Value Of The Esports Betting Industry Forecasted To Reach $13.05 Billion Dollars By 2025
PALM BEACH, Fla., Aug. 19, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - It's undeniable that esports is becoming a bigger industry and more people are now taking it seriously. The biggest esports tournaments for games now offer millions of dollars worth of prize pools, and they just show how competitive and lucrative the esports industry is. More and more people are now starting to follow esports events and the betting industry knows this very well, and now, more people are starting to participate in esports betting. An article in Talkesports said that MarketInsight Reports stated that the global esports betting market size is expected to grow from the years 2020 to 2025 with a CAGR of 13.1 percent. With that, the value of the esports betting industry alone is forecasted to grow as big as 13.05 billion US dollars by 2025. "While the esports industry has been steadily and somehow slowly growing over the past years, it was in 2018 to 2020 that significant growth was seen. Before the pandemic, it was estimated that there were only around 170 million esports fans but when the pandemic came, this number rose to 250 million. It was last year when the UK Gambling Commission reported that the growth rate of esports betting reached an astounding 2992 percent in just 12 months." Active gaming and tech companies in the markets today include: Esports Technologies (NASDAQ: EBET), DraftKings Inc. (NASDAQ: DKNG), Penn National Gaming, Inc. (NASDAQ: PENN), Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG), Boyd Gaming Corporation (NYSE: BYD).
"The pandemic has negatively impacted many industries and the sports industry, was, unfortunately, part of it. When the pandemic broke in March of last year, many major sports events had to be either canceled or postponed. For a few months, people just didn't have much to see from the sports scene and punters didn't have a lot to wager on. To survive what was happening, many bookies turned their attention to non-traditional sports events. Some focused on real-life and entertainment events, but many also have taken a look at the esports scene. Despite the pandemic, there are esports events that we're able to push through and many bookies took the chance to offer esports odds on their sites."
Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Files Patent for Artificial Intelligence-Powered Real-Time Odds Modeling & Simulation System - System Will Be Able to Simulate Tournaments of Different Types and Develop an Odds Model for Use in a Betting Algorithm - Esports Technologies, a leading global provider of advanced esports wagering products and technology, announced today that it has filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament.
The system uses machine learning and advanced quantitative methods to generate odds instantly for any number of esports match and tournament types, as well as for different stages of the match or tournament for proposition bets, and a variety of betting markets. The filing contemplates a system where bettors can wager on teams throughout a tournament and while games are being played. Examples of bets that could be made with this technology include which team will place in the top three, or outside the top five, or what round the team will make it to.
Bart Barden, COO, Esports Technologies, said, "I'm extremely proud of our quant and modeling team, which continues to develop potential industry-leading data solutions. Harnessing cutting-edge modeling and artificial intelligence to create the technology for this planned next-generation wagering tool demonstrates our commitment to innovation and our focus on the needs of esports enthusiasts and bettors everywhere. We continue to advance and innovate the esports wagering experience for customers."
This technology is the latest addition to Esports Technologies' portfolio of advanced wagering offerings. In June 2021, the company filed a patent covering a proprietary live streaming technology that integrates sports and esports wagering across many of the most popular streaming platforms, including Twitch, YouTube, Facebook Gaming, and Hulu, among others. CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/
In other entertainment and gaming recent news of interest:
DraftKings Inc. (NASDAQ: DKNG) and The Baltimore Ravens recently announced a new deal designating DraftKings as the Official Daily Fantasy Sports Partner and an Official Sports Betting and Free-to-Play Partner of the team. As DraftKings' first partner in the state of Maryland, the new deal marks DraftKings' fifth active strategic agreement with an NFL team, further advancing DraftKings' relationship with the league as an Official Sports Betting Partner and the Exclusive Official Daily Fantasy Partner of the NFL.
"With the start of the 2021 NFL season upon us, our latest designation with the Baltimore Ravens further exemplifies our commitment to fan engagement by way of the DraftKings experience," said Ezra Kucharz, DraftKings' Chief Business Officer. "The newly penned relationship offers something for every kind of sports fan and will allow them to engage with DraftKings' digital content, free-to-play product, daily fantasy sports and, perhaps soon, sports betting, to ultimately bring them closer to the action alongside one of the top teams from the AFC North."
Penn National Gaming, Inc. (NASDAQ: PENN) in Pennsylvania recently announced its third gaming and entertainment facility, the grand opening of Hollywood Casino York. The $120 million state-of-the-art casino is opening to the public at 12:00PM.
State gaming officials, legislators and area dignitaries are joining Penn National Gaming team members for a ribbon-cutting ceremony this morning. Hollywood Casino York will then welcome thousands of guests ready to experience over 500 of the newest slot machines, 24 table games, the first retail Barstool Sportsbook in Pennsylvania, upscale casual dining and above all, premier guest service. "We would like to officially welcome players and guests to Hollywood Casino York," said Todd George, Executive Vice President of Operations for Penn National. "We're thrilled to be opening our 43rd property in North America, our third in the Commonwealth, and showcasing Hollywood Casino York's unique style of premier gaming, dining and entertainment in a truly modern atmosphere.
Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG), a leading online casino operator, recently reported its financial results for the second quarter and first half of 2021.
Second Quarter and First Half Financial Highlights Were: Revenue for the second quarter was $31.7 million, representing an increase of 27.7%, compared to $24.8 million during the second quarter of 2020. Revenue for the first half of 2021 increased 38.6% to $58.4 million compared to $42.2 millionduring the first half of 2020; Net loss for the second quarter was $1.6 million, compared to net income of $0.1 million in the prior year period. Net income for the first half of 2021 was $68.1 million, compared to net income of $4.3 million during the prior year period; Adjusted EBITDA for the second quarter was $(3.8) million compared to adjusted EBITDA of $8.5 million for the second quarter of 2020. For the first half of the year, adjusted EBITDA was $(7.4) millioncompared to adjusted EBITDA of $14.4 million for the first half of 2020. The decline in adjusted EBITDA compared to the prior year is primarily attributable to growth investments in new markets such as Michigan; and Active First Time Depositors (AFTD) for the second quarter grew 110% compared to the second quarter of 2020 while 12-Month Active Depositors grew 108%. For the first half of the year, AFTD grew 313% compared to the first half of 2020.
Boyd Gaming Corporation (NYSE: BYD) recently reported financial results for the second quarter ended June 30, 2021.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities and focus on our core customers all continue to drive strong results throughout our portfolio. We achieved record results for Adjusted EBITDAR and operating margins, with Companywide margins exceeding 43% and Las Vegas Locals margins approaching 57%. During the quarter our business continued to strengthen, as gaming revenues surpassed 2019 levels. We are encouraged that the strength from the first half of the year has carried into July, and are confident in our ability to continue delivering robust levels of EBITDAR and margin performance. These outstanding results are a tribute to the hard work of the entire Boyd Gaming team and their shared dedication to our transformed operating model, which will continue to create long-term value for our stakeholders." Boyd Gaming reported second-quarter 2021 revenues of $893.6 million, up from $209.9 million in the second quarter of 2020. The Company reported net income of $113.7 million, or $1.00 per share, for the second quarter of 2021, compared to a net loss of $108.5 million, or $0.96 per share, for the year-ago period.
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