William Hill invests $25m in lottery supplier NeoGames
Operator targets US online lottery sector as it takes a 29% stake in B2B online lottery platform provider
William Hill is looking to cash in on the growing online lottery market in North America after acquiring a minority stake in B2B platform provider NeoGames for $25m [private].
The operator has taken a 29% stake in the Luxembourg-based firm, with options to increase its shareholding after three and five years.
William Hill CEO James Henderson said the acquisition was âexcitingâ for the operator with NeoGamesâ US opportunity a particular focus.
âThe market which NeoGames operate in America, there is $60bn worth of opportunity,â Henderson said. âFour states have gone online with an iLottery product, one of which NeoGames has got in Michigan.
âAlready the penetration in Michigan is above any of the other states, so it is a very exciting opportunity. We look forward to working with NeoGames to grow and develop that product in the next few years,â he added.
As well as the US, NeoGames also provides its iLottery 360 platform to European operators such as Sisal in Italy and Jogos Santa Casa in Portugal.
The news comes after William Hill reported a 20% YoY decline in H1 profits this morning after taking a £35m hit from the UKâs new Point of Consumption tax regime.