Governing Bodies Buoy the Expansion of Betting Regulations
- FinancialBuzz.com News Commentary
Oct 23, 2020, 09:00 ET
NEW YORK, Oct. 23, 2020 /PRNewswire/ -- After months of canceled sports events, one of America's favorite past times is now back. With sports, online betting is also resurfacing as a topic of debate. As it is still a relatively new market and the legal infrastructure for it is still often unclear, some states are acting to resolve the situation. For example, earlier in July, the Massachusetts House passed a USD 459 Million economic development bill, which includes funding for non-profits affected by the pandemic, local projects and language legalizing sports betting. In particular, the new bill describes three license categories for betting, one for online and in-person betting at casinos, a second for in-person betting at race tracks and the third for sports betting on mobile or other digital-only platforms. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), International Game Technology PLC (NYSE: IGT), Penn National Gaming, Inc. (NASDAQ: PENN), MGM Resorts International (NYSE: MGM), DraftKings Inc. (NASDAQ: DKNG)
More and more partnerships between casinos, betting services and sports leagues are now being agreed upon. For example, just earlier this week, International Game Technology further differentiated its PlaySports sports betting solution through a multi-year partnership with the NBA. "Partnering with the NBA to bring official league data to our PlaySports customers further validates IGT's seriousness about delivering an unrivaled sports betting solution for the U.S. market and supports the 'all-in-one' proposition that we offer," said Enrico Drago, IGT PlayDigital Senior Vice President. "With the rise in popularity of in-play, prop and parlay bets, having access to official, real-time NBA data feeds and league marks and logos positions IGT to collaborate with our PlaySports customers in creating highly compelling betting menus for sports fans across the country."
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) announced yesterday breaking news that, "Askott Games has signed with a leading online casino games aggregator to distribute its proprietary Random Number Generated (RNG) games to online casinos and sportsbooks in the European market.
The first casino game aggregator to publish the Askott Games content will be The Ear Platform. The Ear is a European-focused aggregator that will give Askott Games access to more than 120 online gaming sites they are integrated with.
FansUnite has produced unique esports and video game-themed RNG/casino games under the Askott Games brand, which are ready to be launched to the market. Besides hosting the games on its B2B offering, the Chameleon Gaming Platform, Askott Games will sign agreements with existing casino game aggregators to make the games available to thousands of online casinos and sportsbooks worldwide. Game aggregators compile the best casino games they can find and offer them to online casinos and sportsbooks through a single integration. Given that the arrangements are on a revenue share basis, Askott Games will receive a share of the net gaming revenue every time one of their games is played.
'When we started Askott Games we knew that online casinos were looking for ways to reach and engage with younger customers that were not interested in traditional casino offerings,' said Scott Burton, CEO of FansUnite Entertainment. 'The positive response we have received for our internally produced esports and video game-themed RNG games validates this thesis.'
'This integration with Ear will provide more exposure to our games and will enable us to market to over 120 websites and thousands of end customers. This deal and the ones thereafter, give us the ability to sell our games through the networks aggregators have built and provide us the ability to quickly scale while producing a steady stream of recurring revenue to our overall business.'
Andrei Siomela, Commercial Director of The Ear Platform, added, 'We pride ourselves on having the best casino offerings available to our customers. Currently, we provide over 120 iGaming sites throughout Europe with casino games developed by tier 1 game providers. With the games that Askott is producing, we can offer games specifically designed for the most desirable audience, 18-30-year-olds, to our partners. Our customers are looking for solutions that appeal the most to this demographic. We can't wait to have Askott Games incorporated into our platform, and we have been very excited to see the pipeline of games that the Askott team has in development.'
Askott Games is currently completing its fourth game with plans for over ten within the next 12 months. With this announcement, FansUnite will also be launching the dedicated Askott Games (askott.games) site and begin business development."
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=Vhg_pm0UAhQ
International Game Technology PLC (NYSE: IGT) announced on September 24th that the Company expanded its U.S. sports betting footprint to North Dakota with an IGT PlaySports agreement to power retail sports betting at two casinos operated by the Turtle Mountain Band of Chippewa Indians. Grand Treasure Casino in Trenton, N.D. and Sky Dancer Casino and Resort in Belcourt, N.D., will both leverage IGT's PlaySports platform, self-service kiosks, and trading services. "By leveraging IGT's proven PlaySports solution, Turtle Mountain will launch an exciting sports betting operation at Grand Treasure and Sky Dancer casinos backed by best-in-class technology, services, and flexible self-service products," said Jamie Azure, Chairman of Turtle Mountain Band of Chippewa Indians. "The addition of sports betting will expand our casino entertainment and offer our loyal patrons and sports fans alike new ways to play. IGT is the market leader in sports betting technology, and I am confident that with their proven experience and service, we will be able to implement and operate exciting and successful programs."
Penn National Gaming, Inc. (NASDAQ: PENN) announced on July 1st, that 34 of its 41 gaming and racing properties have resumed operations, representing approximately 83 percent of the Company's regional gaming portfolio in 14 of the 19 states where it operates. The latest reopenings were scheduled for July 1st, at the Company's three Illinois casinos as well as its Prairie State Gaming video gaming terminal ("VGT") operations throughout Illinois. "With the reopening of our three casinos and our VGT operations in Illinois, 83 percent of our industry-leading regional gaming footprint has now resumed operations," said Jay Snowden, President and Chief Executive Officer for Penn National. "We are grateful to our Corporate and property management teams, as well as our regulators and local and state public health officials, for working tirelessly to get our doors open while helping to protect the safety of our team members and guests," said Mr. Snowden. "We look forward to the eventual reopening of all of our 41 properties nationwide in the coming weeks."
MGM Resorts International (NYSE: MGM) and GVC Holdings, or BETMGM, the joint venture announced on September 28th it is Tennessee Titans' first Official Sports Betting Partner. The announcement marks a historic moment in Tennessee as it represents the state's first official partnership between a professional sports team and sports betting platform. "We are thrilled to bring BetMGM to the state of Tennessee," said Gil Beverly, Titans Sr. Vice President, Chief Marketing and Revenue Officer. "BetMGM will deliver new experiences and levels of engagement to our fans and we're excited to welcome them in as an official partner."
DraftKings Inc. (NASDAQ: DKNG) and Turner Sports announced on October 15th, entry into a multi-year agreement making the digital sports entertainment and gaming company the exclusive sportsbook and daily fantasy sports provider across select Turner Sports and Bleacher Report properties, excluding NBA programming. "Regulated betting is quickly becoming a fixture of modern sports entertainment, and this collaboration with Turner Sports further scales the reach of our products and content to engage fans," said Ezra Kucharz, Chief Business Officer, DraftKings. "Turner Sports platforms provide exceptional content as they continually captivate sports audiences. Their medium aligns with the DraftKings' brand and we look forward to delivering a seamless experience for readers and viewers while also broadening our visibility." "While this emerging industry continues to evolve, sports betting helps to drive engagement, increased time spent viewing and audience scale," said Will Funk, Executive Vice President, Sports Partnerships and Branded Content, Turner Sports. "This alliance enhances Turner Sports' content with betting information that our hyper-engaged, highly interactive viewers demand, while driving customer engagement and acquisition for DraftKings."
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