FinancialBuzz.com News Commentary
NEW YORK, March 8, 2021 /PRNewswire/ -- Sports gambling and online sports betting is becoming a reality in more and more states, as last year's trend continues. For example, sports fans in Arizona could soon have the ability to place bets inside sports venues while the action unfolds. For others, daily online fantasy sports platforms like Draft Kings and FanDuel might soon be operating legally in their state. Furthermore, a new sports-gambling legislation is now passing through both the House and the Senate of Arizona as two separate bills. According to a report by Kold, the two bills, "HB 2772 and SB 1797 would allow both event wagering and online sports betting, with up to 10 tribes and 10 professional teams licensed to provide online betting platforms. There are 16 tribes in Arizona operating casinos, along with are eight professional teams, including NFL, MLB, NHL, and NBA franchises." FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), MGM Resorts International (NYSE: MGM), Wynn Resorts, Limited (NASDAQ: WYNN), DraftKings Inc. (NASDAQ: DKNG), GAN Limited (NASDAQ: GAN)
As the legal infrastructure becomes more and more friendly towards sports betting across the country, announcements regarding investments in this sector have accelerated. For example, earlier in October, WynnBET, the digital gaming division of Wynn Resorts Ltd. that is responsible for Wynn's mobile sportsbook and casino app, announced a multi-year national sports betting partnership. As an Authorized Gaming Operator of NASCAR, WynnBET will collaborate with NASCAR to create and promote engaging sports betting experiences for racing fans across the United States.
FansUnite Entertainment Inc. (OTCQB: FUNFF) (CSE: FANS) announced last week breaking news that, "its subsidiaries, Askott Entertainment (Malta) Limited and E.G.G. Ltd., have filed applications for both Business-to-Business ("B2B") and Business-to-Consumer ("B2C") gambling licenses, respectively with the U.K. Gambling Commission ("Gambling Commission").
The U.K. Gambling Commission was set up under the Gambling Act 2005 to regulate commercial gambling in Great Britain in partnership with licensing authorities.
As part of FansUnite's expansion strategy, the Company has applied for a remote gambling software license, which will unlock its suite of betting products to operators in the U.K. online gambling market. In addition, EGG Ltd. has applied for a remote betting license which will permit it to deploy its B2C wagering platforms in the United Kingdom.
These applications represent a critical step for FansUnite to expand its operations to the U.K., a jurisdiction that is considered to be one of the largest gambling markets in the world.
'The U.K. gambling licenses are widely regarded as the gold standard for lawful gaming operations and we are pleased to have formally submitted our application with the commission,' said Scott Burton, Chief Executive Officer of FansUnite. 'The first step to our expansion in the U.K. is to obtain the relevant licenses from the country's Gambling Commission, which will allow us to license our betting solutions as well as operate our B2C betting platforms in the United Kingdom. By doing so, we will be in a position to advance our operations to capture market share in one of the most lucrative online betting markets in the world.'"
For our latest "Buzz on the Street" Show featuring FansUnite Entertainment Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=aL2CV0ULJeQ
MGM Resorts International (NYSE: MGM) announced last month a new partnership centered around an integrated sports betting and entertainment experience. The two companies will collaborate on marketing and promotional offers through the BetMGM platform at select Topgolf venues and within WGT by Topgolf, the leading online golf game which has been part of the Topgolf family since 2016. "We look forward to introducing Topgolf guests to the immersive sports betting experience that only BetMGM can provide," said BetMGM's Chief Revenue Officer Matt Prevost. "Topgolf is known for offering unique and interactive entertainment options, which our loyal BetMGM users can now access through a variety of exclusive and customized packages."
Wynn Resorts, Limited (NASDAQ: WYNN) designs, develops, and operates integrated resorts. The company's Wynn Palace segment operates 424,000 sq. ft. of casino space with 323 table games, 1,011 slot machines, private gaming salons, and sky casinos. In recent years the Company also partnered with sports betting operators. For example, earlier in 2018, Wynn announced that it has entered into a strategic partnership with BetBull Limited ("BetBull"), a Europe-based digital sports betting operator, to pursue sports betting opportunities in the emerging U.S. market. The strategic partnership will position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort's nationally recognized brand with BetBull's digital sports betting operations capabilities and technology. In conjunction with the formation of the strategic partnership, Wynn Resorts will make a minority equity investment in BetBull. Wynn Resorts will own 22.5% of BetBull on a fully-diluted basis upon closing of the investment which will occur in due course subject to customary closing conditions. Moelis & Company LLC acted as financial advisor to Wynn Resorts.
DraftKings Inc. (NASDAQ: DKNG) reported last month fourth quarter and full-year 2020 financial results. For the three months ended December 31st, 2020, DraftKings reported revenue of USD 322 Million, an increase of 146% compared to USD 131 Million during the same period in 2019. "With a favorable fourth quarter sports calendar and strong marketing execution, DraftKings was able to generate tremendous customer acquisition and engagement that propelled us to USD 322 Million in fourth quarter revenue, a 98% year over year increase," said Jason Robins, DraftKings' co-founder, CEO and Chairman of the Board. "In the fourth quarter of 2020, we saw MUPs increase 44% to 1.5 million and ARPMUP increase 55% to USD 65. We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance."
GAN Limited (NASDAQ: GAN) reported last year that it has signed a definitive purchase agreement to acquire Vincent Group p.l.c. ("Coolbet") for a total consideration of approximately EUR 149 Million (subject to adjustment as provided in the Share Exchange Agreement). The acquisition is expected to close in the first quarter of 2021, subject to regulatory review and the satisfaction of certain closing conditions. GAN expects to fund the acquisition with new capital. Coolbet is an award-winning, Business-to-Consumer ("B2C") iGaming operator, with a footprint in Northern Europe, Canada, and Latin America in real money iGaming and online sports betting. GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry.
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