Online Betting Companies Positioned to Continue Momentum into 2021

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NEW YORK, Jan. 22, 2021 /PRNewswire/ -- The numbers from 2020 are rolling in, and it's clear that it was a monster year for online betting across many different markets. It appears that there will continue to be a rise in availability of online betting opportunities, including the recent hints of NY Governor Andrew Cuomo for more betting in his state. Quick to adapt to the adjustment were a series of very competent online gaming developers who not only had big wins in 2020, but are looking to continue that momentum throughout 2021, including from Bragg Gaming Group (TSXV:BRAG) (OTCQX:BRGGF), Penn National Gaming (NASDAQ:PENN), Score Media and Gaming (TSX:SCR), Caesars Entertainment (NASDAQ:CZR), and MGM Resorts International (NYSE:MGM).

The momentum isn't restricted to North America, where several new markets opened up in 2020, but is also in the European Union, which is seeing its own online casino revolution—and is set to increase to nearly US$35.5 billion by 2022.

Seizing on the opportunity, Bragg Gaming Group (TSXV:BRAG) (OTCQX:BRGGF) has spent the last year rapidly expanding its footprint in the EU, recently announcing the launch of its wholly-owned subsidiary ORYX Gaming's entire remote gaming server (RGS) portfolio with leading global online sports betting and casino operator Betway—which is licensed for business in several prominent industry-related markets, including the UK, Malta, Italy, Denmark, Spain, Belgium, Germany, and Ireland.

"We're delighted to see our partnership with Betway go live and our titles are going to offer a new dimension of content to their players," said Matevz Mazij, Managing Director of ORYX Gaming. "Our RGS content has already been proven strong in Germany and beyond, and this partnership will further strengthen the reach and reputation for both our companies."

According to the deal, Betway can use ORYX's player engagement tools, including free spins, tournaments, and leaderboards, as well as data services available via ORYX Hub.

"Seeing the array of premium content from ORYX become available to our customers is the result of hard work and close collaboration," said Paul Adkins, Marketing and Operations Director at Betway. "It's great news for everyone involved and we're sure that it's the start of a relationship that will be a huge success."

Bragg had already established a German presence through a partnership with Greentube-owned brand StarGames to provide content through ORYX Gaming.

Prior to that, Bragg signed deals in other EU markets (including Nordic markets, Switzerland, and the Netherlands). Overall, the last 12 months represented a year of positive momentum for Bragg Gaming Group, including the reporting in Q3 2020 of an exceptional revenue growth of 72%.

Through its deal with Choice Hotels, Penn National Gaming (NASDAQ:PENN) will be adding 22 casino resorts to Choice's Ascend Collection brand, creating reciprocity between the two companies' loyalty programs. However, Penn saw a major shakeup recently with the stepping down of its CFO Dave Williams.

Casino operator Caesars Entertainment, Inc. (NASDAQ:CZR) made a splash into the online betting world in 2020, through a major $3.9 billion deal with UK sportsbook giant William Hill. Though costly, Caesars firmly signaled it's going to take online gambling seriously.

"We're looking at different activities and bolt-on acquisitions," said Caesar's CEO Itai Pazner to Reuters. "This [William Hill's European business] can definitely fall under that category."

As large as the William Hill deal was, MGM Resorts International (NYSE:MGM) is looking to make an even bigger $11 billion takeover of British betting and gambling company Ladbrokes, which used to be owned by the Hilton Group.

Yet despite its size, Ladbrokes' owner says MGM's takeover proposition undervalues the company.

MGM said the deal would further bolster the combined entity into a global gaming company with presence in both online and retail channels and end-to-end technology stack.

Up in Canada, Score Media and Gaming (TSX:SCR) looks to be coming into 2021 with its ambitions high. Now considering a listing on a US stock exchange, Score Media and Gaming saw its total gaming handle on its theScore Bet up 535% year-over-year. 

As we head into 2021, companies like Bragg Gaming Group continue to look for innovative ways to keep their momentum going strong.

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