William Hill has revealed its plans to launch a US online casino during the second half of the year.
The sports betting giant has seen its US net revenue fall by 90% since the cancellation of sports, with its retail footprint shut down entirely. Hills, however, says it has been using the downtime wisely.
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According to reports, William Hill hopes to make up some of these losses with the launch of its online casino in the United States. Plans to Launch Later in the Year According to figures, sportsbooks’ net revenue has plunged by 90% since sports events were canceled in March due to the COVID-19 global pandemic.
Hill was a self-starter who bet it all on himself, and this mindset has carried over for nearly a century as the betting and gaming company has become a leader in its industry around the world. In 2012, William Hill crossed the pond and is currently expanding its renowned sports book brand in the US.
“Product development has accelerated throughout the period, and we will be launching online casino in the second half of the year,” the company said in a trading update on Friday.
William Hill to expand US online gambling empire
While the William Hill online casino will debut in New Jersey, CEO Ulrik Bengtsson said it would ultimately launch in every state in which it’s legal. That would make the Pennsylvania and Michigan online casino markets the next logical targets.
Analysts asked Bengtsson about the tech and brand for the product, but he remained tight-lipped. He has, however, previously suggested a casino brand would bear the William Hill name thanks to the investment in the brand via its partnership with CBS Sports.
“Casino will be helpful as we go on without sports,” Bengtsson said. “I’ve seen the first demo of the product and I’m confident it will be ready soon.
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“The regulatory approvals are the unknown and the reason we are being cautious in saying the second half of the year. But it will be a good product and very competitive.”
Online casino more important than ever
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Recent results from NJ illustrate the importance of online gambling in a world impacted by a pandemic like COVID-19.
Sports betting handle was down 82% year-on-year in April, but NJ online casino revenue more than doubled to $75 million. Even traditional sports brands, like FanDuel and DraftKings, have delivered significant online casino revenue thanks to the power of cross-selling.
As Bengtsson put it, “We have only been online in half the New Jersey market. We would assume that deploying a product in the other half would help us increase market share.”
Brad Allen - Brad has been covering the online gambling industry in Europe and the US for more than four years, most recently as the news editor at EGR Global.