NEW YORK, Feb. 19, 2021
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NEW YORK, Feb. 19, 2021 /PRNewswire/ -- While traditional casinos took a major hit in 2020, the world health crisis seems to have bolstered the online gambling market. In fact, experts are estimating the online gambling market could be worth $127.3 billion by 2027. However, the health crisis was not the only reason behind this market acceleration online. The updated American legal frameworks are also responsible for the upsurge in the online gaming industry. In May 2018, the US Supreme Court made the decision that sports gambling would not be considered illegal. Since then, American states have been deciding on their own whether they would say 'yes' to online betting. With more than a dozen states joining in on the online gambling bandwagon recently, there have been radical changes to the online betting platforms already in existence. Companies like Bragg Gaming Group (TSX:BRAG) (OTCQX:BRGGF), Wynn Resorts (NASDAQ:WYNN), Flutter Entertainment (OTCPK:PDYPF), and Las Vegas Sands (NYSE:LVS) are working fast to use these opening legal frameworks to their advantage.
Bragg Gaming Group (TSX:BRAG) (OTCQX:BRGGF) is an innovative B2B online gaming solution provider that offers turnkey solutions for casino, sportsbook, and lottery operations. Bragg recently voiced its support of Google allowing users to download online gaming apps in 15+ countries, including the US, as of March 1, 2021. Included in this will be apps for online casino games, lotteries, sports betting, and daily fantasy sports, placing Bragg in a solid position to benefit from this latest move by Google thanks to its ORYX Gaming platform, which deals with i-gaming, casino content, and sportsbook operations.
"Google's support of the online gaming industry is an exciting development for players everywhere," states Adam Arviv. "Access to gaming is opening up around the world and Google is just one of the many organizations and jurisdictions that are evolving to support increased access. This will also assist in the gaming industry's goal of ensuring a safe, regulated market for today's players."
In the company's corporate update, Bragg Gaming CEO Adam Arviv states, "We're now focused on growing in two vital areas – quickly building share in the surging U.S. B2B gaming market, while also leveraging our significant success in European and Latin American markets by diversifying our offering in our key jurisdictions."
On the US side of things, Bragg Gaming announced a major US deal with Seneca Gaming, in partnership with Kambi Group, to provide casino services and player account management (PAM) to Seneca's three casinos via Bragg's ORYX Gaming. This deal marked Bragg's first major entry into the growing US gaming market.
In the European market, Bragg, through ORYX, extended its footprint in Germany via a new partnership with online casino StarGames. ORYX will be providing the content for StarGames entry into the German market.
With the many deals it has been signing lately, Bragg Gaming has already seen rapid growth in its revenue, achieving a 72% revenue growth year-over-year, according to its Q3 results. Plus, with Bragg's graduation to the Toronto Stock Exchange in January 2021, there is great anticipation for the company's successful growth in the coming years and Bragg continues to work towards its goal of becoming a leading iGaming platform in the gaming industry.
Bragg board member, Paul Godfrey, described the company as a "prime example" of what investors are looking for in terms of technologies and expertise as the global online gaming industry continues its expansion, thanks to the loosening of restrictions on regulations.
Loosening Restrictions Give Opportunities to Wide Range of Betting Companies
Wynn Resorts (NASDAQ:WYNN) has been upscaling its operations as more people in different states are using its online gaming service from home. Last month, Wynn Resorts expanded its online gaming services from two states to seven after WynnBET established a partnership with Iowa's local casino, Elite Casino Resorts. WynnBET is Wynn Resorts' online casino and sports betting app. As of February 2021, WynnBET has launched in three US states, including Colorado and Michigan. With the COVID-19 pandemic shutting down casinos for months on end, Wynn Resorts was starting to take a hit. Hence the entry into digital sports betting, as other casinos adapt to the unexpected changes as well.
Flutter Entertainment (OTC:PDYPF), a well known establishment in online betting and gaming, operates websites such as FanDuel, Betfair, Poker Stars, and Sky Betting. In November of last year, Flutter was producing strong financial results despite the global pandemic shaking up other businesses. The biggest setback for Flutter was the cancelation of sporting events, which left their customers with nothing to bet on. However, Flutter saw a 165% increase in their online casino gaming revenue, which stabilized their overall revenue in 2020.
Las Vegas Sands (NYSE:LVS) is the most recent company to consider joining the online gaming industry, possibly in part because of the changing legal outlook this industry is undergoing. With the founder's recent passing, Las Vegas Sands may join the gaming industry online a lot sooner than it anticipated, despite the founder being adamant it remain a traditional brick and mortar casino. Current CEO Rob Goldstein has shared that there have been conversations with online gambling software providers as Las Vegas Sands gears up to enter the online market.
The last 12 months have witnessed positive movement towards the loosening of restrictions for the online gambling industry, and for companies like Bragg Gaming Group, these tailwinds seem to all be pointing towards an even more optimistic future for this market.
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