAQ: ERI) have entered into a nationwide partnership for digital and land-based sports betting and online gaming in the United States.

The partnership combines the leading sports betting company in the US, William Hill, with the extensive market access of Eldorado – a major casino group with 21 properties across 11 states and a customer base of 23 million people.  Eldorado’s pending acquisition of Tropicana Entertainment Inc. will further extend its reach to 26 properties in 13 states on completion which is expected in the fourth quarter of 2018.

Under the terms of the agreement William Hill becomes Eldorado’s exclusive partner in the provision of digital and land-based sports betting services as well as online gaming.  As a result, William Hill’s reach now extends to 13 states where sports betting is either legal or sports betting bills are tabled.

Within weeks the partners will open William Hill sportsbooks in five properties across three states – The Tropicana in Atlantic City, New Jersey; The Mountaineer Casino Racetrack and Resort in West Virginia, and three casinos in Mississippi – The Lady Luck Casino in Vicksburg, Isle of Capri in Lula and Tropicana Casino in Greenville.  Sportsbooks in additional casinos/states as well as digital betting and gaming services will be launched in the months ahead subject to the legislation in each state.

William Hill PLC and Eldorado, who have partnered since 2012 in Nevada, are strongly aligned to grow William Hill US, with the company currently involved in discussions with a number of potential partners.

Commenting on the agreement Philip Bowcock, William Hill PLC Chief Executive Officer, said: “Partnering with Eldorado gives William Hill access to one of the largest and most attractive casino footprints with 23 million customers across multiple states. This partnership provides extensive cross sell and profit growth opportunities to both parties. Together we are positioned to capture the evolving US opportunity – starting with land-based sports betting, and extending to digital sports betting and, in some states, online gaming.”

Gary Carano, Chairman and Chief Executive Officer of Eldorado Inc., commented:  “Having worked with the company since 2012, we believe William Hill represents the gold standard in global sports betting and we are confident that our expanded partnership will be successful.  We look forward to bringing the excitement of sports betting to customers across our growing platform of leading casino resorts, creating value for all shareholders.”

Key features of the partnership

  • William Hill becomes Eldorado’s exclusive partner for digital and retail sports betting. The agreement also covers the provision of online casino.
  • The partnership extends the reach of William Hill US and covers Eldorado’s 26 properties across 131 states, plus any new properties it may acquire or develop.
  • William Hill US retains 80% of the enhanced business, retaining strategic flexibility with both incentivised to grow digital and land-based sports betting in the US.
  • Eldorado receives $50m of stock in William Hill PLC (equivalent to circa 1.6% of its market capitalisation), subject to a 3-5 year lock up; a 20% stake in William Hill US and a share of profits attributable to its licenses, closely aligning the two partners’ interests.
  • Investment in sportsbooks in five existing casino properties set to begin imminently with capital expenditure jointly split between the partners.
  • The agreement is for an initial 25-year term.

The partnership follows the Supreme Court decision in May that declared the Professional and Amateur Sports Protection Act (PASPA) unconstitutional.  Since then William Hill, which currently operates 108 race and sports books in Nevada and the state’s leading mobile sports betting app has achieved the widest footprint of any sports betting operator in the US.  It is now:

  • Operating in New Jersey at Monmouth Park Racetrack, where it took the first legal bet in that state in June 2018, and at the Ocean Resort Casino in Atlantic City;
  • The exclusive risk manager for the sports lottery in Delaware;
  • The sportsbook partner in 13 casinos in Mississippi where it expects to be the market leading operator;
  • The exclusive partner to IGT in Rhode Island where it supplies sports betting technology and services to the state lottery;
  • Taking bets in West Virginia where the first bets were taken on August 30
  • Set to open a sportsbook in Pennsylvania in the coming weeks.

Agreement terms

The commencement of operations under this agreement are subject to relevant anti-trust and gaming regulatory approvals.  Completion is expected following the necessary approvals.  The transaction constitutes a class 2 transaction for the purposes of the UK Listing Rules.  For the purposes of the LR 10.4.1 R (Notification of class 2 transactions), the value of the gross assets of William Hill US is $68.5 million and William Hill US generated adjusted operating profits of $28.5m in 2017. William Hill PLC has a market capitalisation of £2.1 billion.   

As part of the agreement Eldorado will receive initial consideration of $50m in William Hill PLC shares which are subject to an initial 3-5 year lock-up period, as well as a 20% shareholding in William Hill US.  This business includes William Hill’s operations in Nevada, New Jersey, Delaware, Mississippi, Rhode Island, West Virginia and Iowa as well as its operations in the Bahamas and St Kitts, and all future Eldorado and non-Eldorado US business.  Eldorado also has the right to convert its William Hill US shareholding into William Hill PLC shares at market value on the occurrence of certain vesting triggers or during an agreed future exercise window after five years. William Hill has the right to settle the conversion amount due to Eldorado in cash or shares at William Hill’s discretion.

As noted above, under the terms of the transaction, William Hill PLC will issue 13,376,135 new Ordinary Shares of 10p each to Eldorado, representing $50m (the Consideration Shares). The Consideration Shares will rank pari passu with the existing ordinary shares of the Company. Applications will be made for the Consideration Shares to be admitted to the premium segment of the Official List and to be admitted to trading on the London Stock Exchange’s main market for listed securities (Admission). Admission will occur at the completion of the transaction.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

OAM: Inside Information
William Hill LEI: 213800 MDW41W5UZQ1X82

Notes:
1 Following completion of Tropicana acquisition, expected in Q4 2018;
2 Subject to any existing contractual obligations in newly acquired properties.

 

 

Source: William Hill US


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George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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RAPTOR PR HIRES AWARD-WINNING JAMES LAW AS PR DIRECTOR

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Raptor PR, the specialist tech PR agency for the global video games industry, has appointed MCV/DEVELOP 30 Under 30 2023 winning PR and communications professional James Law as PR Director. James will play an instrumental role in the establishment of Raptor PR’s new consumer gaming PR division, and will be leading on key B2B accounts at the agency.

Since early 2021, Raptor PR has carved out a unique reputation as the world’s only specialist B2B tech PR agency for the global games industry. James’ appointment will see the agency expand its B2B offering with a fully integrated B2C PR service for ambitious game development studios and publishers from the worlds of mobile, PC and console gaming.

James was previously PR Manager at Heaven Media, a leading creative marketing agency specialising in the gaming and technology industries. His experience includes global brands such as Nexon, Fanatec, and PowerA, as well as indie darlings like OutOfTheBit, Wales Interactive, and Utomik. Prior to Heaven Media, James was an experienced consumer games industry journalist, having written for leading gaming outlets such as Eurogamer, NME, Rock Paper Shotgun, and PC Gamer. He has also been Managing Editor at Gfinity Esports.

Rana Rahman, Founder and CEO at Raptor PR, commented: “We’re beyond excited to have James come on board to help shape the next evolution of Raptor PR. We’ve spent the last three and a half years establishing ourselves as the leading B2B tech PR agency for the global games industry, with flagship clients such as The Games Fund, Sandsoft, Midjiwan, Stardust, and Metaplay. We implicitly understand the complexities of the businesses and technologies that are powering the games industry, hence it is a natural progression for team Raptor PR to voyage into the world of consumer gaming PR, immediately supporting our existing portfolio with consumer gaming consultancy and tactical execution.”

James Law, PR Director at Raptor PR, commented: “Raptor PR is in such an exciting place with the agency’s fantastic success and strength in the B2B gaming and tech sectors. The opportunity to lead the agency’s nascent consumer gaming division is one I couldn’t resist – I love the games industry and the people in it, and the Raptor team is one that shares my passion for gaming and drive to make the industry a better place. I can’t wait to get stuck in – meeting the brilliant Raptor team and working alongside them has already been a fascinating learning experience, and it’s been a treat to be able to contribute and deliver my own unique perspectives. Here’s to a successful new partnership!”

James’ work demonstrates a passion for the games industry community, and a desire to make it a better place. As co-founder of startmenu, a website and community dedicated to bringing new and upcoming writing talent together within the games industry, James has helped build bridges into the industry that previously didn’t exist. At Raptor PR, James will be supported in his voluntary roles, as an ambassador for Safe In Our World, the video games industry mental health charity, and as a mentor in the 2024 Limit Break mentorship scheme.

The post RAPTOR PR HIRES AWARD-WINNING JAMES LAW AS PR DIRECTOR appeared first on European Gaming Industry News.

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Soft2Bet Presents CampoBet.dk: Its Latest Casino and Sportsbook in Denmark

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Soft2Bet, a leading provider of technical solutions for online betting, announces the launch of CampoBet in Denmark for mobile and desktop users. Already an industry award-winning brand, CampoBet is now available under the name CampoBet.dk for Danish users, offering them a comprehensive betting experience across 30 different sports.

The CampoBet brand provides some of the best odds in the market on more than ten million sporting events per year and with a full range of pre-match and live betting options. In addition to its sportsbook offering, CampoBet also offers more than 3,000 casino games to its players including the best live casino products complete with high-quality production values and top-level professional dealers.

CampoBet.dk players will also have access to Soft2Bet’s award-winning Motivational Engineering Gaming Application (MEGA), the best gamification platform in iGaming, and will be able to take part in weekly challenges and rewards to enhance their playing experience with intelligent and engaging content.

All this is available through CampoBet.dk’s easy-to-navigate UI, providing a quality experience for players that is focused on simplicity and seamless payments for both new and experienced bettors.

“CampoBet.dk is an innovative online platform that offers a comprehensive betting experience and we are delighted to introduce it to our Danish customers,” the Chief Product Officer for Soft2Bet, Yoel Zuckerberg, said. “The user interface is fast, simple and flexible so that players can access their favourite betting markets and casino products with ease and make CampoBet.dk a firm favourite among iGaming enthusiasts in Denmark.”

CampoBet is already active in Malta and Sweden with CampoBet. com and CampoBet.se respectively and the launch of CampoBet.dk marks a significant milestone in Soft2Bet’s expansion into Denmark and the Nordics region in general. Both Soft2Bet and CampoBet have been shortlisted for prestigious industry awards in recent years and this year Soft2Bet’s gamification platform MEGA won the award for In-House Innovation of the Year at the EGR Nordics Awards.

CampoBet’s mobile app will also shortly be available to Danish Android and iOS users. For more information, please visit www. CampoBet.dk.

The post Soft2Bet Presents CampoBet.dk: Its Latest Casino and Sportsbook in Denmark appeared first on European Gaming Industry News.

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Thunderkick Unveils Sequel to Top-Performing Game with Midas Golden Touch 2

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Latest release features wild multipliers, Gift of Midas feature and thrilling bonus game

Independent slots studio Thunderkick has announced the launch of Midas Golden Touch 2, the highly-anticipated sequel to the acclaimed 2019 original.

This latest release invites players to rediscover an enchanted realm where everything King Midas touches turns to gold. The 3×5 video slot boasts 15 paylines and showcases Thunderkick’s signature high-quality design and innovative features.

In the base game, players can trigger the Gift of Midas feature at random, adding up to nine wild symbols or up to three scatter symbols to the reels. Wild symbols carry multipliers from 2x up to 32x based on the number of wilds in a winning payline.

Landing three or more scatters triggers the lucrative bonus game where any win activates a sticky re-spin feature. During re-spins, winning symbols lock in place while the rest of the reels re-spin, continuing until no additional winning symbols appear.

The Epic Wild symbol, starting with a 2x multiplier, is also added to the reels at the start of each free spin. Collecting three scatters during the bonus game doubles the Epic Wild multiplier up to 32x and awards two extra free spins.

Midas Golden Touch 2 also introduces new BET+ options, allowing players to increase their chances of triggering the bonus game. For an additional cost, spins can be 2x or 5x more likely to activate the coveted bonus game.

This release sees Thunderkick continue to develop high-quality, dynamic slots that have contributed to its significant growth, with recent releases Xterminate and 12 Bolts of Thunder receiving impressive player engagement rates.

“We’re excited to invite players back to King Midas’ kingdom with this feature-rich sequel,” the Game Product Owner for Thunderkick, Mike Collins, said. “With Midas Golden Touch 2, we want to offer a visually immersive journey filled with golden treasures and big win potential.

“Features such as the new BET+ options add an extra layer of choice and excitement. The original Midas Golden Touch was a player favourite and we believe this follow-up will resonate strongly with customers and operators worldwide.”

The post Thunderkick Unveils Sequel to Top-Performing Game with Midas Golden Touch 2 appeared first on European Gaming Industry News.

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