UK bookmaker William Hill and regional casino operator Eldorado Resorts have confirmed their blockbuster US sports betting and online gambling partnership.

On Wednesday, both Hills and Eldorado issued statements confirming Tuesday’s media report that the two had entered into a US-facing joint venture that will see Eldorado take a 20% stake in William Hill US, along with $50m worth of shares in Hills’ UK parent company. The agreement’s initial term is for a hefty 25 years.

Hills will become Eldorado’s exclusive partner for land-based and online sports betting, as well as online gambling, in the 13 states in which Eldorado operates gaming venues, assuming those states pass the necessary legislation. Hills will retain the right to operate online casino gambling under “any second skin.”

“Within weeks,” the partners plan to launch William Hill sportsbooks at Eldorado properties in three states: the Tropicana in Atlantic City; the Mountaineer Casino Racetrack and Resort in West Virginia and three casinos in Mississippi – the Lady Luck Casino in Vicksburg, Isle of Capri in Lula and Tropicana Casino in Greenville.