FinancialBuzz.com News Commentary
NEW YORK, April 25, 2022 /PRNewswire/ -- As the sports betting market continues to grow in the United States, more and more companies are transitioning from the traditional gambling & casino business model to one that includes sports betting. And now, a growing number of advancements are being made by the sports betting industry in the United States. Perhaps most notably, mobile or online sports bets can now be placed in New York State, the state Gaming Commission announced earlier this year. In addition to advances in technology, which now allow easy access to various betting services, more states are adopting a friendlier legal approach to the market as well. According to a report by wagers.com, data from GeoComply showed that betting volumes on Day One in New York have eclipsed those from the next biggest state of Pennsylvania. In fact, during the first weekend of operations, New York saw 5.8 million bets hit between 9am-9pm on Saturday versus just 2.3 million in Pennsylvania and 2.1 million in New Jersey. Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN), MGM Resorts International (NYSE: MGM), Bally's Corporation (NYSE: BALY), Rush Street Interactive, Inc. (NYSE: RSI), GAN Limited (NASDAQ: GAN)
Moving forward, as the legal infrastructure continues to become 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.
Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN) announced last week breaking news that, "a subsidiary of Bally's Corporation ("Bally's") (NYSE: BALY) has signed an agreement to invest US $5,000,000 in Snipp (the "Investment"). As part of the Investment, Bally's will be entitled to nominate one director to Snipp's board of directors, which is expected to be increased in size to five directors. Bally's will also be provided with a right of first refusal in respect to any offer to purchase all or substantially all of Snipp's assets received by Snipp from any competitor of Bally's. Completion of the Investment is subject to the approval of the TSX Venture Exchange ("TSXV") as well as the satisfaction of other customary closing conditions. Following completion of the Investment, Bally's is expected to own approximately 9% of the issued and outstanding common shares of Snipp, having subscribed for 25,000,000 common shares of Snipp at US $0.20 per share (CAD $0.25 per share)* as part of the Investment.* Bank of Canada closing FX Rate on April 11, 2022
Bally's and Snipp will also enter into commercial agreements (collectively, the "Commercial Arrangements") whereby Bally's will become Snipp's exclusive gaming partner for Snipp's loyalty gaming platform ("Gambit"), recently acquired in connection with Snipp's February 22, 2022 acquisition of Gambit Rewards, Inc.
As part of the Commercial Arrangements, Bally's will also receive a three-year term license of the SnippLOYALTY software platform at arm's length rates, intended for implementation across Bally's physical and online properties. Work will begin on the first two deployment locations in the second quarter of 2022. In addition, Bally's will be granted an option to license the source code for the specific version or versions of the SnippLOYALTY software platform actually implemented in any of Bally's properties for a price of US$10,000,000.
'Bally's is one of the most forward-thinking companies in the gaming industry and their investment illustrates the value that they see in SnippLOYALTY as well as our SnippCARE customer acquisition, retention, and engagement platform,' said Atul Sabharwal, Founder & CEO of Snipp Interactive. 'Our acquisition of Gambit was intended as a way to better align ourselves with the Gaming world. Now, only a couple of months later, we're entering a deep relationship with Bally's. We welcome their presence on our board and look forward to tapping their deep expertise in this high-growth industry.'
'Working together with Snipp furthers our strategic goals around omnichannel integration with well-established technology that can combine rewards platforms across the Bally's brand and thereby provide our customers with a seamless user journey,' said Adi Dhandhania, Chief Operating Officer of Bally's Interactive, North America.
As part of the deal, Snipp will also license certain free-to-play games and trademarks from Bally's for inclusion in the Gambit Rewards platform. Gambit free-to-play tokens, now available in 48 states, are offered as a point redemption option through participating loyalty sites. Bally's members will soon have access to Gambit's unique free-to-play mode and Gambit members will soon be able to redeem their Gambit Prize Tokens in the form of Bally's loyalty points at arm's length rates…"
MGM Resorts International (NYSE: MGM) reported earlier this month the launch of its online sports betting and iGaming platforms in Ontario, Canada. Ontario is BetMGM's first international market and the 23rd overall in which a BetMGM product is available. "Today marks a significant milestone for BetMGM and a momentous occasion for sports fans and online players in Ontario," said BetMGM CEO Adam Greenblatt. "We're confident that customers in Canada will enjoy the unique, interactive and world-class experience that only BetMGM can provide." The BetMGM Sportsbook app offers a user-friendly mobile gaming experience, giving sports fans in Ontario the opportunity to customize pre-game, live in-play, futures, and parlay wagers. The BetMGM Casino app features a wide variety of casino games including slot tournaments, progressive jackpots, blackjack, and roulette.
Bally's Corporation (NYSE: BALY) announced last year that it has been awarded one of nine licenses to conduct online sports betting in the State of New York. With New York's major professional sports franchises consisting of some of the most storied teams in all of sports, as well as a diverse base of devoted sports fans, this license provides Bally's with significant opportunities to showcase its best-in-class sports betting platform and augment its player database. Soo Kim, Chairman of Bally's Corporation's Board of Directors, said, "Bally's is pleased to have been awarded an online sports betting license from the State of New York -- the most populous state to enable OSB -- and would like to thank the New York State Gaming Commission for including Bally's in this exciting endeavor. This license advances our overall market footprint and marks the latest milestone on our journey towards becoming the leading omni-channel gaming provider in the U.S. Above all, we look forward to providing New York's devoted fan base with engaging, best-in-class, sports betting experiences."
Rush Street Interactive, Inc. (NYSE: RSI) reported earlier this month announced that its award-winning BetRivers online casino and sportsbook are live in Ontario, Canada. Eligible players aged 19 and older across the province can sign-up now and begin wagering at BetRivers.ca and on the BetRivers mobile applications. BetRivers, which is a two-time winner of both the Online Casino Operator of the Year and Customer Service Operator of the Year award for North America from the respected eGaming Review publication, operates an innovative online casino that includes over 350 of the latest slot machines and table games. The BetRivers online casino also offers fun and unique loyalty and bonusing features for qualifying players, while the BetRivers online sportsbook offers sports fans the opportunity to place single-game bets and single-game parlays on numerous leagues worldwide such as the NHL. Core features of the BetRivers online platform include its intuitive yet innovative user interface, strong transactional performance and speed, and automated withdrawal approvals, all supported by a professional, friendly, and award-winning customer service. iOS users can access the BetRivers online casino and sportsbook via iOS app in the Apple App Store, affording easy access to a comprehensive selection of gaming options.
GAN Limited (NASDAQ: GAN) announced last week the launch of iGaming and online sports betting for Saginaw Chippewa Indian Tribe of Michigan, who own and operate Soaring Eagle Casino & Resort ("Soaring Eagle"). Soaring Eagle Casino & Resort is the largest casino in the State of Michigan, with an expansive 210,000 square-foot casino facility that offers thousands of slot machines and the widest variety of floor games available in the Midwest. It also possesses an extremely sizeable database of patrons, who the parties anticipate converting into active online players via GAN's patented iBridge loyalty platform. As previously announced under the terms of the agreement, GAN has deployed the Company's GameSTACK™ enterprise software platform onto the client's technical infrastructure deployed on-property. GAN has collaborated with the client to design and develop their iGaming and sports betting front-end web application together with counterpart native Apple iOS and Android apps. GAN will deploy the Company's patented iBridge Framework to optimally monetize the Soaring Eagle patron database and leverage their on-property retail loyalty program later this year. Lastly, the scope of the previously announced agreement has been expanded to include fully managed marketing by GAN via the Company's Marketing Services team specialists employed to drive online user acquisition and player retention acting in collaboration with Soaring Eagle's on-property retail marketing and player development teams.
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