The deal will become official once the necessary laws are passed and Iowa gaming regulators approve the agreement.
William Hill will operate a sportsbook larger than 8,600 ft2 on the casino’s fourth floor, with the area to feature a new bar and video wall technology with live betting odds.
Joe Asher, CEO of William Hill US, said: "We are excited about the prospect of sports betting in Iowa and are thrilled to partner with Prairie Meadows to be ready for the day when sports betting is legal in the state.
"We are building a first-class sportsbook that will make Prairie Meadows the place to bet and watch the games."
Gary Palmer, President and CEO of Prairie Meadows, said: "Prairie Meadows is thrilled to partner with William Hill, the best name in sports betting, to establish a world-class sports betting experience for our guests."