Sports Betting Set For Explosive Growth in 2021: CEO’s of MGM Resorts, FansUnite, fuboTV, and DraftKings Share Outlook

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: MGM Resorts International, FansUnite, fuboTV, and DraftKings.

Wall Street Reporter highlights the latest comments from industry thought leaders:

MGM Resorts International (NYSE: MGM) CEO, Bill Hornbuckle: “BetMGM emerging as long-term leader sports betting and iGaming”

“…The sports betting and iGaming market is one of the largest and most exciting growth opportunities in the U.S.A. today, and BetMGM is emerging as a long-term leader. BetMGM began 2020 in just 3 markets and has ended the year with 10. It is now currently live in 12 states, and we expect to be in 20 states by the end of 2021 with access to approximately 40% of the U.S. adult population. As each state rolls out, MGM is securing a leading market share position. In the fourth quarter, BetMGM’s market share was 17% in its retail and online markets and 19% if you exclude Pennsylvania, which were only open for part of December. This is a testament to BetMGM’s successful execution and strong management teams as it continues to enter new states on day one….BetMGM’s key competitive advantage is its ability to lever MGM’s destinations our broad-based experiential offerings and our M life loyalty program as efficient and effective customer acquisition tools. Once engaged, we know that omnichannel customers have vastly greater value to our company than single-channel customers. And again, while we’re still in this in the early days in Michigan, we are already proving this out. We are currently seeing customer acquisition costs below the $200 range.”

Advertisement

FansUnite “Positioned for Exponential Revenue Growth in iGaming, E-Sports, Online Sports Betting”

In their latest presentation at Wall Street Reporter’s NEXT SUPER STOCK livestream, FansUnite (OTC: FUNFF) (CSE: FANS) CEO Scott Burton, and President Darius Eghdami explained how FUNFF’s latest distribution deal with an 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.

May 5 – FUNN engages SeventySix Capital Sports Advisory (“SSCSA”), a preeminent sports and entertainment consulting group, to assist the Company in advancing its sportsbook platform expansion in the United States. SSCSA and its affiliated companies have an extensive network spanning some of the biggest brands within the sports and entertainment industry. By leveraging SSCSA’s extensive network of key partners, FUNFF will be able to identify U.S. sports, esports media and other companies and brands that are looking for a betting platform partner to provide wagering services to its followers. A partnership with these brands will enable FUNFF to capitalize on their fanbase, which will further solidify the Company’s footprint in the U.S. sports betting market, and generate significant income through a revenue share model when it licenses its B2B online gambling solutions to these companies.

April 14 – FUNNF reports record $28.3M in betting volume and a 136% increase in revenue for its McBookie subsidiary in Q1 2021, compared to same period last year.

March 17 – FUNFF enters into a strategic partnership with TGS Esports Inc. (TGS), a leading esports solutions provider, to launch live esports tournament prediction games.
TGS partners with organizations and brands to build and grow their esports communities via tournaments, broadcast production and events.

Advertisement

March 4 – FUNFF applies for UK Gambling licenses, which will unlock its suite of betting products to operators in the U.K. online gambling market and deploy its B2C wagering platforms in the United Kingdom. These applications represent a critical step for FansUnite to expand its operations to the U.K., a jurisdiction that is considered to be one of the largest gambling markets in the world.

DraftKings Inc. CEO, Jason Robins “New Sports Betting Markets Openings Are Fueling Growth”

“…We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in the guidance we shared in November…Looking ahead, I remain very confident in the continued growth of the online sports betting and iGaming markets in the U.S. Even in a market like New Jersey where we’ve been live for 2.5 years, substantial growth continues. Our handle in New Jersey grew over 100% in 2020 and we are profitable in the state despite the impact of the COVID pandemic…. In the fourth quarter, we launched sports betting in Tennessee. In January, Iowans were able to register via our mobile app rather than in person at a retail casino. We also launched mobile sports betting and iGaming in Michigan and we launched mobile sports betting in Virginia…”

“…We continue to be live with mobile sports betting in more states than any other operator. Our launch in Michigan is going very well. Early results are consistent with our goal to always maximize overall user engagement and monetization across our product offerings…DraftKings achieved 25% share of mobile sports betting handle and GGR and 20% share of iGaming GGR in the first 10 days of a highly competitive market. Our iGaming handle per capita in Michigan on Super Bowl Sunday with 1.9 times the average of our iGaming handle per capita in New Jersey, Pennsylvania and West Virginia on their first Super Bowl…We’re excited for the future. DraftKings is well positioned with over $1.8 billion in cash to enter new states as soon as practicable, to drive our continued product innovation, acquire customers and explore opportunistic M&A…”

fuboTV CEO David Gandler: ”At Intersection of Sports Streaming and Wagering”

Advertisement

“…From an execution standpoint, Q3 was by far the strongest quarter in the company’s history. Our results have exceeded previously raised guidance with solid growth across every KPI we track. Revenues were up 47% to $61 million. That’s well ahead of the guidance range we provided of $52 million to $55 million. …Paid subscribers at quarter end totaled 455,000, and that’s 58% above the 288,000 last year. Net additions came in at 167,000. That’s up almost 100% year-over-year…FUBO sits firmly at the intersection of 3 megatrends: The first is the secular decline of traditional television viewership; the second is the shift of TV ad dollars to connected devices; and the third is online sports wagering, a market we absolutely intend to enter. Our growth opportunities are numerous, and there are great many reasons for us to be optimistic given the optionality in the business…”

“We’re super excited about wagering. I would say that we’ve already started executing on our strategy. And at the appropriate time, we’ll provide more details. But the way we think about wagering is we look at it from a 3-bucket perspective: we have an acquisitions advantage, we have an engagement advantage and we have a monetization advantage. For acquisitions, you should think of it that we’re starting with 500,000 paying subscribers. And what you’ve heard from our ability to sell attachments this quarter, we think that we’re going to be able to also sell in a lot of wagering opportunities. Number two was on the engagement front. We have over 50,000 sporting events on the platform, and we’re getting people to watch over 120 hours per month. So there are going to be ample opportunities for us to really sort of drive that forward…”