Regulatory Approvals Help Expand Cooperation Between the U.S and UK Sports Betting Markets

FinancialBuzz.com News Commentary

NEW YORK, Aug. 5, 2021 /PRNewswire/ -- The sports betting market in the United States is now in growth mode. In fact, several announcements from numerous states across the country have indicated that the U.S. is becoming friendlier to these kinds of services. For example, Massachusetts House lawmakers have recently approved a bill to legalize sports betting in the state. And while its fate in the Senate is still uncertain, the state House of Representatives voted 156-3 on Thursday night to approve the measure, according to The Boston Globe. Another example is from the state of Maryland, in which a rollout of sports betting remains on track for fall 2021, after regulators advanced several hundred pages of key sportsbook regulations without opposition earlier this month. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), Churchill Downs Incorporated (NASDAQ: CHDN), Bally's Corporation (NYSE: BALY), Skillz Inc. (NYSE: SKLZ), Wynn Resorts, Limited (NASDAQ: WYNN)

As the industry continues to develop and expand in the U.S., investors from countries where sports betting is already a mature industry are getting more interested in the future prospects the U.S. has to offer. Last year, the Betfred Group, founded by UK brothers Fred and Peter Done, set up 10 companies in Nevada to operate in states including Louisiana, Ohio and South Dakota, where lawmakers took steps this year to permit sports betting, according to registry filings, Bloomberg reported.

FansUnite Entertainment Inc. (OTCQB: FUNFF) (CSE: FANS) just announced breaking news that, "its subsidiaries, Askott Entertainment Inc. and E.G.G. Limited, have been granted licenses from the UK Gambling Commission ("Gambling Commission"), enabling the Company to serve as a Business-to-Business ("B2B") technology provider and Business-to-Consumer ("B2C") operator in the UK online gambling market."

The UK is one of the world's largest online betting markets. From 2019 to 2020, the UK gambling industry, which comprises 30.2 million registered adult bettors, generated a gross gambling yield of £14.26 billion.

Through its subsidiaries, FansUnite has received a remote gambling software license and remote betting license from the Gambling Commission. These licenses allow FansUnite to supply its B2B wagering platforms to UK sportsbooks and casino operators, and deliver its B2C betting solutions to the UK marketplace. The Company previously announced that it had submitted its license applications on March 4, 2021.

FansUnite already holds both B2B and B2C gaming licenses in Malta.

"The approval of both the B2B and B2C licenses represents a significant milestone for us as we can now expand our operations to one of the largest online gambling markets in the world," said Scott Burton, CEO of FansUnite. "The UK Gambling Commission's approval of our application for these licenses opens the door for FansUnite to showcase the strength and robustness of our advanced technology in this market.  As we enter our next phase of global growth, we will look to partner with betting operators in the United Kingdom and deploy our wagering solutions to capitalize on the UK's large population of online bettors."

Churchill Downs Incorporated (NASDAQ: CHDN) reported back in April the introduction of its TwinSpires Sports mobile app in Indiana and TwinSpires Casino & Sports app in Pennsylvania on Monday, April 19, 2021. The app debut in both states accompanies the rebrand of CDI's sportsbook and iGaming desktop product as TwinSpires. The Company also launched its online sports betting operations in Colorado on Friday, April 23, 2021 with TwinSpires Sports mobile app and desktop product. "We are excited to offer our state-of-the-art sportsbook app and market leading promotions in Indiana, Pennsylvania and Colorado a week before our biggest event of the year, the Kentucky Derby," said Ian Williams, president of TwinSpires. "Because we are backed by Churchill Downs, the home of the Kentucky Derby, we can leverage nearly 150 years of wagering history to offer the best sports betting experience. Now players in these states can place their bets on both sports and next Saturday's Run for the Roses through TwinSpires."

Bally's Corporation (NYSE: BALY) and Sportradar announced earlier last month a five-year sports betting partnership. Under the terms of the deal, Sportradar will provide Bally's Interactive with access to its complete pre-match betting services, live betting services, and content solutions portfolio. Bally's Interactive will incorporate that data portfolio as part of its ambitious expansion plans to become a leader in the North American sports betting markets. "Sportradar is proud to be working with Bally's Interactive," said Neale Deeley, Managing Director, US Betting, Sportradar. "Given their vision and commitment to innovation, we are confident that Bally's Interactive will continue to expand and deliver an engaging, dynamic sports betting experience to their customers."

Skillz Inc. (NYSE: SKLZ) and The National Football League (NFL) announced back in April that the NFL & Skillz Game Developer Challenge is now live and accepting proposals from the developer community. Through this first-of-its-kind collaboration, competing developers have the opportunity to create innovative NFL-inspired and branded mobile games, excluding 11 vs 11 simulation, powered by the Skillz e-sports platform. As part of the multi-year agreement announced in February, the challenge is open to all interested game developers, from indie developers to established studios. Participating developers must submit their game concept proposal by May 31, 2021; a panel of NFL and Skillz judges will review all submissions and select those that will proceed to the development stage. Ultimately, finalists will present their creations to the judges to win the coveted rights to brand their game with the NFL and club logos. The NFL and Skillz will launch and provide cross-platform promotion of the winning games to coincide with the start of the 2022 NFL season.

Wynn Resorts, Limited (NASDAQ: WYNN) reported earlier last month its first partnership with an NFL team through a multi-year sponsorship with the Detroit Lions. As part of the agreement, the Lions will designate WynnBET as an official sportsbook and gaming partner of the team and house the "WynnBET Sports Bar at Ford Field." The WynnBET Sports Bar at Ford Field, set to open this season for fans 21+, will be WynnBET branded and located near section 222. Lions fans visiting the space will have access to brand ambassadors, live betting lines, and food and drinks as part of the overall WynnBET onsite experience (the space will also be open to major Ford Field events).

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