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Return of Sports Brings a Resurgence of Online Betting
As the legal infrastructure becomes more friendly towards sports betting, specifically in the online space, many companies in the gambling industry are beginning to offer more sports betting options. According to a report by the Associated Press, companies like DraftKings are making serious strides in developing easy to use systems available to the public through partnerships with sports leagues. Now, as the restrictions of social distancing are slowly being scaled back in numerous states, new numbers on gambling and sports betting are being reported. For example, a report by the Chicago Sun-Times indicates that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), DraftKings Inc. (NASDAQ: DKNG), International Game Technology PLC (NYSE: IGT), Boyd Gaming Corporation (NYSE: BYD), Penn National Gaming, Inc. (NASDAQ: PENN)
New Jersey has been the first state to make sports betting legal back in 2018. In total, sports betting is legal in some form in 24 states, according to date provided by ESPN. Of course, sports betting legalization in the United States is a complex issue. Nevertheless, despite the legal challenges, interest in the industry is high. According to a report by MarketWatch, many have invested money into a new exchange-traded fund that tracks the sports betting and online gambling industries. This represents a “remarkable vote of confidence for a fund that’s only a few days old,” said Dave Nadig, a longtime industry veteran now at ETF Database. “I am a fan of this fund. If you believe online sports betting is the next big thing, this fund will capture everything from back-office infrastructure to front-facing retail plays.”
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) 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.
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.
‘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.’”
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=SkSk3GQD6GI
DraftKings Inc. (NASDAQ: DKNG) announced yesterday a multi-year agreement with ESPN to become a co-exclusive sportsbook link-out provider and exclusive daily fantasy sports provider of the media giant. Links across ESPN digital platforms will connect fans to DraftKings’ products and services. “ESPN helped revolutionize the 24/7 sports news cycle and continues to be the go-to source for many fans today on the latest and largest sports stories,” said Jason Robins, Co-Founder, Chairman and Chief Executive Officer, DraftKings. “We look forward to this collaboration to exclusively showcase DraftKings’ daily fantasy content and offerings while also advancing further visibility and mainstream adoption of our regulated sports betting products.” Under the agreement, DraftKings will now be able to integrate its products and offerings across ESPN’s digital platforms. DraftKings will also power existing and future ESPN studio shows with dedicated segments for promotion, beginning with daily fantasy sports.
International Game Technology PLC (NYSE: IGT) announced last month that it has expanded its PlaySports offering for the U.S. sports betting market with the formation of its own full-service Trading Team based in Las Vegas, Nev. The diverse and talented team adds another dimension of service to the most widely deployed B2B sports betting solution in the U.S. market and further cements IGT’s market leadership. “IGT’s in-house, U.S.-based Trading Team enhances the appeal of the entire PlaySports offering and enables us to deliver an ‘all-indone’ solution for operators seeking a single sports betting service provider,” said Enrico Drago, IGT PlayDigital Senior Vice President. “IGT PlaySports’ pure B2B focus, the Trading Team’s in-depth knowledge of regional and local betting preferences and trends, and the Company’s favorable regulatory standings in tribal and state-governed jurisdictions across the U.S. continue to create opportunities for our customers and drive our nationwide sports betting leadership.”
Boyd Gaming Corporation (NYSE: BYD) and FanDuel Group just announced 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.”
Penn National Gaming, Inc. (NASDAQ: PENN) announced on July 1st, that it had entered into a partnership with Sportradar, the global provider of sports data and content, to use official National Football League (“NFL”) data on the Company’s sports betting platforms. As part of the partnership, Penn National has the ability to offer a wide array of live, in-game wagering options on NFL games at its retail sports betting locations and on its Barstool Sportsbook app, which is expected to launch in the third quarter of 2020. “We are thrilled to be partnering with Sportradar for NFL data in advance of the upcoming football season,” said Jon Kaplowitz, Senior Vice President of Penn National’s interactive gaming division. “Delivering official NFL data to our growing, loyal audience, including over 66 million Barstool fans and our 20 million casino customers, will provide tremendous wagering opportunities where we operate sports books across the country.”
SOURCE FinancialBuzz.com
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