William Hill has signed an agreement to acquire 100 per cent of the equity interests of American Wagering and to acquire the Club Cal Neva Satellite Race and Sportsbook Division.
American Wagering is the longest standing sportsbook operator in the state of Nevada and the Cal Neva Sportsbook Division is a part of the Sierra Development Company, a privately-owned casino and hotel business, operating 31 sportsbooks in Nevada.
Ralph Topping, chief executive of William Hill, said: "We see significant opportunities for growth by investing in Nevada and by combining our substantial product range with their extensive Nevada footprint, strong relationships, proven operational capability and trusted service."
He added: "We are excited about the potential for expansion of our company into the US betting market and, in particular, into Nevada, which sets the gold standard. This is a great development opportunity for William Hill."
Before completing the acquisitions, William Hill and certain William Hill senior managers are required to be licensed by the Nevada Gaming Commission. It plans to submit applications shortly and the licensing process is expected to complete during 2012, after which point the transaction would legally complete. The total cost of the two acquisitions is approximately US$39m.
