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Gradual Re-Introduction of Professional Sports is a Boon for the Betting Industry

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Casinos and gambling have been large markets for many years, but sports betting has a been a slow growing segment; until recently. The slow growth of sports betting in years past is, in large part, attributable to numerous legal restrictions across most states as well as a lack of access due to insufficient technological infrastructure. Now, the sports betting market is changing and growing rapidly. For example, after an agreement between Caesars Entertainment and Disney-owned ESPN, which made Caesars, through its sports betting partner, William Hill, a co-exclusive partner for gambling link-outs from ESPN, Caesars Entertainment CEO Tom Reeg expressed a positive outlook for the market. “We think there’s a lot of money to be made here over time, and we’re seeing a lot of interest from non-gaming operators… We have not seen a growth opportunity in this space in quite some time, so it’s an adjustment for analysts to look at a hyper-growth piece of a business that has been mature… We’re in the very early stages of legalization of sports betting,” Tom Reeg explained according to CNBC. FansUnite Entertainment Inc., Caesars Entertainment, Inc., MGM Resorts International, Wynn Resorts, Limited, DraftKings Inc.

As the legal system slowly becomes more friendly towards online sports betting, states around the country look towards the young and growing industry to raise tax revenue. Recently, the advancement of sports betting in Illinois took place, vastly expanding the mobile wagering options available to the state’s 12.7 million residents. Furthermore, data from Odds.com and 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. announced earlier last week that, “McBookie Ltd (“McBookie”) has continued its impressive performance since becoming part of FansUnite.

The Scottish based operator increased its overall year-over-year (“YOY”) turnover for the months of July and August by 108% – from $3M CAD to $6.3M CAD, with 78% of the turnover growth led by the return of sport.

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The increase resulted in a YOY increase in Gross Gaming Revenue over the same period of 412%, resulting in gross gaming revenue of $371K for July and August 2020 and a gross margin of $161K. During the same period last year the platform generated $72K in gross gaming revenue resulting in a gross margin loss of $66K.

With the strong results over the last two months, McBookie is preparing to continue the positive trend with the return of the English Premier League and the other major European leagues in the coming weeks.

‘We are very pleased that McBookie has been able to continue its strong 2020 performance despite the slowdown in sports betting from the global pandemic,’ said Scott Burton, CEO of FansUnite. ‘The figures for the past 60 days have been exceptional and continue to validate our belief in this leading B2C betting brand and the management team behind it. For the duration of 2020, major European leagues are set to begin again and present a great opportunity for McBookie to capture the attention of new and existing customers. We will work directly with McBookie in ensuring their presence in the U.K. expands and they are in a position to service this growing user base of bettors.’

‘The team at FansUnite has worked very hard to improve all aspects of our business since joining FansUnite and it is great to see that replicated in the numbers,’ said Paul Petrie, founder and Director of McBookie. ‘With just one month to wait until the whole of Scottish football is back, having the resources and expertise of FansUnite helps puts us in an excellent position to continue building on our recent success.’

While the return of sport has provided an uptick in betting volume, casino turnover during the two-month period was strong as well with $3.1M wagered. McBookie will be looking to build on these numbers with the recent launch of a Live Casino product earlier this month.

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European Gaming Congress 2024 (Warsaw, Poland)

‘After launching a successful Virtual Sports betting offering in March, we decided to expand our platform with the addition of a Live Casino,’ continued Paul Petrie. ‘It represents another betting alternative for our loyal customers and helps us diversify our revenue stream.’”

SOURCE FinancialBuzz.com

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Canada

ComeOn Group adds sportsbook to its offering in Ontario

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ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.

ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.

ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.

Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”

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*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)

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INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform

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INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.

The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.

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Canada

IAGR announces Toronto as host city for 2025 conference

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Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.

The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.

‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.

‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’

AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’

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Stay tuned for registration details early next year.

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