PALM BEACH, Fla., Jan. 19, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Legal sports betting in the U.S. — once confined to Nevada — has gone mainstream. Since the Supreme Court in 2018 ended federal bans on the industry's expansion, dozens of states have legalized it, and a multibillion-dollar betting boom is afoot. More money is now wagered on sports in New Jersey than in Nevada. California, which may become the biggest market of all, will vote on legalization next year. A recent article in Bloomberg.com said that as betting expands, the boundaries that once separated gambling from sports media and professional sports leagues are disappearing. Digital apps make sports betting possible on mobile devices, which gives it a foothold across America and threatens the business of brick-and-mortar casinos. And this is only the beginning; the industry is poised for explosive growth. It said: "Betting lines now roll across TV screens during sports broadcasts. Professional teams and leagues have established direct partnerships with gambling companies. Media and entertainment companies — including such family-friendly giants as the Walt Disney Co. — have pursued similar partnerships or opened the door to them. In June 2018, sports gamblers wagered $310 million for the month. In October 2021, they wagered $7 billion for the month — a more than 20-fold increase. Active companies in the markets today include: Esports Technologies (NASDAQ: EBET), PlayAGS, Incorporated (NYSE: AGS), SharpLink Gaming Ltd. (NASDAQ: SBET), Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX), Las Vegas Sands Corp. (NYSE: LVS).
Bloomberg.com continued: "For decades, sports betting was an add-on at most casinos. It added to the flavor of the place, but the real action (and revenue) was at slot machines, keno, roulette and other table games. Now, sports betting is surging. Goldman Sachs Group Inc. predicts the online market could reach $39 billion in annual revenue by 2033 — up from less than $1 billion today (2021). Digital betting has been behind this surge. Like many online activities, it got a huge boost from the Covid-19 lockdowns. Mobile wagering has become the preferred method of sports gamblers (gambling revenue at the corporate level represents total wagers minus payouts to winning bettors)… In states where sports betting is popular, mobile has quickly overtaken on-site sports betting. Sports gambling companies are on pace to make about $4 billion this year; if California legalizes it next year, the market could grow exponentially."
Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Announces 10-Month Revenue Guidance of $70 Million - Esports Technologies, a leading global provider of advanced esports wagering products and technology, announced today its financial guidance for the 10-month period from December 2021 to September 2022 in which it anticipates revenue of $70 million.
This projected revenue and related growth is derived primarily from the company's online sportsbook and casino brands including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and GenerationVIP, which have over 1.25 million deposited customers in more than 15 countries. The brands were acquired by Esports Technologies on November 29, 2021, two months into the company's fiscal year. The subject 10-month period is from the closing of the brand acquisition until the end of the September 30 fiscal year.
Esports Technologies endeavors to continue growing revenue by offering more esports wagering opportunities and layering in its proprietary wagering odds modeling with the acquired brands. The company is in a strong position to benefit from the heightened popularity and interest in esports, which now represents a $13 billion market opportunity.
Aaron Speach, CEO, Esports Technologies, said, "As we begin a successful 2022, we remain committed to increasing our operational and financial performance. We expect to deliver consistent cash flow for the remainder of 2022 by growing esports revenue in regulated markets, as well as continued growth from our portfolio of online sportsbook and casino brands." CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/
In other technology recent news of interest:
PlayAGS, Incorporated (NYSE: AGS) recently announced selected preliminary financial results for the fourth quarter and full year ended December 31, 2021 in conjunction with the Company's intention to explore a refinancing of its outstanding revolving credit facility and term loan credit facilities. A refinancing transaction could include increasing the size of the Company's revolving credit facility, extending its debt maturities and reducing its borrowing costs. Additionally, the Company could look to use a material amount of cash on the Company's balance sheet that could exceed $50 million in connection with such refinancing.
AGS President and Chief Executive Officer David Lopez said, "Our preliminary fourth quarter 2021 financial results further reflect the operating momentum we are witnessing across all three segments of our business. I continue to believe we have the best lineup of new products in our Company's history and am excited about the opportunities that lie ahead."
SharpLink Gaming Ltd. (NASDAQ: SBET), a pioneer of game-changing technological solutions and experienced-based services for the U.S. online sports betting industry, recently announced that it has acquired certain assets of FourCubed Management, LLC and 6t4 Company (collectively, "FourCubed"), including FourCubed's iGaming and affiliate marketing network focused on delivering quality traffic and player acquisitions, retention and conversions to iGaming operator partners worldwide.
SharpLink has acquired certain assets of FourCubed for total consideration of $8.15 million, which consists of $6.5 million in cash and the issuance of approximately 600,000 restricted ordinary shares of SharpLink. The transaction also provides for an earn-out payment of up to approximately 600,000 additional restricted ordinary shares based on the acquired business achieving specific agreed-upon performance benchmarks.
Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX), a media and content platform for video game and esports fans to connect and engage, recently provided an update on its most recent acquisition, League of Legends' fan community U.GG, completed in November 2021.
Featured on the official League of Legends website as a resource for players, U.GG is one of the largest League of Legends fan communities, known by its fans for providing actionable data-driven insights that support, educate, and connect its audience of millions of monthly players.
Since the beginning of the new League of Legends season on January 7, 2022, U.GG achieved a peak high of 600,000 daily active users (DAU), with 1.1 million users visiting on the first weekend of the new season, from January 7 - January 9. In addition, U.GG's recently launched desktop app has been downloaded over 300,000 times since its launch in November 2021.
Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, recently reported financial results for the quarter ended September 30, 2021.
"While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic."
"We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance."
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