Pulse
US SPORTS BETTING JOE ASHER INTERVIEW
To significant media fanfare, last month saw the opening of William Hill’s sportsbook at the Capital One Arena in Washington, marking the first sportsbook in a professional US sports facility. Replacing the temporary space unveiled in 2020, the operator’s offering now spans 18,000sq.ft over two floors.
Ask a British person strolling along the high street about William Hill in 2021 and they will likely speak of its heritage and presence in towns and cities stretching back decades. Conversely, the newly formed William Hill US had a relatively blank slate with its American consumers back in 2012.
“I think we tried to use the heritage, but fundamentally the brand developed its own identity in the United States. I’m not even sure the majority of American customers would know the company has British roots. Instead, they see it as somewhere to place a bet, get a fair price and have a good experience.
“We certainly used the heritage in meetings with prospective business partners and it clearly helped in that regard. For example, in the deal we did with Monumental Sports for the sportsbook at Capital One Arena, Ted Lionsis was keenly aware of the William Hill brand and sent me a photo of a betting shop when he was in London for a trip. While business partners were familiar with the company’s heritage, the US facing business took on its own identity with consumers.”
Following the death of Mr William Hill in 1971, one year after retiring from the business, the company became part of the Sears Holding Group. Acquisition became a major driver for the growth of the business over the next decades and the number of betting shops in the UK peaked at 14,750 in 1973.
Between 1988 and 1999, the company was acquired four times (by Grand Metropolitan, Brent Walker, Nomura and Cinven and CVC Partners), prior to floating on the London Stock Exchange in 2002 at an offer price of 225 pence
Joe believes the sportsbook opening is a seminal moment for US sports betting: “I was there for the official opening and spent some time with Ted and his team, as well as with Tom and the Caesars team and my former colleagues. It was great to see the vision come to life after we worked on it for so long and during the tough COVID period that we got through together with our partner.
"It’s a great facility and obviously it is significant that it is inside a professional sports arena and in our Nation’s capital. I was very focused on the fact that the venue needed to be great - a showcase not just for us, but for the entire industry. Te arena sits in the heart of downtown Washington, equidistant between Te White House and the US Capitol and it sits on top of one of the busiest subway stations in the country; it’s a tremendous location.
"Also, the food is excellent. In keeping with the “it has to be great” mindset, we hired a local Michelin-starred chef to oversee the food menu. Tis is a must- see place when you go to Washington."
per ordinary share – an offer oversubscribed in excess of 10 times.
Despite changing hands several times, the William Hill brand has endured. In May, Caesars said it will rebrand the operator's retail sports betting operations from William Hill to Caesars and the online sports wagering app to Caesars Sports, with an eye on having both in place ahead of the upcoming football season.
“We’re going to rebrand our books at Caesars, rebrand our apps as Caesars Sports, and tie our business into our Caesars Rewards database,” Mr. Reeg explained on an earnings call. “As I
“The William Hill brand is prominent in Nevada; you need only look at the Golden Knights game that was on television yesterday (Minnesota Wild defeated the home side 1-0) to see the William Hill logo right behind the net. I think you will continue to see the William Hill brand in many of those third- party properties, but that’ll be up for Caesars to decide going forwards.”
look to what’s out there in sports, and do the analysis of the numbers, there are some things that make us optimistic. Tere’s a great correlation between spend and market share at this point.”
Despite this, Joe firmly believes the William Hill brand won’t be disappearing from public consciousness anytime soon. “Te William Hill brand is prominent in Nevada; you need only look at the Golden Knights game that was on television yesterday (Minnesota Wild defeated the home side 1-0) to see the William Hill logo right behind the net. I think you will continue to see the William Hill brand in many of those
NEWSWIRE / INTERACTIVE / MARKET DATA P95
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