William Hill in new U.S. sports betting deal?

UK media reported widely on Sunday that online and land gambling group William Hill plc’s latest US move is a sports betting partnership with land casino giant Penn National Gaming.

The speculative reports quoted sources who revealed that th UK company is in talks with PNG and a positive result could create a William Hill presence in an additional 29 casinos throughout 16 US states.

William Hill has not thus far commented on the reports.

The reports follow a statement on Friday in which the bookmaker announced, “major expansion plans” after signing sports betting agreements with eleven casinos in Mississippi and a “soon-to-be-announced” casino partner in West Virginia (see previous reports).

Friday’s statement added: “William Hill US is also in advanced discussions with operators about deals that cover casinos in a further fourteen states in the US about similar sports betting agreements.”

William Hill investors will welcome some positive news after the company’s write-down last week of GBP 883 million as it braces for the impact of radically reduced maximum stakes mandated by the UK government on retail shop FOBTs.  The write-down pushed the company to a GBP 820 million pre-tax loss prediction.

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