William Hill take 'major step forward' after agreeing US deal with CBS Sports

William Hill have agreed a major media deal in the US, with the aim of attracting new customers in the rapidly growing sports betting market.

The bookmaker has signed a strategic partnership with CBS Sports that William Hill believe will be a significant step forward in their plans to expand in the US.

CBS Sports has more than 80 million users per month across its sites and apps as well as millions of followers on social platforms. They said they would use William Hill odds and experts across their digital channels, while the partnership also includes opportunities to feature William Hill data, odds and markets across CBS' television programming.

William Hill will receive exclusive rights to promote their brand across CBS Sports' digital offering, which they hope will result in "highly efficient customer acquisition" for the company.

Shares in the bookmaker rose on Monday following a report in the Sunday Times that the bookmaker was close to signing a media deal, ending the day up more than three per cent at 178.45p.

Ulrik Bengtsson: deal will take William Hill brand 'further and faster in the US'

William Hill chief executive Ulrik Bengtsson said: "Becoming the official sports betting provider to CBS is another major step forward for William Hill in our US expansion.

"We are already a market leader with leading access, a bespoke technology platform and the most experienced US team.

"Now we have exclusive media, branding and promotional rights across CBS' leading digital sports properties in the US, to take the William Hill brand further and faster in the US."

Financial terms of the deal are not being disclosed.

The US market is becoming an increasing focus for the major European bookmakers as they face tougher regulation at home.

William Hill are playing catch-up against rivals Flutter Entertainment and GVC, who have agreements with media giants Fox Sports and Yahoo Sports to give them greater exposure in a market where the names of European betting firms are relatively unknown.

They are all eyeing a burgeoning market that was opened up in 2018 when the US Supreme Court overturned the Professional and Amateur Sports Protection Act, which had previously limited legal sports betting in the US to a handful of states.

Some market projections estimate the US sports betting market could generate $7 billion in revenues by 2025.

William Hill now have operations in ten states across the US and could have guaranteed access to 20 states through their partnership with casino giant Eldorado and access to a further four states when Eldorado complete their merger with rival Caesars.

On Monday analysts at Jefferies said William Hill's share price could double due to the opportunity in the US, where they are "well-placed", with a "demonstrable track record and extensive agreed market access".

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