Bet365 Signs 20-Year Deal With Empire Resorts

Bet365 Signs 20-Year Deal With Empire Resorts

In a groundbreaking move, Bet365 – one of the world’s leading betting groups – and New York’s largest, Empire Resorts, have teamed up in what will be one of the biggest business deals of the year.

The strategic partnership between two brands has been signed for 20 years of cooperation – a rare feat in today’s business world filled with uncertainties in which most deals never expand beyond couple of years out of caution.

A Market Not to Be Missed

The deal comes as a result of Bet365’s search for the most optimal way in which they can join the thriving betting market of New York, which is worth, by most estimates, about one billion dollars!

The contract between the two concerns Hillside – NY subsidiary of Bet365 – which will produce land-based and online sportsbook for Resorts World Catskills venue which is under ownership of Empire Resorts.

It could be said that Bet365 is simply thinking ahead and working for the future as New York still hasn’t made sports betting legal, due to legislation not being put forward for discussion on time. However, it is most likely that this will change next year, as NY’s lawmakers and gaming parties are all very much eager to get the ball rolling.

This effectively means that Resorts Empire’s premises in NY – US’ fourth most populated state – will be among the first to offer both land-based and online sports betting once it’s officially adopted.

A Future Leading Destination

Empire Resorts executive chairman Manny Pearlman expressed that he is content with this deal and said that Bet365’s global expertise in executing world-class sportsbooks “complements perfectly Empire’s leadership in commercial casino operations in New York.”

He also added: “This collaboration, which will enable Resorts World Catskills to be a leading destination for sports wagering in New York State, highlights our commitment to the continued growth of Resorts World Catskills, as well as our dedication to working with the best, most innovative pioneers in the industry to provide world-class gaming options.”

Hillside New York will acquire up to $50 million of Empire’s stakes at a price of $20 per share, becoming their second biggest shareholder after a Genting Group subsidiary Kien Huat Realty.

This New York venture is of great importance to Bet365 who was significantly slower than their peers and competitors in entering the sports betting game. So far, they’ve only landed one deal – that with Hard Rock Atlantic City in New Jersey.

Burning Ambition

Simon Betteley, Hillside New York president assures that the success of the Empire deal points to a turnaround in Bet365’s approach to sports betting and signals their true intentions.

“This landmark agreement, which combines Empire’s gaming operating skill with our expertise in providing best-in-class online sports betting, allows Bet365 to tap into what we believe will be one of the most significant online and sportsbook markets in the US.”

Empire Resort’s president and CEO Ryan Eller states that the 20-year deal is illustrative of their firm belief and confidence in New York sports betting market. He said that “the 20-year term provides for a long-term commercial alliance designed to survive the tests of time and achieve and maintain a leading position in New York’s sports betting market.”

Source:

“Bet365 partners Empire Resorts to enter $1bn New York market”, igamingbusiness.com, November 15, 2018.

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