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William Hill Buys CGT

William Hill Buys CGT

The circle was closed in November when William Hill bought what was left of CG Technology (formerly Cantor Gaming), bringing to an end the tortured history of an early entry in the U.S. sports betting market.

The deal strengthens the hold William Hill has on the Nevada sports betting market since it brings sportsbooks to the Cosmopolitan, the Venetian and Palazzo, the Palms, the Tropicana and Silverton, as well as providing a betting platform and risk management consulting to the Atlantis on Paradise Island in the Bahamas.

Joe Asher, CEO of William Hill US, worked for Cantor Gaming at one time. He was the subject of a lawsuit after leaving Cantor and forming a sports betting company called Brandywine Bookmaking. William Hill purchased the company and named Asher CEO of its U.S. division, prompting the lawsuit, which was later dismissed.

Asher said the deal to acquire CG Technology was good for William Hill.

“We are pleased to have reached this agreement,” he said. “This will allow us to expand our Las Vegas footprint to several marquee resorts. We look forward to working with our new casino partners and transitioning CG Technology’s retail and mobile customers to our award-winning offering.”

William Hill operates 113 race and sportsbooks in Nevada. The company also operates sports betting operations for casinos and racetracks in 10 of the 13 states where sports betting is legal.

More importantly, William Hill has a deal with Eldorado Resorts to operate sportsbooks in all its U.S. properties, which will soon include all the Caesars Entertainment casinos on the Las Vegas Strip and elsewhere once the deal to acquire that company is closed.

The story of Cantor Gaming and CG Technology is long and convoluted and includes fines and settlements approaching $30 million for missteps in made in Nevada.

Current CEO Parikshat Khanna said the company was “happy to reach an agreement for the sale of the race and sportsbook assets of CG Technology to William Hill and looks forward to a seamless transition for our loyal casino partners and customers.”

As for Asher, it solidifies William Hill’s position as the leading sports betting operators in Nevada. William Hill CEO Ulrik Bengtsson said the cost of the acquisition was “not significant” and the deal was pending approval of regulators in all the pending jurisdictions. William Hill expects it to close in the first half of 2020.