FinancialBuzz.com News Commentary
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- A growing number of advancements have been made by the sports betting industry in the United States. Perhaps most notably, mobile or online sports bets can now be placed in New York State, the state Gaming Commission announced last week. Back in November, the New York State Gaming Commission awarded licenses to nine different sportsbooks. According to the Commission, the remaining five conditionally licensed Mobile Sports Wagering Operators continue to work towards satisfying statutory and regulatory requirements necessary to launch and will be approved on a rolling basis as requirements are met. Jason Robins, CEO, co-founder and chairman of the board, DraftKings commented on the matter, "We are excited to finally be able to offer millions of passionate New York sports fans the top rated DraftKings mobile and online Sportsbook." FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), Churchill Downs Incorporated (NASDAQ: CHDN), Genius Sports Limited (NYSE: GENI), Rush Street Interactive, Inc. (NYSE: RSI), GAN Limited (NASDAQ: GAN)
As the sports betting market continues to grow in the United States, more and more companies are transitioning from the traditional gambling & casino business model to one that includes sports betting. In addition to advances in technology, which now allow easy access to various betting services, more states are adopting a friendlier legal approach to the market. As a result of these recent developments, the sports betting market has significantly grown in popularity over the last couple of years, igniting a series of mergers and acquisitions in the industry. For example, earlier this summer, DraftKings agreed to acquire Golden Nugget Online Gaming for USD 1.56 Billion in stock. Golden Nugget Online shareholders will receive 0.365 shares of DraftKings stock, according to a report by CNBC. Golden Nugget Online shares surged nearly 48% on the news, while DraftKings stock remained relatively flat after the deal's announcement.
FansUnite Entertainment Inc. (OTCQX: FUNFF) (CSE: FANS) announced yesterday breaking news that, "the Company's American Affiliate division ("AmAff") is now authorized in the State of New York to provide customer acquisition services for licensed sports betting operators in the state.
The N.Y.S Gaming Commission announced on January 6, 2022 that four licensed Mobile Sports Wagering Operators - Caesars Sportsbook, DraftKings, FanDuel, and Rush Street Interactive - have satisfied all statutory and regulatory requirements necessary to accept and process mobile sports wagering and commenced operations starting Saturday, January 8, 20221. Having secured the necessary regulatory approvals, American Affiliate will now bring its team and brands into New York to help drive new depositing customers to its sportsbook partners.
'American Affiliate is uniquely well-positioned to help our sportsbook partners achieve their primary goal: securing market share in the largest online sports betting market in the U.S.,' said Chris Grove, Chief Executive Officer of American Affiliate. 'We look forward to realizing the growth potential from bringing our market-leading range of digital and retail activation assets to New York.'
Betting Hero will kick off AmAff's retail efforts with live activation for sportsbook partners at Madison Square Garden for Wednesday night's (January 12, 2022) Knicks/Mavericks game.
'We have been preparing for the launch of New York since early 2021, laying the vital groundwork to ensure we successfully build on our position as the #1 live activation company in the industry nationwide,' said Jai Maw, President of the Betting Hero brand. 'With the support of many of our key partners, we will be helping New Yorkers enjoy their experience betting on mobile on day one just as we have in every legal state since 2018.'
AmAff will also be turning on its marquee digital brands, including Props.com, Wagers.com, and BetPrep.com, with the goal of engaging and capturing a share of the millions of existing and potential sports bettors in New York State.
According to projections from Eilers & Krejcik Gaming, New York is poised to become the largest active market for online sports betting in the United States, generating over a billion dollars in annual revenue at maturity."
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=QAVqtZEs5ao&ab_channel=FinancialBuzzMedia
Churchill Downs Incorporated (NASDAQ: CHDN) reported back in November that the Company has signed an agreement to sell 115.7 acres of land near Calder Casino for $291 million or approximately $2.5 million per acre. CDI has agreed to sell the land to Link Logistics, one of the premier owners of logistics real estate assets, established in 2019 by Blackstone. The closing of the sale of the property is subject to the satisfaction of various closing conditions. The Company anticipates closing the sale of the property in the first half of 2022. CDI is planning to use certain proceeds of the sale to purchase or invest in replacement property that qualifies as an Internal Revenue Code §1031 transaction. Churchill Downs also owns and operate TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and we have seven retail sportsbooks.
Genius Sports Limited (NYSE: GENI) announced last month a landmark strategic partnership with the Canadian Football League ("CFL" or "the League"), the second largest football league globally with over 100 years of history. Genius Sports will provide a wide range of technology and services that will enable the CFL to accelerate its growth plans and engage new audiences around the world. As part of the agreement, Genius Sports will have the exclusive rights to commercialize the CFL's official data worldwide and video content with sportsbooks in international markets, replicating the global distribution and success of its official betting products for the EPL and NFL, among others. In connection with the partnership, in addition to the official data rights agreement, Genius Sports and the CFL have also agreed that Genius Sports will acquire a minority stake in CFL Ventures, the new commercial arm of the League, allowing the Company to benefit strategically and financially from the CFL's growth."
Rush Street Interactive, Inc. (NYSE: RSI) reported this week that its award-winning BetRivers sportsbook is live for online and mobile wagering in New York. Eligible sports fans across the state can sign-up and begin wagering using the BetRivers iOS (Apple) app that is currently available to download from the Apple App Store or by visiting BetRivers.com for those fans using Android (Google) and PC devices. BetRivers is coming to New York at an exciting time in the sports calendar. The upcoming College Football Playoff National Championship Game between the Alabama Crimson Tide and Georgia Bulldogs, the last week of the NFL regular season, and the ongoing NBA, NHL and NCAA basketball seasons are just a few of the many options for players to place their first bet. RSI's sportsbook app was rated in the top 3 out of 35 mobile sportsbook apps in the United States market last quarter by independent gaming research firm Eilers & Krejcik, including ranking #1 in user experience and core player account management features such as registration flows and payment processing. New Yorkers can join the fun today at BetRivers.
GAN Limited (NASDAQ: GAN) announced on October 15th, it has signed a binding terms sheet to with Red Rock Resorts, Inc. ("Station Casinos" or "Station") to build and deploy the infrastructure for Station's "STN Sports" online sports platform, mobile applications, and retail Over-the-Counter and Kiosk-based sports betting throughout Nevada, with a commercial launch subject to regulatory technical certification and related regulatory licensing, the latter of which the Company has now commenced. The agreement pertains to Red Rock Resort's current portfolio of properties and projects in development. Dermot Smurfit, CEO of GAN said, "After a comprehensive and competitive process, we are greatly pleased to secure our first major US retail casino operator client of our omnichannel sports betting technology and managed trading services solution acquired at the outset of the year and demonstrated at G2E earlier this month. The GAN team worldwide is excited to enter the U.S. sports' market next year with a market leader in Nevada."
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