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Sports Betting and I-Gaming Leaders: Penn National Gaming, FansUnite, Rush Street Interactive, and Genius Sports positioned for Explosive Revenue Growth

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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 (NASDAQ: PENN), FansUnite (OTC: FUNFF) (CSE: FANS), Rush Street Interactive (NYSE: RSI) and Genius Sports Limited (NYSE: GENI). Wall Street Reporter highlights the latest comments from industry thought leaders in the esports, digital entertainment, and gaming markets:

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

In his latest presentation at Wall Street Reporter’s NEXT SUPER STOCK livestream, FansUnite (OTC: FUNFF) (CSE: FANS) CEO Scott Burton shared the global i-gaming company’s latest progress and milestones in the multi-billion dollar i-gaming, and sports betting market. FUNFF was recently granted a UK gaming license, enabling the Company to serve as a Business-to-Business technology provider and Business-to-Consumer operator in the $20 billion+ UK online gambling market, which is one of the world’s largest online betting markets. FUNFF is also positioned to play a foundational role in Canadian sports betting as that market opens.

FUNFF has developed a one of a kind i-gaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. Scott Burton shared that the RNG games are expected to be a major source of revenue, thanks to a distribution deal with a major online casino games aggregator which can license the games to thousands of online casinos – setting the stage for exponential revenue growth opportunities.

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FUNFF recently appointed i-Gaming industry veteran Mike Lee, as VP of gaming to lead the development and growth of FUNFF casino operations, launching new i-Gaming products and expanding global distribution. Mike Lee was the CEO of Genesis Gaming, a prominent gaming provider, where he oversaw the company’s global business operations, leading the development of Genesis Gaming’s game delivery platform and overseeing an extensive portfolio of more than 100 gaming titles. Burton also shared that FUNFF, with a recently closed C$24.7 capital raise, is well positioned to take advantage of potential M&A opportunities in the online gaming industry in the coming months.

Penn National Gaming CEO, Jay Snowden: ”Creating North America’s Leading Digital Sports Content Gaming and Technology Company”

“…We’re preparing to launch the Barstool Sportsbook app in four or five more states by the start of NFL season next month. And by the end of this calendar year, we expect to be live in at least 10 states, while also introducing several new features to the app, such as same-game parlay and shareable bet slip, which we’re really excited about…With greater operating scale and leverage, improved products and unique value-creating marketing strategies, we believe we are extremely well positioned for a strong fall, as we roll into Barstool Sports’ favorite time of the year, football season, which provides a nice segue to our pending acquisition of theScore, which is the number one sports app and sports media name in Canada and the third most popular sports app and sports media name in North America.”

“When we add theScore’s unique integrated media and betting platform and modern state-of-the-art technology to the massive audience of Barstool Sports and its wildly popular personalities and content, we’ll be creating North America’s leading digital sports content gaming and technology company…We are uniquely positioned to seamlessly serve our customers with the most powerful ecosystem of sports, gaming and media in North America, ultimately creating a community that does not exist today…This transaction will allow us to provide state-of-the-art mobile sports betting and iCasino with highly customized bets and enhanced in-game wagering opportunities along with highly engaging personalized sports and media content and real-time scores stats and videos.

“…We believe this powerful new flywheel will result in best-in-class engagement, retention and loyalty and this larger cross-promotion ecosystem will provide us with multiple growth channels that transcend our current business verticals. In the near-term, we’ll just be scratching the surface of where we can ultimately take this company. The transaction also provides us with a path to full control of our own tech stack with a deep pool of engineering talent…”

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Rush Street Interactive Richard Schwartz, CEO: ”Momentum Building for Sports Betting and Online Casino Games”
“…Revenue was $122.8 million during the quarter, representing a year-over-year increase of 89%. Not only did we grow casino revenue sequentially during the period, but also sportsbook revenues despite a lighter sports calendar. With this continued success and growth in our business, we are once again raising our guidance. We now expect our 2021 full-year guidance to be between $455 million and $495 million implying 72% year-over-year top-line growth at the midpoint.”

“We have continued to make significant progress in our market access initiative… We have been selected by the Connecticut Lottery to be a sports betting partner, making RSI one of only three sportsbook operators who will be authorized to operate in the state…New York has recently accepted bids… We formally submitted our bid as part of the process. We are excited about the opportunity to offer our online sportsbook in the state of New York…We have no shortage of near-term opportunities and expected state launches coming over the next couple of quarters. And our business development team is hard at work to continue the strong momentum to secure partnerships in many new jurisdictions.”

“We also continue to be very encouraged by the legislative momentum for online sports betting and the addition of online casinos in many states which already have approved sports betting. It has become very clear we are looking at the numbers in New Jersey, Pennsylvania and Michigan that online casino is a greater generator of cash revenue, and many state legislators are recognizing this opportunity.”

Genius Sports Limited (NYSE: GENI) Mark Locke, CEO: ”At the Heart of sports, betting and media Ecosystem”

“…Genius is uniquely positioned at the heart of the sports ecosystem that connects sports, betting and media. Over our long history, we built a proprietary technology platform that our partners depend on to streamline data collection and distribution, engage audiences and ultimately monetize sports fans. By partnering with hundreds of sports leagues and federations, sportsbook operators and media brands across the globe, we are well positioned to capitalize on the growth in the sports betting market. While our fast growing sports betting market presents the best opportunity to monetize sports fans today, our vision stems far beyond the boundaries of sports betting alone. We are focused on building a tech platform that enables our partners to monetize their audience in a multitude of ways tomorrow, whether through betting, ticketing, merchandising or others…”

“The business model we have in place allows us to participate in the upside of the US market. As the US markets revenues from gaming grow, our revenue also grows, regardless of which B2C player wins share. We’re currently permitted to supply – in 13 US states and three tribal jurisdictions and have a proactive US license strategy, ensuring that there is no market in the US where we will not be able to operate…We are revising our full year 2021 revenue guidance to a range of $250 million to $260 million, up roughly 30% to 35% from where we guided the market to previously…”

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Hacksaw Gaming and DraftKings Score Again in Ontario

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2023 saw Hacksaw Gaming go live in West Virginia and New Jersey and now we have made our long-awaited entry in Ontario, Canada. Securing this trio has hit new heights and hopes for further successes throughout the rest of this year.

DraftKings Casino entered the iGaming market in Ontario in May of 2022 and partnered with Hacksaw Gaming in the back end of the same year. As Ontario’s regulated iGaming market only went live in April of 2022, the pair have given an outstanding performance with effective launch strategies and expansive footing in North America.

Apart from gaining an unprecedented reach across regulated markets, the mobile-friendly format of Hacksaw Gaming games can be visited on phone or tablet via the DraftKings Casino app. Boasting an impressive online casino’s selection of over 300 games, DraftKings now welcomes Hacksaw Gaming favourites such as Chaos Crew, Mines, Omnom and Boxes.

“The benchmarks we have set as a partnership are remarkable and we are ready to take on more challenges continuing into 2024,” the Chief Executive Officer for Hacksaw Gaming, Marcus Cordes, said.

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Exploring Canada’s video Game Market: Survey Insights

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Technology has become a great source of entertainment to many. Video games particularly have garnered interest from all demographics. In Canada, the gaming industry has experienced significant growth, fuelled by increased accessibility to gaming platforms and the growth of online gaming communities.

Statistics indicate that a large percentage of Canadians are engaged in gaming activities, whether it be playing console or PC games, mobile games, or online multiplayer games. The popularity of video games extends beyond leisure pastimes, with many Canadians participating in gaming competitions, attending gaming conventions, and consuming gaming-related content on platforms like Twitch and YouTube.

The number of video game users in Canada reflects how broad the sector is, from mobile games to digital video games, download games and live streaming. In 2024, the gaming sector will see millions of users in each of these categories. Statista projects 13.38 million users for digital video games and 7.35 million users for online games respectively. It estimates that revenue in the Canadian video game market is expected to reach US$3,925.00m in 2024, so it is no surprise to observe the increasing popularity of the sector.

Well-known online casino provider BetVictor has compiled some key points from major surveys detailing the video game market to give further insight into its makeup and potential. The gaming culture in Canada is growing, which means the type of games and genres will grow along with the sector. Statista recently conducted a survey of 1 576 respondents aged 18 – 64 who are avid video game players, with telling results. ​​In December 2023, a survey about preferred video game genres in Canada revealed the top four genres as being Action, Action – adventure, Adventure and casual games accounting for 31% of respondents’ preferences.

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David Winter, Marketing Manager at BetVictor notes that “We’ve seen a steady increase in the popularity of action-themed and adventure-themed slots and many providers are exploring how to expand further into this market.”

The popularity of Action games such as platform and fighting games can be attributed to various factors, such as: social interaction, accessibility and inclusivity, social appeal, and cultural influence. With such a diverse audience, all these factors are crucial to understand the appeal of Action games.

In the digital age, gaming has transcended mere entertainment to become a cornerstone of culture, and nowhere is this more evident than in Canada. From coast to coast, a diverse community of gamers is thriving, reflecting the country’s inclusive spirit and passion for technology. Whether it’s the casual gamer enjoying a quick session on their smartphone or the dedicated enthusiast meticulously building a custom gaming PC, Canada offers a welcome haven for all kinds of gamers.

Diving deeper into the Statista results, Strategy games accounted for 29%. This shows us that players have a strong interest in tactical and decision-making games. While role-playing (RPG) and sports games garnered 22% each, simulation and shooters trailed slightly behind at 21% and 20% respectively.

MMO (massively multiplayer online games), as well as MMORPGs (massively multiplayer online role-playing games) and MOBA (multi online battle arenas) came in at 13% and 8% respectively, representing a significant but niche following. With such a diverse array of preferences, the survey underscores the multifaceted nature of interests among Canadian gamers. It highlights the need for game developers to cater for a wide range of genres and gameplaying styles in the Canadian market.

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From action shooter games to role-playing adventures, the industry has something for every gaming enthusiast in the Canadian market. Overall, the popularity of video games in Canada reflects a growing cultural phenomenon, where gaming has become a mainstream form of entertainment and a significant aspect of modern-day leisure activities.

Statistics anticipate a compound annual growth rate (CAGR) of 7.10% for 2022-2027, resulting in a projected market volume of US$24.52bn by 2027. Canada’s online gaming market is experiencing a surge in popularity, with a surging number of Canadian players engaging in immersive virtual reality experiences.

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iGaming Ontario Seeks Proposals for a Centralized Self-exclusion Solution Until April 24, 2024

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iGaming Ontario (iGO) is currently seeking proposals for Ontario’s centralized self-exclusion solution for igaming from now until April 24.

Partnering with iGO on this multi-year project offers a unique and exciting opportunity for forward-thinking and innovative organizations prepared to make a lasting positive impact on the igaming landscape in Ontario. Interested organizations can visit iGaming Ontario’s dedicated procurement page on MERX to review all NRFP details and prepare their submissions for this high-profile initiative.

The successful bidder will develop a system that:

  • Integrates seamlessly with all Ontario igaming operators’ systems, including Ontario Lottery and Gaming Corporation (OLG)’s igaming site.
  • Provides anyone 19+ with easy access to create and manage their self-exclusion profile.
  • Implements Know Your Customer (KYC) identity verification, registration, renewal, and reinstatement processes that are intuitive, simple, and offer supporting information.

How to Participate in the Bidding Process?

The Centralized Self-Exclusion (CSE) Solution, along with other iGO current and past bid opportunities, can be found on iGO’s MERX page.

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Have a question?

Use the question and answer tool provided on iGO’s MERX page to submit any questions you might have. Please note that iGaming Ontario will only entertain questions about open bidding opportunities in accordance with government directives.

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