The rush by sports betting companies and media conglomerates to work together in a new era of legal gambling continued Monday with the announcement that William Hill plc WIMHF and Viacom CBS Inc. VIAC have struck a partnership.
What The Deal Includes
William Hill, a major sportsbook in Britain, will provide betting odds and other wagering information to CBS and the betting company will get exclusive promotion rights on CBS Sports' digital brands, giving William Hill access to a huge trove of potential new customers it hopes will download and use the company's betting app to place wagers.
The companies confirmed the multiyear deal, but didn't disclose the terms. The partnership is aimed at being operational by the upcoming NFL season.
The Wall Street Journal reported William Hill will pay CBS Sports a fee, and CBS will make use of the oddsmaker's data and other betting information in its sports news content.
Why It's Important
It's just the latest deal between sports media purveyors seeking to bolster their content and betting companies trying to get sports media consumers to choose their brands if they want to bet on sports.
Last month, casino operator Penn National Gaming, Inc. PENN bought a stake in Barstool Sports. And last year, Walt Disney Co.'s DIS sports media network ESPN reached a deal with casino and sports book operator Caesars Entertainment Corporation CZR for a partnership. Increasingly, sports media companies are feeling pressure to link up with betting companies to avoid losing readers and viewers who are seeking information to help them in their betting interests.
Cross-Marketing Plans
William Hill expects some portion of the people who use CBS Sports' fantasy sports pages will make good candidates to put money into William Hill accounts to make bets on games.
"The power of our distribution, combined with the strength of our brands and the expertise of William Hill, has us well positioned to tap into the explosive growth of the legal sports betting industry in the U.S.," CBS Sports Digital's executive vice president and general manager, Jeffrey Gerttula, said in a press release. "Together, we will deliver even more value to this rapidly growing segment of sports fans.”
William Hill, long a major fixture of the betting scene in the United Kingdom, is hoping to ramp up its U.S. presence now that several states have legalized sports betting. In a statement, William Hill US CEO Joe Asher said the deal gives the company access to CBS' large fantasy sports database and other chances to boost the brand in the American market.
Related Links:
ViacomCBS Plans New Streaming Platform
Penn National Gaming Shares Surge After Buying Stake In Barstool Sports
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