Regulators and Leagues Alike Embrace Sports Betting

FinancialBuzz.com News Commentary

NEW YORK, Dec. 8, 2020 /PRNewswire/ -- The online sports betting market has drastically changed after the landmark Supreme Court ruling in 2018, as any state got the option to pursue legalization. Two years since, the expansion of the new legal sports betting market has exceeded expectations as the relationship between sports leagues and the gambling industry has changed forever. There is now a growing number of sports organizations investing in marketing and promotional activities that have led to more major betting companies providing sponsorships for sports teams around the globe. Therefore, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth of online sports betting during the next five years. And according to a research by ResearchAndMarkets, the sports betting market was valued at USD 85.047 Billion in 2019. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), GAN Limited (NASDAQ: GAN), DraftKings Inc. (NASDAQ: DKNG), Penn National Gaming, Inc. (NASDAQ: PENN), Scientific Games Corporation (NASDAQ: SGMS)

As the legal infrastructure becomes 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. "And we also see the industry recognizing this is a unique moment in time, and working more collaboratively to set aside minor differences and get bills across the finish line. Across the board, it's a time for pragmatism, and we see that producing a real opportunity for significantly expanding the map."

FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced yesterday breaking news that, "Askott Entertainment (Malta) Ltd. and E.G.G Limited, wholly owned subsidiaries of FansUnite Entertainment, have received approval from the Malta Gaming Authority ("MGA"). The Gaming Service License and Critical Gaming Supply license were received on December 4th, 2020. Both licenses are effective for a term of 10 years from the date of grant.

FansUnite will now be able to offer a full spectrum of online gambling services in Europe, covering Casino, Fixed Odds Betting, Pool Betting and Controlled Skilled Games.

With MGA approval received, FansUnite will be joining other highly respected gambling companies such as PokerStars, Betfair and Unibet in operating their business within MGA regulations.

The Malta Gaming Authority is a gambling regulatory organization that provides top-tier industry standard gaming licenses that are in line with EU laws and regulations. With the MGA licenses, FansUnite will receive full credibility as a trusted betting platform supplier and casino operator in Europe, which will result in the company gaining significant recognition in the online gambling market. The company will also obtain accessibility to new markets as operators registered under EU legislation can utilize FansUnite's B2B and B2C products, respectively. Other benefits of the MGA licenses include a variety of payment methods that will result in smoother transactions and a corporate-friendly tax system.

Overview of Gaming Licenses Acquired by FansUnite

The Critical Gaming Supply License has been received by Askott Entertainment (Malta) Ltd. This B2B license enables FansUnite to sell its proprietary software to a broad spectrum of licensed sports betting and iGaming operators throughout Europe.

The Gaming Service License has been granted to E.G.G. Limited (Malta). This B2C license allows FansUnite to operate its own brands and game offerings within the EU market. In addition, FansUnite will gain full rights to provide full white label services to partners, eliminating the need for them to undergo the licensing process, software testing procedures, payment processing configurations and banking requirements.

According to the EU Gaming and Betting Association, the EU online gambling market is growing at about 10% per year and the gross gaming revenue of the EU sector is expected to rise to €29.3 billion by 2022¹.

'The Malta Gaming Authority license is widely considered one of the most prestigious gambling licenses in the industry and receiving it represents a major milestone in our development as a betting and iGaming company,' said Scott Burton, CEO of FansUnite Entertainment. 'Having spent years building our technology to a global standard that is desirable by international regulatory bodies, we were able to meet Malta's extremely stringent and rigorous technical, software, and corporate audits and qualify for two separate licenses. With the approval in hand, we will look to continue executing on our growth strategy, by collaborating with new partners in Europe in order to distribute our sports and esports betting platform along with our RNG casino game titles to an expanded customer base.'

FansUnite will immediately commence extensive business development to promote iGaming and sports betting services to both end customers and online casino and sportsbook operators in Europe."

1- https://www.egba.eu/eu-market/

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GAN Limited (NASDAQ: GAN) reported last month that it has signed a definitive purchase agreement to acquire Vincent Group p.l.c. ("Coolbet") for a total consideration of approximately EUR 149 Million (subject to adjustment as provided in the Share Exchange Agreement). The acquisition is expected to close in the first quarter of 2021, subject to regulatory review and the satisfaction of certain closing conditions. GAN expects to fund the acquisition with new capital. Coolbet is an award-winning, Business-to-Consumer ("B2C") iGaming operator, with a footprint in Northern Europe, Canada, and Latin America in real money iGaming and online sports betting. GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry.

DraftKings Inc. (NASDAQ: DKNG) announced earlier last week a new deal, making the sports technology and entertainment company the exclusive Official Daily Fantasy Sports Partner, as well as an Official Sports Betting and iGaming Partner of the NBA team. In addition to access to Pistons trademarks and logos, the deal includes DraftKings-branded courtside LED signage and in-game basket pad branding. The agreement comes as DraftKings prepares to launch mobile sports betting and online gaming in the state of Michigan, pending licensure and the receipt of necessary regulatory approvals. "As our first professional team activation in the state of Michigan, we are thrilled to join forces with the Detroit Pistons ahead of our pending market introduction," said Ezra Kucharz, Chief Business Officer, DraftKings. "This deal deepens our relationship with a prominent local team to facilitate more immersive fan experiences, both for Michiganders familiar with regulated gaming products as well as newcomers to the space."

Penn National Gaming, Inc. (NASDAQ: PENN) announced last month that it expects to open its first retail-branded Barstool Sportsbook at Ameristar Casino Resort Spa Black Hawk ("Ameristar Black Hawk") subject to any final regulatory approvals. "We are very excited to be opening the first Barstool Sportsbook in the country at Ameristar Black Hawk," said Jay Snowden, President and CEO of Penn National Gaming. "This will be the first of many new retail locations for Barstool Sportsbooks at our casinos nationwide. Each will incorporate several features that reflect the spirit of the Barstool Sports brand, resulting in unique sports betting experiences that we expect our customers will thoroughly enjoy."

Scientific Games Corporation (NASDAQ: SGMS) announced last week that it is partnering with Genius Sports Group, a leading provider of sportsbook management solutions, to provide in-game content to its wagering customers worldwide, excluding U.S. leagues. Sportsbooks operating on Scientific Games' OpenSportsTM platform will gain access to Genius Sports Group' LiveData and LiveTrading services, trusted by over 150 of the world's largest wagering brands and fully customizable for every customer. Genius Sports Group and its sports betting division, Betgenius, created the market for official data across all tiers of sports and today offer partners access to official data for over 170,000 events each year.

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