Government Support Encourages the Growth of Online Gambling Options

- FinancialBuzz.com News Commentary

NEW YORK, Nov. 15, 2021 /PRNewswire/ -- The number of states which are launching online betting businesses continues to grow. A rapidly improving legal infrastructure and public opinion have helped pave the way for more welcoming regulations. For example, the sports betting industry quietly began in Florida on Monday with the launch of Hard Rock Sportsbook, an app run by the Seminole Tribe. The Seminole Tribe has the exclusive rights to every bet made on every game, everywhere in Florida after an agreement with Governor Ron DeSantis that was approved by the state legislature and the federal government. "We can spend it to improve education. We can spend it to improve roads, fix healthcare. We can spend it to cut taxes. This is USD 500 Million, largely for the activity that was going on in these Seminole reservations that we can use to improve Florida," said State Rep. Randy Fine, a Republican from Brevard County who championed the compact. "I think to get USD 500 Million, most of which will be paid on activities that were already taking place, I think is a pretty good deal for the state." FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), Boyd Gaming Corporation (NYSE: BYD), Caesars Entertainment, Inc. (NASDAQ: CZR), Churchill Downs Incorporated (NASDAQ: CHDN), Bally's Corporation (NYSE: BALY)

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. Moving forward, as the legal infrastructure continues to become friendlier towards online gambling and sports betting in particular, the trend of partnerships with various leagues and teams across the country is expected to accelerate. "When legislatures return in earnest, we firmly believe the number of states ready to consider accelerating mobile sports betting and online gaming legislation to drive tax revenue will expand substantially," said Matt King, CEO of FanDuel, according to ESPN.

FansUnite Entertainment Inc. (OTCQX: FUNFF) (CSE: FANS) just announced breaking news that, "FansUnite CEO Scott Burton has been named to the Board of the Canadian Gaming Association ("CGA").

The Canadian Gaming Association is a national trade association that represents leading operators and suppliers in Canada's gaming, sports betting, esports, and lottery industries - a full spectrum of companies from land-based and online casino operators to providers of global premium sports, eSports, and game content and technology.

The CGA aims to advance the evolution of Canada's gaming industry by promoting the economic value of gaming in Canada, using research, innovation, and best practices to help the industry expand, and creating opportunities for productive dialogue among stakeholders.

'It's a real privilege to be able to serve on the Board of the Canadian Gaming Association,' said Scott Burton, CEO of FansUnite. 'To have the opportunity to help shape the future of Canadian gaming is an honor. I look forward to working with the CGA to ensure the best experience for sports betting and iGaming operators and consumers.'

'The CGA is pleased to welcome Scott Burton to the association's Board of Directors,' said Paul Burns, President & CEO of the Canadian Gaming Association. 'He joins us at an exciting time, as the gaming industry is on the verge of massive growth throughout Canada. Scott is a true industry leader, whose insight and experience will complement our current board as the CGA executes its member and industry-driven strategy in this rapidly evolving marketplace.'

In his role as FansUnite's CEO, Burton oversees overall business vision and framework, global operations, corporate strategy and development. He served as the Chief Executive Officer of Askott Entertainment prior to its 2020 merger with FansUnite, and has experience securing and overseeing multiple gaming licenses in several licensing jurisdictions (e.g. United Kingdom, Malta, Isle of Man).

Burton is a Chartered Professional Accountant with more than 20 years of operational experience and is considered a pioneer in the esports betting industry."

Boyd Gaming Corporation (NYSE: BYD) and FanDuel Group announced earlier this year plans to launch Stardust-branded online casinos in New Jersey and Pennsylvania, marking the iconic gaming brand's return to real-money gaming. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "For nearly 50 years, the Stardust was one of the most famous casinos on the Las Vegas Strip. And while the resort has been gone for more than a decade, the Stardust brand is still as well-known and popular as ever. We are excited to work with our partners at FanDuel to launch our first real-money online casinos and are confident this legendary brand will give us a significant advantage in connecting with players looking for a distinctive online gaming experience."

Caesars Entertainment, Inc. (NASDAQ: CZR) reported last month that its Caesars Sportsbook app is officially available for download and sign-up by eligible sports fans in Louisiana. In celebration of its longstanding presence in Louisiana, and in advance of the launch of mobile sports betting in the state, Caesars is excited to offer local sports fans an early chance to download the Caesars Sportsbook app, register, deposit funds, and explore a deep array of pre-match and live markets and odds – including for every local team. "Louisiana and the entire Gulf Coast region are a special part of the Caesars family. We couldn't be more excited to build on our longstanding commitments in the state with the launch of legal sports betting," said Eric Hession, Co-President of Caesars Digital. "We know how passionate Bayou State sports fans are about their teams and we're confident our brand-new Caesars Sportsbook app and the exciting offers we have for launch can offer them a sports experience that can't be matched."

Churchill Downs Incorporated (NASDAQ: CHDN) announced earlier in September plans to open a new historical racing machine ("HRM") entertainment venue, Derby City Gaming Downtown, in Louisville, Kentucky. The 43,000-square-foot entertainment venue will be located at 140 South 4th Street, at the corner of South 4th and West Market, diagonal to the Kentucky International Convention Center.  "CDI is committed to investing in the city of Louisville and today we are particularly excited to announce this new downtown entertainment venue," said Bill Carstanjen, CEO of CDI. "Our HRM expansion will be a win for the entire community in the Louisville area and will create $10 to $12 million per year in additional purse money for Churchill Downs Racetrack. It is important that Louisville is a city that is thriving — a great place to live, work and visit and we are committed to helping create economic vibrancy for every area of our community. The West End Opportunity Partnership and our collaboration with OneWest can help us responsibly and sustainably achieve that vision."

Bally's Corporation (NYSE: BALY) and Sportradar announced earlier this summer a five-year sports betting partnership. Under the terms of the deal, Sportradar will provide Bally's Interactive with access to its complete pre-match betting services, live betting services, and content solutions portfolio. Bally's Interactive will incorporate that data portfolio as part of its ambitious expansion plans to become a leader in the North American sports betting markets. "Sportradar is proud to be working with Bally's Interactive," said Neale Deeley, Managing Director, US Betting, Sportradar. "Given their vision and commitment to innovation, we are confident that Bally's Interactive will continue to expand and deliver an engaging, dynamic sports betting experience to their customers."

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