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Caesars, William Hill in Betting Deal With NFL's Indianapolis Colts

Caesars and British bookmaker William Hill partnered with the NFL's Indianapolis Colts, another sign of how sports gambling has grown.
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Casino giant Caesars Entertainment  (CZR) - Get Caesars Entertainment Inc Report and British bookmaker William Hill unveiled a betting partnership with the Indianapolis Colts, their first deal with a National Football League team.

It’s another sign of the explosion of sports gambling after the 2018 Supreme Court decision legalizing it in all 50 states.

As part of the agreement, the Caesars Rewards loyalty program will sponsor a free Pick 6 Predictor game on the Colts Mobile App.

 The Pick 6 Predictor generates a series of questions for fans to answer before upcoming games. Correct picks are rewarded with weekly prizes, and all participants are entered into a chance to win a trip to Las Vegas to stay at a Caesars Entertainment property.

"Our company has deep roots in Indiana," said Chris Holdren, co-president of sports and online gaming for Caesars. 

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"This expanded partnership with William Hill and our long relationship with the Indianapolis Colts deepens our strong ties within the community. Combined, both will provide an exciting entertainment experience - on gamedays and beyond."

Morningstar analyst Dan Wasiolek likes Caesars’ tie-up with William Hill. 

“We see Caesars' announced acquisition of online sports betting operator William Hill for $3.7 billion as a good use of capital," he said in a Sept. 30 commentary.

That's because Morningstar expects "the U.S. athletic wagering industry will grow from around $900 million in revenue in 2019 to $6.2 billion by 2024, as the current 22 states offering such gambling expands to 39 during that time.” 

He puts fair value on Caesars at $56. Caesars shares recently traded little changed at $54.73. They have nearly quadrupled in 2020 to date.