NEW YORK, Nov. 16, 2020
- FinancialBuzz.com News Commentary
NEW YORK, Nov. 16, 2020 /PRNewswire/ -- As the legal infrastructure becomes more and more friendly towards sports betting across the country, announcements regarding investments in this sector have accelerated. For example, earlier in October, WynnBET, the digital gaming division of Wynn Resorts Ltd. that is responsible for Wynn's mobile sportsbook and casino app, announced a multi-year national sports betting partnership. As an Authorized Gaming Operator of NASCAR, WynnBET will collaborate with NASCAR to create and promote engaging sports betting experiences for racing fans across the United States. In the meantime, New Jersey sportsbooks set another record for sports betting handled in October, hitting USD 803 Million in total wagers. This was an increase of more than USD 50 Million from the record set in the previous month. Looking forward, as laws become more open, demand for sports betting is expected to grow further. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), Scientific Games Corporation (NASDAQ: SGMS), Boyd Gaming Corporation (NYSE: BYD), Century Casinos, Inc. (NASDAQ: CNTY)
This month's election further reinforces the notion. 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 the election, have authorized legal sports betting but have yet to launch it. The various states where this gambling segment was legalized have been reporting strong taxable revenue from it. Furthermore, data from Odds.com, 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. The 15% tax levied on gaming revenue could see this number rapidly increase once measures to allow online and mobile offerings are put in place.
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced this month 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:
Betting volume ("Turnover") was $5.1M CAD, an increase of 460% as compared to October 2019.
Gross Win was $197K CAD an increase of 679% as compared to October 2019.
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:
Betting volume ("Turnover") was $2.2M CAD, an increase of 188% as compared to October 2019.
Gross Win was $405K CAD, an increase of 363% as compared to October 2019.
'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 month 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."
Scientific Games Corporation (NASDAQ: SGMS) announced earlier in March that it had partnered with Vaix.ai to offer sports bettors personalized recommendations and tailored betting choices through the OpenMarket™ branch of the OpenSports™ product suite. Vaix.ai will offer an Artificial Intelligence (AI) model through OpenSports that enhances the sports betting experience. By providing sports, league, team, event, and market recommendations to bettors in real-time, the companies aim to further personalize sports betting through Scientific Games' OpenMarket solution. OpenMarket is the industry's first one-stop content marketplace, giving Scientific Games' partners access to top-tier sports betting intelligence, data feeds and tools without the need for complex integrations and financial agreements.
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."
Century Casinos, Inc. (NASDAQ: CNTY), announced on May 19th, that it had finalized an agreement with bet365 to become the company's second internet sports betting operator partner in Colorado. The Company, through a subsidiary, has already obtained its master license with the State of Colorado. bet365 will complete the necessary application and approval process with the State of Colorado. They will operate an internet and mobile sports betting application under the bet365 brand. The online sportsbook operations agreement with bet365 is a 10-year agreement that includes a minimum annual revenue guarantee and a percentage share of net gaming revenue payable to the Company each year, with an advance fee being paid on contract signing.
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