William Hill Having Tough Time Getting Nevada License: Under Intense Scrutiny
One of the United Kingdom’s biggest bookmakers is having a rough go at breaking into the US market.
European companies are looking to forge relationships with US-based casinos in an effort to get a leg's up in the critical US regulated online gambling market....once it opens up.
From GamingToday.com:
The most obvious "noise" is being generated by the application of UK giant William Hill to get its 2011 purchases of American Wagering, Brandywine Gaming and Cal-Neva approved.
The growing heat from speculation may have inspired the Control Board’s apparent decision to drop a curtain of secrecy over its continuing work on the Hill deal. There are no recent reports about when the Hill applications will be heard by the Board although speculation points toward a May or June hearing.
Whether the William Hill plans still look as good to all parties as they probably did last April and May when they were signed has been getting a lot of attention.
The concerns over Hill could have something to do with executive Robin Chhabra, GamingToday.com suggests.
Chhabra was the “dealmaker” as it relates to William HIll's potential entryway into Nevada. He was declared guilty of "market abuse" by London’s Financial Services and Market Tribunal in 2010, accused of sharing "price sensitive information" with a "prolific trader." A fine was ultimately assessed.
The Board is now believed to be more interested in Chhabra’s role at Hill as he had not previously been named on the original application.
More so, William Hill’s purchases are not seen as viable as they were 12 months ago when the application was initially filed.
Federal Internet legislation is no closer to becoming a reality than it was when the deals that will cost Hill almost $55 million were signed, the GamingToday.com report noted.
The $55 million is not a lot of money for a company that already has well over 2,300 betting shops across the U.K., but the lack of action does suggest the pace of change in the U.S. is running behind popular projections.
And there is more.
Hill reportedly has agreed to underwrite at least some of the legal expenses generated by Cantor Gaming’s suit against Joe Asher, Gaming Today noted. Asher is alleged to have taken “secrets” with him from Cantor to form Brandywine.
How this ultimately plays out remains anyone’s guess but William Hill has certainly had its fair of drama over the past year.
The company made news in the fall when it became embattled with its marketing arm in Tel Aviv.
- Aaron Goldstein, Gambling911.com
