Gambling group William Hill (WMH) and CBS Sports have cemented a deal which gives the UK firm exclusive rights to promote its brand across all CBS Sports’ online properties.
The shares traded up 4% to 185.7p.
Chief executive Ulrik Bengtsson commented, ‘we are already a market leader with leading access, a bespoke technology platform and the most experienced US team. Now we have exclusive media, branding and promotional rights across CBS' leading digital sports properties, to take the William Hill brand further and faster in the US.’
US UP FOR GRABS
Since the opening up of the US gambling market in 2018 the race to grab market share in physical and online venues has been heating-up.
Ladbrokes Coral owner GVC (GVC) signed a deal with Yahoo Sports in October 2019 and Paddy Power Betfair owner Flutter (FLTR) announced the acquisition of Stars Group, securing access Stars' joint venture with Fox Sports.
William Hill entered the US in 2012 by establishing a presence in Nevada, and has since grown to become the largest sports betting business in the US, operating 114 race and sports books across 10 states. Around 25% of all sports bets are placed through the company.
BIG BETTING AUDIENCE
CBS own the second-largest sports property in the US, and attracts 80m users a month while it also runs one of the largest fantasy sports platforms in the world.
The deal includes opportunities to feature William Hill data, odds and markets across CBS television programming.
Meanwhile, CBS have opportunities to increase fan engagement through the integration of sports betting and provide more relevant content.
There is a wide range of estimates for the eventual size of the US gambling market, which is opening up on a state-by-state basis and complicated by the heavy presence of existing tribal Casino operators.
However, Business intelligence group Gambling Compliance reckons revenues will top $5.7bn by 2024, making the US one of the largest in the world.
