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ANOTHER U.S. RACING DEAL FOR WILL HILL
Written On 5/3/11 By Recentpoker.com staff writer Emily Apontif :
UK land and online gambling group to pay $14.25 mill for Brandywine
The UK land and online gambling group William Hill plc is to buy U.S. betting company Brandywine Bookmaking as it expands further into the American sports betting market, reports the BBC.
The company will pay $14.25 million for Brandywine, which operates in the states of Nevada and Delaware. Sports betting is legal under federal law in only four US states - Nevada, Delaware, Montana and Oregon.
The British company will also provide a $1.4 million convertible loan as part of the deal.
Nevada has the largest market of the four sports betting states, with an estimated turnover of $2.7 billion in 2010, a company statement revealed this week.
Brandywine recorded revenues of $7.7 million in 2010.
The deal follows the acquisition of American Wagering Inc (AWI) and Club Cal Neva Satellite Race and Sportsbook Division for a total of $39 million last week (see previous InfoPowa report).
Ralph Topping, chief executive officer of William Hill, said: "Brandywine is a good strategic fit for AWI's and Cal Neva's sportsbook operations and will give William Hill a leading position in the US land-based sports betting market."
The acquisitions of Brandywine, AWI and Cal Neva's sportsbook division are all expected to complete in 2012, after finalising the licensing process.
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