William Hill stock reaches record high as it strikes big US sports deal
William Hill (WIMHY) shares have hit record highs on Tuesday following news that the British gambling company has concluded a multiyear deal with ESPN as the European industry titan hopes to capitalise on the US sports betting boom.
Stocks surged more than 9% on Tuesday, reaching record highs for the year.
The sports media giant announced the co-exclusive deals with DraftKings (DKNG) and Caesars Entertainment (CZR) on Monday, which also sent both those stocks on a tear.
“ESPN is one of the pre-eminent brands in sports, said Ulrik Bengtsson, group chief executive officer of William Hill, in a company statement. “Tens of millions of fans will now have a direct link to our sports betting apps and odds.”
He added that by giving ESPN users this access, William Hill “will accelerate [its] leadership as we continue to expand in the US.”
William Hill Sports Book’s odds and markets will connect directly to William Hill’s sports betting apps in legalised states, according to the company. The deal was announced shortly after it became the exclusive sports betting operator for Caesars Entertainment. That followed a merger with Eldorado Resorts.
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The new link integrations to William Hill’s sports betting apps — geo-targeted to legalised sports betting states — will appear on ESPN.com web and mobile web and the ESPN Fantasy app. In addition, Caesars Sportsbook by William Hill will become a sponsor of ESPN’s Fantasy products. This will further solidify an existing relationship as ESPN’s exclusive odds provider.
Since becoming Caesars Entertainment’s exclusive sports betting partner over a month ago, William Hill has opened 12 branded sports books at Caesars’ properties in Nevada, Iowa, and New Jersey.
Pending regulatory approval, the remaining sports books across the Caesars portfolio will be rebranded in the coming weeks, according to a statement by the company.
