NEW YORK, Oct. 7, 2020
FinancialBuzz.com News Commentary
NEW YORK, Oct. 7, 2020 /PRNewswire/ -- The increasing popularity of online gambling is attributed to several factors, such as advancements in the field of digital marketing, wider availability of modern technology as well as easy-to-use systems. In recent years, the global online gaming market expanded to represent one of the fastest growing segments of the gambling industry. Recently, the first college sports deal with a gambling company outside of Nevada was implemented. According to a report by Bloomberg Tax, the deal between the University of Colorado and PointsBet—an Australian based bookmaker launching its U.S. headquarters in Denver, is worth USD 1.625 Million, and includes tax-write offs. It is "the latest in an explosion of ad-deals between sportsbooks and teams or leagues, although it's the first collegiate pact of its kind," the report explains. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), Boyd Gaming Corporation (NYSE: BYD), Churchill Downs Incorporated (NASDAQ: CHDN), Penn National Gaming, Inc. (NASDAQ: PENN)
Sports betting legalization in the United States is a complex issue. It started with New Jersey, which was the first state to make sports betting legal back in 2018. Now, sports betting is legal in some form in 24 states, according to date provided by ESPN. The big prize is, as usual, California, where sports betting is not officially legal yet. Despite legal restrictions, regionally and country wise, in 2018 the market had already produced more than USD 48.9 Billion in worldwide revenue and is projected to expand past USD 134.5 Billion by 2027, according to data provided by Transparency Market Research. The most significant boost to the sports betting segment is attributed to the usage of smartphones, which allow bettors to bet at anytime and anywhere. In addition, innovative technologies such as Blockchain, Internet of Things (IoT) and VR are changing the intricacies in many fields including gambling in an online casino.
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced yesterday breaking news regarding, "its latest partnership with Pinnacle Solutions ("Pinnacle"), a global leader in online sports betting.
FansUnite is excited to announce its partnership with Pinnacle to incorporate Pinnacle's new esports data and odds feed into its Chameleon Gaming Platform. The partnership is part of its strategic plan to collaborate with the best data providers for its esports betting offering. Through Pinnacle's partnership with GRID Esports, they gain direct access to GRID's contracts with esports leagues and tournaments, making it the best data source for many major esports events. In partnering with Pinnacle, FansUnite can now offer the best odds on esports bets for its Chameleon Gaming Platform partners, giving it a competitive advantage over other turnkey B2B esports betting products.
'We aim to partner with the leading companies in the industry to provide the best product and options to our customers using the Chameleon Platform. With Pinnacle's addition and their relationship with GRID Esports, we continue to add the best esports betting data available with the most markets and the best odds. It's exciting to be the first to offer Pinnacle Solution' service, and we are honoured they chose to work with us,' stated FansUnite CEO Scott Burton.
'The next step is to effectively market the Chameleon Gaming Platform to sportsbooks,' continued Scott Burton. 'We want to ramp up our B2B segment and get a guaranteed licensing fee when sportsbooks use our services. In addition, we generate additional income as our partners grow as we share in a percentage of the net gaming revenue giving us unlimited upside revenue potential. Partnering with Pinnacle will help take our B2B esports solution to a new level.'
Pinnacle's CEO Paris Smith added, 'We are really excited to announce this partnership with FansUnite. Pinnacle Solution is going from strength to strength and it's great to see our product getting out there and enhancing the betting experience for customers around the world. We are always focused on getting the most value out of our partnerships for us and our partners. Our deal with FansUnite will certainly add to our experience as a supplier and we are really looking forward to working closely with their team and helping them achieve their goals.'
'Our B2B strategy is one that is built on laying solid foundations. Our continued growth, which includes deals like this, is a clear sign that we are working hard to build on our already impressive offering and keep leading the way for others to follow. Whether it's the odds, the risk management, the data, we have the complete package as well as a best-in-class service to match.'"
For our latest "Buzz on the Street" Show featuring FansUnite Entertainment Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=SkSk3GQD6GI
DraftKings Inc. (NASDAQ: DKNG) reported last week that the Philadelphia Eagles announced a new multi-year deal which will make DraftKings the Official Daily Fantasy Sports Partner and Official Sports Betting Partner of the Philadelphia Eagles. As part of the new agreement, DraftKings will receive exclusive naming rights to Lincoln Financial Field's field club, a premium lounge which will be called "The DraftKings Field Club." The DraftKings Field Club will offer a true VIP experience and exclusive game day access, featuring an on-field viewing area in the north end zone, hospitality arrangements in the private club space and additional benefits. The DraftKings Field Club will open its doors to ticketed guests once the in-person sports experience returns to Lincoln Financial Field. "Philadelphia is home to some of the most passionate football fans, and we could not be more excited to join forces with the Eagles," said Ezra Kucharz, Chief Business Officer, DraftKings. "Be it fans at home, on the DraftKings mobile app, or inside Lincoln Financial Field, we look forward to introducing Eagles fans and DraftKings customers alike to an all-encompassing DraftKings experience."
Boyd Gaming Corporation (NYSE: BYD) and FanDuel Group reported back in August the debut of the FanDuel Par-A-Dice Sportsbook in the state of Illinois. Sports bettors across the state of Illinois now have access to FanDuel's industry-leading online and mobile sports-betting platform, with wagering options available in professional football, basketball, baseball, hockey and more. Additionally, FanDuel will operate a retail sportsbook located at Boyd Gaming's Par-A-Dice Casino in East Peoria, Illinois, pending regulatory approval. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Given the tremendous success of our existing FanDuel Sportsbooks, we are confident that the FanDuel Par-A-Dice Sportsbook will quickly become Illinois sports bettors' mobile app of choice. We are excited for the opportunity to offer both mobile and retail sports betting in one of the most populous states in the country, as we continue to expand our strategic partnership with FanDuel Group."
Churchill Downs Incorporated (NASDAQ: CHDN) reported back in September the grand opening of its BetAmerica Sportsbook at Bronco Billy's Casino in Cripple Creek, Colorado. BetAmerica, the Company's sports betting and iGaming platform, partnered with Full House Resorts to open the retail sportsbook in the Colorado market on Thursday, September 24th. BetAmerica plans to launch its online sportsbook and iGaming platform throughout the state of Colorado in the future, subject to regulatory approvals. The BetAmerica Sportsbook at Bronco Billy's Casino features 10 self-service betting terminals and 2 betting windows offering wagering opportunities on a large range of sporting events, including professional and collegiate U.S. sports along with major international sports. "Colorado is home to some of the most enthusiastic sports fans in professional and college sports and we are pleased to offer BetAmerica's state-of-the-art sportsbook experience there," said Bill Mudd, COO of CDI.
Penn National Gaming, Inc. (NASDAQ: PENN) announced last month that the Pennsylvania Gaming Control Board ("PGCB") has approved a live, real money test period for its new Barstool Sportsbook mobile app in Pennsylvania from September 15-17th, pending final iOS app approval. Following the test period, Penn National intends to officially launch the Barstool Sportsbook app in Pennsylvania on September 18th, subject to final regulatory approvals. The Company plans to introduce the Barstool Sportsbook app in additional states in the coming months. "The Barstool Sportsbook app is the centerpiece of our Company's omni-channel strategy," said Jay Snowden, President and CEO of Penn National. "Since forming our exclusive sports betting and iGaming partnership with Barstool Sports in January, our product, marketing and operations teams have worked hand-in-hand with Barstool's top talent, including Dave Portnoy and Dan 'Big Cat' Katz, to create a sports betting experience that we're confident will appeal to Barstool's army of loyal followers, as well as our extensive database of existing casino customers and sports betting fans at large."
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