NEW YORK, Jan. 7, 2021
- FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, Jan. 7, 2021 /PRNewswire/ -- 2020 was a huge year for online gaming legalization, and nowhere is this more true than in the United States. Ballot initiatives from the November presidential election added new states to the growing list of US states that allow online casino betting, adding billions of dollars to the potential size of the US online gaming industry. The election of Joe Biden was also good news for the industry, as the President-Elect has signaled support for opening up the online gambling industry and reducing federal restrictions. More legal breakthroughs are expected in 2021 and this has been a huge momentum driver in the online gaming industry. Companies like Bragg Gaming Group (TSXV:BRAG) (OTCQX:BRGGF), Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), Flutter Entertainment (OTCPK:PDYPF), and Caesars Entertainment (NASDAQ:CZR) are seeing new opportunities in the US market that could mean big things in 2021 and beyond.
Bragg Gaming Group Expands into US Via Partnerships
The US online gaming market is expanding just as Canadian gaming technology company Bragg Gaming Group (TSXV:BRAG) (OTC:BRGGF) is accelerating its strategic expansion into new markets. Through partnerships with leading online casino operators all over the world, Bragg is expanding its online footprint into major gaming markets in Europe, North America, and elsewhere. Bragg first stepped into the United States market in 2019 when the company partnered with New York-based online casino operator Seneca Gaming. New states opening to online gambling in the United States means more online casino operators moving into these markets and new opportunities for companies like Bragg Gaming Group.
"We've made extraordinary progress in 2020 and are very pleased with the substantial revenue and EBITDA growth that we've delivered," Bragg Interim CEO Adam Arviv said in a recent release. "We continue to expand globally, enhancing our content portfolio and technology offering, and securing new customers across key geographies."
Bragg Gaming Group is an industry-leading provider of turnkey B2B solutions for online casino operators. Through its ORYX Gaming subsidiary, the company provides licensed operators with sportsbook, lottery, marketing, and operational services all in one omni-channel retail, online, and mobile iGaming platform.
Companies Move into US Online Gaming Market
Regulatory movement in the United States is creating new opportunities for new and established companies across the US gaming industry to move into the online space and serve a wider market of customers.
Wynn Resorts (NASDAQ:WYNN), owner and operator of two luxury hotel and casino resorts in Las Vegas, moved into online betting in 2020 with the launch of its digital gaming division WynnBet. The company has launched online sports betting and casino offerings in New Jersey and is currently in the process of applying for licenses in Tennessee and Virginia. Wynn is also in talks with potential partners to expand into other markets. In October, WynnBet announced a multi-year sports betting partnership with NASCAR.
On December 18, MGM Resorts International (NYSE:MGM) launched its BetMGM sports betting app in Pennsylvania. The company also recently announced sports betting partnerships with the NFL's Pittsburgh Steelers, as well as the NBA's Philadelphia 76ers. BetMGM is rapidly expanding into legal online betting jurisdictions throughout the United States, with Pennsylvania joining Colorado, Indiana, Nevada, New Jersey, Tennessee, and West Virginia where the app is already available.
United Kingdom-based online casino operator Flutter Entertainment (OTC:PDYPF) is seeing the bulk of its growth in the United States. In May, the company projected 10 percent year-over-year revenue growth for 2020, with 61 percent of that growth coming from the company's US operations.
In September, Caesars Entertainment (NASDAQ:CZR) announced intent to acquire online gaming company William Hill for $3.72 billion as part of the company's plan to expand its presence in the US sports betting market. As of December 29, the company has partial clearance from regulatory bodies to go ahead with the deal.
Each opening of a US state to online gambling creates new high-potential opportunities for companies like Bragg Gaming Group. These regulatory breakthroughs are likely to continue into 2021, creating even more momentum for online gaming in the United States.
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