William Hill Further Foray into US Market with Brandywine Buyout

US betting company Brandywine Bookmaking is set to be bought out by leading UK firm William Hill as it seeks to establish itself in the American sports betting market.

William Hill will pay US$14.25m and provide a $1.4m convertible loan as part of the deal for Brandywine which operates in Nevada and Delaware, two of only four US states in which sports betting is legal under federal law.

William Hill revealed that Nevada has the largest market, with an estimated turnover of $2.7bn whilst Brandywine recorded revenues of $7.7m last year.

The announcement comes weeks after William Hill made its first move into the US market in agreeing to buy American Wagering Inc (AWI) and Club Cal Neva Satellite Race and Sportsbook Division for a total of $39m last month.

Ralph Topping, William Hill chief executive, stated: “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.