FinancialBuzz.com News Commentary
NEW YORK, Feb. 3, 2021 /PRNewswire/ -- Two major segments of the online gambling industry are online gaming (i-gaming) and sports betting. Both have proved to be a pandemic proof segment. The sports betting segment in particular has benefited from a continuously improving and friendlier legal infrastructure. For example, a report by the Chicago Sun-Times indicated that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. As a result of the evident spike in demand, Morgan Stanley reported that it now projects that the domestic sports betting industry will reach revenues of about USD 7 Billion by 2025, a major increase from the USD 5 Billion projected in June 2018 and reiterated last December, Casino.org reports. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), International Game Technology PLC (NYSE: IGT), Scientific Games Corporation (NASDAQ: SGMS), Boyd Gaming Corporation (NYSE: BYD), Churchill Downs Incorporated (NASDAQ: CHDN)
The shift to a more favorable attitude towards online gambling services is visible across the board. According to data published AGC, nearly 7 in 10 (69%) Americans say that gaming provides a positive benefit to the U.S. economy and 63% agree that the industry provides high-quality jobs. At the local level, 69% say that the industry behaves responsibly in the communities. "Voters are also aware of the importance that gaming tax money plays in funding vital public services, as 76% of voters believe that the industry's tax payments to state and local governments will become even more important in the future due to COVID-related budget shortfalls," the report indicates.
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) and Vancouver-based OneComply Inc. announced last month that they have, "entered into a partnership. OneComply, a compliance and licensing solution, will assist FansUnite as they enter additional North American legalized gaming jurisdictions by advising on protocol and strategy.
This move follows the June 2020 announcement by FansUnite of the amalgamation with Vancouver-based Askott Entertainment Inc. to create one of Canada's leading online gaming companies, focused on sports betting, esports wagering, and casino games.
'We are pleased to be partnering with OneComply as we look to tackle the North American gaming market,' said Scott Burton, CEO of FansUnite. 'As a licensed betting and iGaming company, we understand how difficult and nuanced the licensing process can be. With the help of OneComply, we will be able to streamline the process to enter new North American markets and showcase our suite of gaming solutions to a broader audience.'
The repeal of PASPA, being the Professional and Amateur Sports Protection Act, has created a wave of newly regulated States across the United States' gaming market. Companies seeking to gain market entry into these States face massive regulatory processes to obtain operational licenses. The United States legalized gaming industry is State-regulated, meaning companies need to file for each jurisdiction independently. These individual disclosure filings can be thousands of pages in size resulting in substantial internal and external expenses.
'The amount of opportunity in North America for new-to-market companies can be overwhelming given the various licensing processes and jurisdictional requirements, with companies no longer trying to enter one jurisdiction, but multiple jurisdictions simultaneously. This creates a tremendous amount of lag in productivity even with the most seasoned of compliance and legal teams,' said Cameron Conn, CEO of OneComply Inc. 'We understand the importance FansUnite places on regulation, and we look forward to supporting them scale in the North American market.'"
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=QAmL3Nw6ulY
International Game Technology PLC (NYSE: IGT) announced last year that its leading PlaySports platform will power world-class retail sports betting at Maverick Gaming's three Colorado-based casinos as well as interactive sports betting throughout Colorado via Play Maverick Sports. Through a multi-year agreement with Maverick Gaming, IGT will provide its proven PlaySports turnkey solution including user-friendly self-service PlaySports kiosks, to Grand Z Casino and Johnny Z's Casino in Central City, Colo. and Z Casino in Black Hawk, Colo. The IGT PlaySports platform, complete with a fully integrated Player Account Management (PAM) solution, will also power Maverick Gaming's "Play Maverick Sports" mobile sports wagering app.
Scientific Games Corporation (NASDAQ: SGMS) announced last year that it is partnering with Genius Sports Group, a leading provider of sportsbook management solutions, to provide in-game content to its wagering customers worldwide, excluding U.S. leagues. Sportsbooks operating on Scientific Games' OpenSportsTM platform will gain access to Genius Sports Group' LiveData and LiveTrading services, trusted by over 150 of the world's largest wagering brands and fully customizable for every customer. Genius Sports Group and its sports betting division, Betgenius, created the market for official data across all tiers of sports and today offer partners access to official data for over 170,000 events each year.
Boyd Gaming Corporation (NYSE: BYD) and FanDuel Group announced in September the debut of the FanDuel Par-A-Dice Sportsbook in the state of Illinois. Sports bettors across the state of Illinois now have access to FanDuel's industry-leading online and mobile sports-betting platform, with wagering options available in professional football, basketball, baseball, hockey and more. Additionally, FanDuel will operate a retail sportsbook located at Boyd Gaming's Par-A-Dice Casino in East Peoria, Illinois, pending regulatory approval. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Given the tremendous success of our existing FanDuel Sportsbooks, we are confident that the FanDuel Par-A-Dice Sportsbook will quickly become Illinois sports bettors' mobile app of choice. We are excited for the opportunity to offer both mobile and retail sports betting in one of the most populous states in the country, as we continue to expand our strategic partnership with FanDuel Group."
Churchill Downs Incorporated (NASDAQ: CHDN) reported back in September the grand opening of its BetAmerica Sportsbook at Bronco Billy's Casino in Cripple Creek, Colorado. BetAmerica, the Company's sports betting and iGaming platform, partnered with Full House Resorts to open the retail sportsbook in the Colorado market on Thursday, September 24th. BetAmerica plans to launch its online sportsbook and iGaming platform throughout the state of Colorado in the future, subject to regulatory approvals. The BetAmerica Sportsbook at Bronco Billy's Casino features 10 self-service betting terminals and 2 betting windows offering wagering opportunities on a large range of sporting events, including professional and collegiate U.S. sports along with major international sports. "Colorado is home to some of the most enthusiastic sports fans in professional and college sports and we are pleased to offer BetAmerica's state-of-the-art sportsbook experience there," said Bill Mudd, COO of CDI.
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