Legalized Online eSports Betting Generating Impressive New Source Of Revenues For Gaming Companies

PALM BEACH, Fla., Aug. 19, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - It's undeniable that esports, irrespective of the COVID pandemic, has grown substantially over the last few years and will continue to do so. Many experts predict that esports will continue to do well despite the comeback of traditional sports. News UK even wrote in an article, "With such a large viewing audience, it was only a matter of time before betting sites got involved. While traditional bookmakers were understandably skeptical about the rise of esports, there has now been a wave of fully licensed esports betting sites that now give people an easy way to bet on massive games. Such a large number of esports betting sites have helped many people enjoy a legal and safe way to bet on competitive gaming as a form of entertainment.  In fact, recent reports have stated that the global esports betting market size is expected to grow through 2025 with a CAGR of 13.1 percent. An article in Ark-Invest said: "Legalized online sports betting is presenting sport book operators and sports leagues with an opportunity not only to offer exciting interactive online experiences but also to capitalize on a highly efficient fan demand curve and generate new sources of revenues." Active gaming and tech companies in the markets today include:  Esports Technologies (NASDAQ: EBET), International Game Technology PLC (NYSE: IGT), Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX) (TSX: EGLX), Elys Game Technology, Corp. (NASDAQ: ELYS), Skilz (NYSE: SKLZ).

A MarketInsight report added: "Some early incarnations of esports were fairly amateurish affairs. In some instances, this led to match-fixing in games like Counter-Strike. Thankfully, such examples are becoming increasingly rare, and there has been the development of regulatory bodies like the Esports Integrity Commission to oversee the standards of competitive gaming.  Plus, the fact that esports betting sites only accept real money bets rather than permitting skin gambling has helped the activity enjoy more legitimacy. Skin betting blighted esports betting for many years as it was commonly linked with underage gambling. But with the widespread use of licensed real money betting sites offering esports odds, it is hoped that skin gambling will soon become a thing of the past," explained in the article.

Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Files Patent for Artificial Intelligence-Powered Real-Time Odds Modeling & Simulation System - System Will Be Able to Simulate Tournaments of Different Types and Develop an Odds Model for Use in a Betting Algorithm - Esports Technologies, a leading global provider of advanced esports wagering products and technology, announced today that it has filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament.

The system uses machine learning and advanced quantitative methods to generate odds instantly for any number of esports match and tournament types, as well as for different stages of the match or tournament for proposition bets, and a variety of betting markets. The filing contemplates a system where bettors can wager on teams throughout a tournament and while games are being played. Examples of bets that could be made with this technology include which team will place in the top three, or outside the top five, or what round the team will make it to.

Bart Barden, COO, Esports Technologies, said, "I'm extremely proud of our quant and modeling team, which continues to develop potential industry-leading data solutions. Harnessing cutting-edge modeling and artificial intelligence to create the technology for this planned next-generation wagering tool demonstrates our commitment to innovation and our focus on the needs of esports enthusiasts and bettors everywhere. We continue to advance and innovate the esports wagering experience for customers."

This technology is the latest addition to Esports Technologies' portfolio of advanced wagering offerings. In June 2021, the company filed a patent covering a proprietary live streaming technology that integrates sports and esports wagering across many of the most popular streaming platforms, including Twitch, YouTube, Facebook Gaming, and Hulu, among others.  CONTINUED…   READ THIS AND MORE NEWS FOR EBET BY VISITING:  https://esportstechnologies.com/news/

In other entertainment and gaming recent news of interest:

International Game Technology PLC (NYSE: IGT) recently reported financial results for the second quarter ended June 30, 2021.

"Impressive second quarter results highlight the vitality of our portfolio," said Marco Sala, CEO of IGT. "Outstanding Lottery performance, the progressive recovery in land-based Gaming, and strong increase in Digital & Betting activities drove substantial revenue and profit growth, delivering Adjusted EBITDA that is among the highest recorded in a quarterly period. On the strength of the first half performance, we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year."

Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX) (TSX:E GLX) recently announced financial results for the three and six months ended June 30, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.

Second Quarter 2021 Financial and Operating Highlights Were: Revenue of $37.1 million for the three months ended June 30, 2021 vs the three months ended June 30, 2020 ("Q2 2020") revenue of $7.0 million; Gross profit of $8.0 million vs Q2 2020 gross profit of $3.2 million; Direct advertising sales of $4.4 million compared to direct advertising sales of $0.6 million in Q2 2020; The Company's common shares commenced trading on the Nasdaq; Raised gross proceeds of $60.1 million (USD$49.5 million) in a public offering; Completed acquisitions of popular web properties Tabstats and Icy Veins; Paid subscribers of approximately 155,000 as at June 30, 2021, as compared to approximately 111,000 subscribers as at June 30, 2020; Net and comprehensive loss of $12.8 million, or $0.11 on a per common share basis; and Esports division, Luminosity Gaming, ranked as the most watched team on Twitch for each month of the second quarter

Elys Game Technology, Corp. (NASDAQ: ELYS), an interactive gaming and sports betting technology company, recently reported its financial and operating results for the six and three months ended June 30, 2021.

The Company reported strong year-over-year growth on a blended revenue basis across land-based and interactive channels and all products combined, including its virtual sports products. Organic growth in European operations processed a record $463.3 million and $220.1 million in year-to-date and second quarter betting handle, respectively. Betting handle conversion to gross gaming revenue ("GGR") reached $32.3 million and $14.9 million in the year-to-date and second quarter periods, respectively, resulting in record total blended revenues of $25.8 million and $11.7 million for the year-to-date and second quarter periods, respectively.

Skilz (NYSE: SKLZ), the leading mobile games platform bringing fair and fun competition to players worldwide, recently announced it has formed a strategic partnership with Exit Games, global developer of Photon, the world's most advanced synchronous multiplayer gaming technology.

Headquartered in Hamburg, Germany, Exit Games allows developers to create and host real-time, synchronous multiplayer games. Its nearly 600,000 trusted partners include some of the most well-respected game publishers and developers in the world, such as EA, Square Enix, and Ubisoft, among others, powering gameplay in over 700,000 applications.

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