William Hill to Acquire CG Technology’s Sports Betting Assets

  • The deal will see William Hill take over seven sportsbooks in Southern Nevada
  • No financial terms of the agreement have been publicized to date
  • Regulatory approval in Nevada and the Bahamas is needed for the deal to go through
  • William Hill’s operations in Nevada will now be brought up to 120 sportsbooks
William Hill betting shop sign
William Hill has agreed to acquire CG Technology’s sports betting assets in Southern Nevada, which will see it take over seven sportsbook operations in the region. [Image: Shutterstock.com]

Company to take over seven CGT sportsbooks

William Hill US has come to an agreement to purchase the sports betting assets of CG Technology. The deal, which was announced on the company’s Twitter account, is pending regulatory approval in the Bahamas and Nevada.

CG Technology is based in Las Vegas and is the current operator of seven different Southern Nevada sportsbooks. As part of the acquisition deal, William Hill would be in control of the sports betting operations at the Venetian, Cosmopolitan, Palms, Silverton, Tropicana, and Palazzo casinos in Vegas. 

William Hill will also take over the risk management and betting platform consulting to Atlantis, which is located on Paradise Island in the Bahamas. 

no indication of the cost of the sale as the terms have not yet been made public

There is no indication of the cost of the acquisition as the terms have not yet been made public. The deal is expected to close at some stage in the first half of 2020.  

William Hill to expand its US presence

William Hill US CEO Joe Asher said in a company press 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.”

company will now expand its current presence in Las Vegas to a number of marquee resorts

Asher added that the company will now expand its current presence in Las Vegas to a number of marquee resorts. William Hill US currently operates 113 different sportsbooks and racebooks in the state of Nevada. However, it won’t have a decent presence on the Las Vegas Strip until this deal is complete. 

There was more good news for William Hill. Its latest financial figures showed net revenue from US operations rising by 60% over the 17 weeks leading up to the end of October. The company holds operations in nine US states and is constantly looking to expand further. It also has a merger deal with Eldorado Resorts, which is also awaiting regulatory approval. This is expected to reach its finalization stage in early 2020.

CG Technology’s troubled past in Nevada

CG Technology has had some issues with the state regulators in Nevada in recent times. It was at the receiving end of fines totaling $8.8m that were issued by the Nevada Gaming Commission from 2014 to 2018. The penalties regarded three different violations of the state’s regulatory framework. 

One of the fines was for $5.5m. It was handed down in 2014 and still ranks as the second-biggest gambling operator fine in state history. At the time, the company was called Cantor Gaming. CG Technology was also subject to $22.5m worth of federal penalties for links to an “illegal gambling and money laundering scheme.”

CG Technology CEO Parikshat Khanna commented briefly on the acquisition deal, saying customers and partners will experience a “seamless transition” as William Hill takes over.

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