NEW YORK, Nov. 6, 2020
- FinancialBuzz.com News Commentary
NEW YORK, Nov. 6, 2020 /PRNewswire/ -- Casinos and gambling have been large markets for many years, but sports betting has a been a slowly growing segment; until recently. The U.S. gambling industry won big at the polls on Tuesday, as three additional states are now set to authorize legal sports betting and three others have either approved or are expanding casino gambling. Among the states are Maryland, South Dakota and Louisiana, who are approving sports betting. In the grand scheme of things, that means that by the end of next year, more than half the country could have sports betting services being legally operated. In addition, Virginia approved casino gambling in four locations, while Nebraska authorized adding casino games at its horse racing tracks, and Colorado expanded the number and type of casino games it can offer, along with eliminating some wagering limits. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), Boyd Gaming Corporation (NYSE: BYD), Caesars Entertainment, Inc. (NASDAQ: CZR), MGM Resorts International (NYSE: MGM)
"It appears that Americans are becoming increasingly comfortable with legalized gambling," David Schwartz, a gambling historian with the University of Nevada Las Vegas, said, according to The Associated Press. "The addition of casinos in Virginia and racetrack casinos in Nebraska indicates that casino-style gambling is on the upswing as well. We have reached a point where voters seem satisfied that legalizing gambling will offer positive returns for their state." As the legal system slowly becomes more friendly towards online sports betting, states around the country look towards the young and growing industry to raise tax revenue. Recently, the advancement of sports betting in Illinois took place, vastly expanding the mobile wagering options available to the state's 12.7 million residents. Furthermore, data from Odds.com and published by Forbes showed that Illinois is poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition.
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced yesterday breaking news that, "its wholly owned subsidiary McBookie Ltd ("McBookie") closed out October with the highest increase in monthly revenue and gross margin in the company's 10-year history.
The UK Sportsbook set company records with triple-digit growth in multiple areas, led by a 433% increase in overall revenue compared to October 2019 and a total Gross win of $602K CAD during the month. Much of the growth was attributed to the unveiling of McBookie's live casino games and increased activity in sports betting which resulted in $7.3M in total betting volume being placed during the month.
Casino Segment: McBookie's new Live Casino product, encompassing multiple tables and variations of blackjack, roulette and baccarat, all with live real dealers, garnered substantial interest from online bettors.
During the month:
Sports Segment: McBookie added new features, including 'bet builder', which enables online bettors to fully customize and build their bets across any number of markets, and instantly receive a price on their desired wager. The user-friendly feature combined with a full slate of English soccer fixtures and the Scottish National Soccer Team's presence in the prestigious UEFA European Championship qualifiers, helped propel the company to new financial heights.
During the month:
'Despite the global pandemic, McBookie had a record-breaking month of growth in October and demonstrated how seasoned operators can not only pivot their business during challenging times but still produce results that propel their business to new heights,' said Scott Burton, CEO of FansUnite Entertainment. 'With sports now starting to come back and new products in their casino offering, we have full faith that McBookie will establish themselves as the preeminent online betting platform in Scotland and expand their footprint throughout the highly sought after UK gambling industry.'
'We are very encouraged with the continued growth of the McBookie platform and continue to add new features to provide our customers with innovative solutions that will create a unique experience for them,' said Paul Petrie, founder and Director of McBookie. 'With Serbia playing against Scotland in the European Championship Soccer Qualifiers, the US Masters beginning in two weeks and the Scottish Cup Final coming up in the next few months, sports are very much back in business and should see an increase in betting volume on our platform.'"
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=PGA_uOxCyqA&ab_channel=FinancialBuzzMedia
DraftKings Inc. (NASDAQ: DKNG) announced earlier this week announced an exclusive, multi-year relationship with Bryson DeChambeau, who will become the first active professional golfer to represent the digital sports entertainment and gaming company via an integrated brand, content, marketing, and VIP centric collaboration that will feature Bryson DeChambeau as the face of DraftKings golf. Bryson is currently ranked No. 6 in the Official World Golf Ranking and is coming off his first major championship at the U.S. Open in September, 2020. Starting with the 2020 Masters, the DraftKings logo will be featured on DeChambeau's signature golf cap. "Professional golf has been a key growth sport in both daily fantasy and sports betting, and our collaboration with Bryson DeChambeau is a notable new layer of mainstream brand exposure and fan experience," said Jason Robins, co-founder and CEO, DraftKings. "As one of golf's most promising athletes and the current U.S. Open champion, DraftKings is strategically aligning with winning athletes like Bryson who embody and embolden the competitive fire of our customers."
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."
Caesars Entertainment, Inc. (NASDAQ: CZR) announced back in September that it has entered into a multi-year agreement with ESPN. The new deal includes link integrations from ESPN's digital platforms to sportsbooks from Caesars Entertainment's sports betting partner, William Hill. William Hill Sports Book's odds and markets connect directly to their sports betting apps in legalized states. The deal comes shortly after William Hill became the exclusive sports betting operator for Caesars Entertainment, following the merger with Eldorado Resorts. Link integrations to William Hill's sports betting apps, geo-targeted to legalized sports betting states, will appear on ESPN.com web and mobile web and the ESPN Fantasy app. As part of the new agreement, Caesars Sportsbook by William Hill will also become a sponsor of ESPN's Fantasy products, deepening an existing relationship as ESPN's exclusive odds provider.
MGM Resorts International (NYSE: MGM) and BetMGM, the joint venture between MGM Resorts and GVC Holdings reported this September that they would partner with the American Gaming Association in support of Responsible Gaming Education Week (RGEW), September 14-19, and join in its mission – Have A Game Plan™ – to educate new consumers and seasoned bettors on responsible wagering. As part of its commitment, BetMGM announces today the hiring of Richard Taylor to the position of Responsible Gambling Program Manager. As MGM Resorts and BetMGM continue to expand and evolve its sports betting and other gaming platforms, responsible gaming education remains a key focus. GameSense is an industry-leading program, developed and licensed to MGM Resorts by the British Columbia Lottery Corporation (BCLC), focusing on positive, transparent and proactive conversations with players about how to gamble responsibly.
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