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.
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.