NEW YORK, Nov. 11, 2020
- FinancialBuzz.com News Commentary
NEW YORK, Nov. 11, 2020 /PRNewswire/ -- This year has shaped up to be crucial for the sports betting industry in the United States, as the U.S. gambling industry won big at the polls last Tuesday. Three states had measures on the ballot to legalize sports betting: Maryland, Louisiana and South Dakota. All voted yes. Overall, there are 19 states as well as Washington D.C. where sports betting services are currently operational, according to the American Gaming Association. Six other states, including the three that passed the measure in last week's election, have authorized legal sports betting but have yet to launch it. Before the election, Tennessee became the 19th state where sports betting became effective. However, the law states that 80% of the tax revenue raised from sports betting in Tennessee will go to help fund education; 15% will be allotted for local government infrastructure projects, and 5% will go towards improving mental health in the state, according to a report by the Martinsville Bulletin. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), Penn National Gaming, Inc. (NASDAQ: PENN), Wynn Resorts, Limited (NASDAQ: WYNN), International Game Technology PLC (NYSE: IGT), GAN Limited (NASDAQ: GAN)
Besides the election results, another factor most significant to the boost of the sports betting segment is attributed to the usage of smartphones, which have easy user interfaces and can be used at anytime and anywhere. According to a report by the Associated Press, companies like DraftKings are making serious strides in developing easy-to-use systems available to the public through partnerships with sports leagues. For example, The National Basketball Association and DraftKings had announced a multiyear partnership that will make DraftKings an authorized sports betting operator of the league. In addition, it was reported that BetIndiana and Sportradar, the provider of sports data and content, inked a partnership to bring Sportradar's real-time sports data and managed trading services to BetIndiana's mobile sportsbook.
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced last week 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
Penn National Gaming, Inc. (NASDAQ: PENN) announced last week that it expects to open its first retail-branded Barstool Sportsbook at Ameristar Casino Resort Spa Black Hawk, subject to any final regulatory approvals. "We are very excited to be opening the first Barstool Sportsbook in the country at Ameristar Black Hawk," said Jay Snowden, President and CEO of Penn National Gaming. "This will be the first of many new retail locations for Barstool Sportsbooks at our casinos nationwide. Each will incorporate several features that reflect the spirit of the Barstool Sports brand, resulting in unique sports betting experiences that we expect our customers will thoroughly enjoy." Penn National will offer a state-of-the-art sports betting experience at Ameristar Black Hawk, including sports betting kiosks and ticket writer stations that will support thousands of sports betting options for its customers.
Wynn Resorts, Limited (NASDAQ: WYNN) designs, develops, and operates integrated resorts. The company's Wynn Palace segment operates 424,000 sq. ft. of casino space with 323 table games, 1,011 slot machines, private gaming salons, and sky casinos. In recent years the Company also partnered with sports betting operators. For example, earlier in 2018, Wynn announced that it has entered into a strategic partnership with BetBull Limited ("BetBull"), a Europe-based digital sports betting operator, to pursue sports betting opportunities in the emerging U.S. market. The strategic partnership will position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort's nationally recognized brand with BetBull's digital sports betting operations capabilities and technology. In conjunction with the formation of the strategic partnership, Wynn Resorts will make a minority equity investment in BetBull. Wynn Resorts will own 22.5% of BetBull on a fully-diluted basis upon closing of the investment which will occur in due course subject to customary closing conditions. Moelis & Company LLC acted as financial advisor to Wynn Resorts.
International Game Technology PLC (NYSE: IGT) announced on September 24th that the Company expanded its U.S. sports betting footprint to North Dakota with an IGT PlaySports agreement to power retail sports betting at two casinos operated by the Turtle Mountain Band of Chippewa Indians. Grand Treasure Casino in Trenton, N.D. and Sky Dancer Casino and Resort in Belcourt, N.D., will both leverage IGT's PlaySports platform, self-service kiosks, and trading services. "By leveraging IGT's proven PlaySports solution, Turtle Mountain will launch an exciting sports betting operation at Grand Treasure and Sky Dancer casinos backed by best-in-class technology, services, and flexible self-service products," said Jamie Azure, Chairman of Turtle Mountain Band of Chippewa Indians. "The addition of sports betting will expand our casino entertainment and offer our loyal patrons and sports fans alike new ways to play. IGT is the market leader in sports betting technology, and I am confident that with their proven experience and service, we will be able to implement and operate exciting and successful programs."
GAN Limited (NASDAQ: GAN) announced last year, the delivery of Internet sports betting in the State of Pennsylvania for the FanDuel Group following the January 10, 2019 announcement to be FDG's Platform for rapid deployment of Internet casino, and account services for Internet sports betting in Pennsylvania (pop. 13M), in addition to the long-standing existing services provided since 2013 by GAN to FDG in the State of New Jersey (pop. 9M). The expanded relationship announced on January 10, 2019 is now commercially operational in Pennsylvania and represents a material increase in the value of the partnership to GAN. Jeff Berman, Chief Commercial Officer of GAN said, "The launch by FanDuel of Internet sports betting in the State of Pennsylvania extends our relationship across the border from neighboring New Jersey and represents a significant milestone for GAN. Our effective and compliant Platform represents a premium component of the supply chain rather than a commodity and our team delivered on-time for the #1 operator of Internet gambling in the U.S. today."
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