Canada
Sports Betting Boom: CEO’s of Penn National, FansUnite, Score Media and i3 Interactive Seize New Market Opportunities as Legalization Expands
Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Penn National Gaming, i3 Interactive , FansUnite, and Score Media and Gaming.
Online betting markets are booming. With the recent success of New Jersey generating over $1 billion in taxable income per month, more states hungry for tax revenues are opening up to sports betting and gaming. Canada is now expected to open the market for sports betting with the passing of Bill C-218. Wall Street Reporter highlights the latest comments from industry thought leaders:
Penn National Gaming CEO Jay Snowden “Incredibly Optimistic About Barstool Sportsbooks Upside”
“…Highlights from the fourth quarter include the continued momentum we’re seeing for our Barstool Sports book app in Pennsylvania, strong retention, CRM efforts and creative promotions.. have led to an increased handle and market share. And most importantly, highlight our unique and unmatched approach to efficient customer acquisition…On January 22nd, we introduced our Barstool Sportsbook Mobile app in Michigan to very strong demand…Our next launch state will be in Illinois, where we plan to go live prior to March madness, pending regulatory approval. From there, we’ll continue to roll out in new states every three to five weeks or so until we’re operational in 10 or more states by the end of 2021….”
“…Looking forward, we’re anticipating an exciting new year as we continue to introduce Barstool-branded retail and mobile sports books across our portfolio, including brand-new builds at our two properties opening in Pennsylvania during the second half of ’21…We have already seen very strong results from our retail sportsbooks, with our Indiana properties seeing meaningful increases in both gaming and non-gaming revenues following their rebranding at Barstool Sportsbooks. We are incredibly optimistic about the opportunities to unlock further upside as we introduce additional Barstool Sportsbook and sportsbars across the portfolio.”
In a recent interview at Wall Street Reporter’s NEXT SUPER STOCK livestream, i3 Interactive CEO Chris Neville, shares his company’s ambitious global strategy, with a unique focus on India. As a pioneer of online gaming with almost 20 years experience, Neville see’s a strong parallel between the poker boom of the early 2000’s and the Indian market today.
India is one of the fastest growing online gaming markets in the world. With a growing population, especially the middle class, a burgeoning economy, the fastest internet adoption in the world, and with 65% of the population under the age of 35, India is the perfect storm for skill based online gaming.
i3 Interactive sees India as the perfect launchpad for it’s global betting business, with relatively low customer acquisition costs, less competition, and blue sky upside potential. By partnering with Indian social influencers such Bollywood celebrities and cricket stars, i3 Interactive reaches their 150 million followers in India. I3 is also expanding into new untapped global gaming markets such Canada which is about to legalize sports betting.
FansUnite “Positioned for Exponential Revenue Growth in iGaming, E-Sports, Online Sports Betting”
In a recent presentation at Wall Street Reporter’s NEXT SUPER STOCK livestream, FansUnite (OTC: FUNFF) (CSE: FANS) CEO Scott Burton explained how the company’s latest distribution deal with a online casino games aggregator, sets the stage for exponential revenue growth opportunities. In the next 12 months, FUNFF plans to expand its current line from three games to twelve – while adding multiple aggregators for each game – reaching millions of new online casino customers worldwide. With each game generating as much as $500,000 in revenue per month for FUNFF – per online casino – and the potential to be in hundreds of online casinos – these numbers can quickly add up.
February 10 – FUNFF engages the services of Ifrah Law PLLC, a prominent U.S. gaming law firm to collaborate with OneComply Inc. in assisting FansUnite with their U.S. licensing strategy. In response to the interest that FansUnite has received from U.S. gambling and casino operators for their sports betting and iGaming solutions, a founding member of Ifrah Law, Jeff Ifrah, will provide counsel to FansUnite on their rapid expansion strategy across the different U.S. jurisdictions beginning with New Jersey.
January 11 – FUNFF closes an oversubscribed C$13.4 million private placement driven by strong investor demand. “The successful closing of this upsized financing provides further validation that the global gambling market is seeing a resurgence in demand from investors,” said Scott Burton, CEO of FansUnite. “As we now look to advance our operations globally, we believe this additional capital will allow us to explore strategic initiatives and execute on our vision of becoming a globally recognized iGaming leader.”
December 16 – FUNFF gains first-mover advantage into the U.S. E-Sports betting market, as it’s long-term partner GameCo joins US Bookmaking and Sky Ute Casino to establish the first dedicated esports sportsbook in the United States. FUNFF wholly-owned subsidiary Askott Entertainment will supply its iGaming platform, Chameleon, as part of a fully integrated esports betting solution. Through GameCo’s partnership with Sky Ute Casino and US Bookmaking, FansUnite will be the first iGaming solutions provider to receive significant exposure in the U.S. esports betting market.
Score Media and Gaming CEO John Levy: “Enormous Opportunity For Sports Betting in Canada”
“…we’re starting to unlock the potential of theScore and theScore Bet, showcasing the value of a fully integrated media and gaming business. As our gaming operations in the U.S. expand, we are simultaneously preparing for what is an enormous opportunity on the horizon in Canada, with the anticipated creation of a fully legalized and regulated sports betting and iGaming market…theScore’s popularity in Canada is unmatched in the mobile sports space, and we are eager to deliver theScore Bet to our fans in our home territory.
“… We estimate a market potential for online gaming in Canada at between US$3.8 billion and $5.4 billion in annual gross gaming revenue based on historical data, extrapolated from the legal online gaming markets in the U.S. and globally. It is now clear that there is cross party support and strong momentum to amend Canada’s outdated federal laws and enable legal sports betting market to flourish.theScore is Canada’s leading mobile sports brand, with millions of loyal app users across this country. And we’re in a great position to capitalize on the expansion of online gaming. We’re hard at work preparing for this sizeable opportunity and look forward to seeing legislation progress in 2021…”
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The Alcohol and Gaming Commission of Ontario (AGCO) has updated several lottery policies to remove the cap on seller commission for Paper Raffles and Media Bingo, along with removing the prohibition on Catch the Ace paper lotteries, to align with other charitable lottery products.
Licensed charities may now negotiate commissions directly with sellers and determine commissions, provided they are reasonable and tied to the cost of service provided by the seller.
These updates further the AGCO’s commitment to adopt an outcomes-based regulatory approach and reduce burden for the charitable gaming sector. Local charitable organizations will have greater flexibility to make decisions that best serve their fundraising objectives.
Important Reminders
• Charities must still receive approval for other expenses incurred under their licence and retain receipts for seller commission paid.
• Licensing authorities will not require documentation to be submitted as part of the application process, however, charities are still subject to audit to determine compliance.
• Charities are reminded of their legal requirement to meet their obligations under the Criminal Code and with respect to conducting and managing a charitable gaming scheme.
• As with all licensed charitable lottery events, charities must take the necessary steps to ensure that they are conducting and managing the lottery event within Ontario.
For charitable gaming-related inquiries, email an AGCO Eligibility Officer at [email protected] or call AGCO Customer Service at 1-800-522-2876, Monday to Friday from 8:30 a.m. to 5 p.m.
The post AGCO Removes Cap on Seller Commission for Charitable Lottery Products appeared first on Gaming and Gambling Industry in the Americas.
Leading business, technology, finance, and gaming law firm, Segev LLP, is proud to announce its 10th anniversary. Over the past decade, Segev has evolved from a bold idea into a multi-jurisdictional firm serving clients across Canada, the U.S., and beyond.
Built for innovation-driven industries, the firm is widely recognized for its work with companies at the forefront of gaming, crypto, technology, and emerging sectors. “Our 10-year anniversary is a defining moment,” said Founding Partner, Ron Segev. “It’s a testament to the strength of our team and our culture of teamwork, self-improvement, and growth – all of which is directed at scoring wins for our great clients.”
As industries like fintech, crypto, iGaming, and AI have matured, so has the firm, often in parallel with its clients. “We’ve all grown together with our clients from one success to the next, whether it be helping clients complete financings or helping them close business,” said Managing Partner Alon Segev. “I look forward to continued growth for us and our clients in the next 10 years!”
The firm’s client-first approach has consistently earned recognition from top legal ranking guides. Segev LLP is ranked by Chambers and Partners as a “Leading Firm” and “Band-1” in Canada for Gaming Law and are also recommended by The Legal 500 and Lexology. These rankings reflect the team’s ability to deliver strategic, high-quality legal solutions that align with their clients’ business goals.
Recognized for their unique ability to exceed expectations and deliver out-of-the-box solutions, Segev LLP’s clients have affirmed: “The firm demonstrates its capability not only to understand complex matters, but also to offer solutions that are practical, pragmatic, and value-adding.”
“Segev possesses outstanding resources and maintains global partnerships, enabling it to deliver precise and informed responses to any queries related to the iGaming industry.”
“Epic service, very good, I won the case!”
“Great service, friendly atmosphere, and support.”
Several Segev team members also reflected on the milestone: “There was a moment early in my time here when I realized I wasn’t just being brought in to help; I was expected to contribute, take initiative, and run with big ideas. That stuck with me,” said Negin Alavi.
“Together with our clients, [Segev] has experienced remarkable growth over the past decade. I’m honored to have contributed to this journey and to celebrate these shared successes,” said David McHugh.
“Segev has cultivated a thriving law practice on the principle that challenges are to be embraced as opportunities. The approach has enabled us to grow as lawyers, but more importantly, it has enabled us to ensure the success of our clients,” said Mark Balestra.
“Since joining through Segev’s Ontario expansion, I’ve had the chance to work alongside some of the sharpest and most collaborative lawyers in the gaming space,” added Manav Bhargava. “As a full-service firm and industry leader, Segev stands out for its ability to support innovative businesses with practical, forward-thinking legal advice.”
Segev LLP will commemorate the anniversary with a series of internal and external initiatives throughout the remainder of the year.
The post Segev LLP Celebrates 10 Years of Business-Focused Legal Innovation appeared first on Gaming and Gambling Industry in the Americas.
Incentive Games, a leading B2B games provider, is proud to announce that it has been awarded an Ontario Gaming License by the Alcohol and Gaming Commission of Ontario (AGCO), effective today. This achievement enables the company to offer its portfolio of real-money games to licensed operators and players across the province.
The license underscores the Incentive Games’ commitment to meeting the highest standards of compliance, security, and operational excellence. The rigorous application process demands robust security protocols and comprehensive responsible gaming measures and affirms the company’s readiness to enter one of Canada’s most dynamic iGaming markets.
The North American market is a strategic focus for Incentive Games, and this milestone follows closely on the heels of the company receiving its Provisional Michigan gaming licence from the Michigan Gaming Control Board earlier this month.
Incentive Games will distribute its real-money gaming content in Ontario through Incentive Studios, the company’s dedicated Real-Money Gaming division, ensuring a focused and tailored approach to the market.
“Ontario represents a huge opportunity for us, and securing this license is a proud moment for the whole team,” said John Gordon, Chief Executive Officer at Incentive Games. “It reinforces our dedication to meeting the highest standards while delivering compelling real-money content. We’re looking forward to building strong relationships in the region and continuing our momentum across regulated markets worldwide.”
The post INCENTIVE GAMES SECURES ONTARIO GAMING LICENSE appeared first on Gaming and Gambling Industry in the Americas.
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