FinancialBuzz.com News Commentary
NEW YORK, Nov. 24, 2021 /PRNewswire/ -- Sports betting has become increasingly popular across the United States after several legal victories in recent years. Now, large corporations are turnings their gaze to this potentially highly profitable market. For instance, it was reported just this week that Walt Disney will expand into sports betting through ESPN. "We're also moving towards a greater presence in online sports betting, and given our reach and scale, we have the potential to partner with third-parties in this space in a very meaningful way," explained Bob Chapek, the CEO of Walt Disney according to a report by Forbes. "We do believe that sports betting is a very significant opportunity for the company, and it's all driven by the consumer." FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), GAN Limited (NASDAQ: GAN), Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG), Rush Street Interactive, Inc. (NYSE: RSI)
The U.S sports betting market continues to grow at a rapid pace in large part thanks to a friendlier legal infrastructure that is still developing. The new wave of states passing friendlier legislation towards sports betting is the direct result of the U.S. Supreme Court decision to overturn PASPA (Professional and Amateur Sports Protection Act) of 1992 back in May 2018. In addition, due to the pandemic, this market has attracted further attention, as online gambling started to rise in popularity. Now, the sports betting segment is a major segment in that industry. And, according to data provided by Zion Market Research, the sports betting market gathered revenues of about USD 131.1 Billion during 2020 and is slated to earn revenue of approximately USD 179.3 Billion during 2028.
FansUnite Entertainment Inc. (OTCQX: FUNFF) (CSE: FANS) announced yesterday breaking news regarding, "a definitive agreement dated November 22, 2021 (the "Definitive Agreement") pursuant to which the Company has acquired ("Transaction") the businesses and brands of American Affiliate LLC ("American Affiliate"). The Transaction will result in FansUnite securing a podium position in the U.S. online betting opportunity and will be the cornerstone of a larger U.S. affiliate strategy going forward.
American Affiliate is a diverse collection of assets dedicated to generating new depositing customers for legal sportsbooks, online casinos, online poker sites, and adjacent products in the U.S. market.
American Affiliate's vision blends an exclusive focus on the U.S. opportunity with marquee brands, a powerful omni-channel approach, a deep portfolio of proprietary technology, and a uniquely proven management team…
'The acquisition of American Affiliate represents the most significant milestone for FansUnite to date," said Scott Burton, CEO of FansUnite Entertainment. 'This transformative transaction will provide us further access to the lucrative U.S. regulated sports betting and online gambling market while generating accretive, high-margin revenue, expanding our leadership team, and accelerating the growth of our company's footprint in the global gambling market.'
'When we looked at how quickly the U.S market is expanding, it made clear strategic sense for us to enter the affiliate business as a way to partner with some of the largest gambling companies in the world,' continued Scott Burton. 'We will now own and operate an unparalleled customer acquisition portfolio, allowing us to leverage our technology, brands, and talent to immediately capture share in the U.S. sports betting and online gambling market.'
Combined, the American Affiliate brands represent one of the most significant single sources of new depositing customers for legal U.S. sports betting and online gambling operators. The leadership team has over 40 years of combined experience in the regulated gambling industry, including senior roles at market leaders such as ACEP, Amelco, DraftKings, Catena Media, and GeoComply."
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=TB0PviD0d7A
DraftKings Inc. (NASDAQ: DKNG) and The Boston Bruins announced on November 18th, a new multi-year deal, which will make DraftKings the exclusive, Official Daily Fantasy Sports Partner of the team and TD Garden, and the exclusive presenting sponsor of the Boston Bruins Foundation 50/50 charitable raffle. The parties have also agreed that DraftKings will be an Official Sports Betting Partner of the Boston Bruins and TD Garden, should sports betting become legal in Massachusetts. The new deal marks another strategic agreement with an NHL team for DraftKings, further advancing DraftKings' relationship with the league as an official daily fantasy partner and an official sports betting partner of the NHL. "The Boston Bruins are excited to announce this new partnership with DraftKings, a Boston-based company that has established itself as the premier hub for daily fantasy sports," said Boston Bruins President Cam Neely. "We are looking forward to collaborating with DraftKings to continue to provide the best possible sports and entertainment experience for our fans at TD Garden."
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."
Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) announced on August 30th, that the Arizona Department of Gaming has awarded the partnership an online tribal event wagering operator license. "The Hualapai Tribe is pleased to have been approved for an event wagering license in Arizona and looks forward to this opportunity to earn additional gaming revenue to support the Hualapai people," said Dr. Damon R. Clarke, Chairman of the Hualapai Tribe. "With an outstanding partner in Golden Nugget, we will establish a top-tier event wagering operation through our Grand Canyon Resort Corporation. The Golden Nugget brand is certainly no stranger to the residents of Arizona. With the Las Vegas and Laughlin casino properties bordering our state, Golden Nugget has been providing legal sports betting and casino wagering entertainment to Arizonans for over 70 years. We are pleased to be associated with such an iconic brand and anticipate this being a long and prosperous partnership for the Hualapai Tribe."
Rush Street Interactive, Inc. (NYSE: RSI) sportsbook in Colombia, RushBet announced on November 22nd, a partnership with LaLiga to become the prominent Spanish soccer league's exclusive wagering partner in Colombia. "We are committed to providing our players with the best content and high-quality entertainment, and this partnership is aligned with those objectives," said Omar Calvo, General Manager of RSI Colombia. "LaLiga is one of the most viewed leagues in Colombia and across the globe, and we want to bring Colombians even closer to this important league."
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