Increase Number of Sports Leagues and Events Fueling Booming Demand for Online Sports Wagering

PALM BEACH, Fla., Nov. 9, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - As a form of gambling, sports betting involves engaging in a wager on the consequence of a certain sporting event. Based on two probable outcomes, people bet on sports to win additional money. Over the past years, sports betting has become more convenient as people can now bet on various sports from their homes or while traveling. This is further resulting in increased betting across the globe. Factors such as the penetration of connected devices, changing regulatory landscape of the overall gambling industry, and growing digital infrastructure are fueling the demand for sports betting. Additionally, the increase in the number of sports leagues and events is fueling the demand for sports betting among millennials and elder people around the world. The COVID-19 pandemic severely affected the sports industry, especially land-based sports, owing to the complete ban on sporting events across most parts of the world. However, the popularity of online sports betting witnessed significant growth during the pandemic owing to eSports betting. A report from Grand View Research said that the global sports betting market size was valued at USD 66.98 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028. The report said: "The online segment accounted for the largest revenue share of over 50.0% in 2020 and is anticipated to maintain its lead over the forecast period. The online segment is expected to witness the fastest growth over the forecast period. In terms of platform, the market has been divided into online and offline sports betting. The growth of the online betting segment can be attributed to the increase in the penetration of smartphones and connected devices across the world."  Active companies in the markets today include:  Esports Technologies (NASDAQ: EBET), DraftKings Inc. (NASDAQ: DKNG), Skillz Inc. (NYSE: SKLZ), SharpLink Gaming Ltd. (NASDAQ: SBET), Melco Resorts & Entertainment Limited (NASDAQ: MLCO).

Grand View Research continued: "Europe accounted for the largest revenue share of over 35.0% in 2020 and is expected to retain its position over the forecast period. The regional market growth can be attributed to the safety laws and regulations for offline as well as online betting across most of the countries in the region. Furthermore, countries such as Germany and the U.K. are well-known for popular sports such as horse racing and football, along with popular football clubs such as Liverpool, Manchester United, and Chelsea F.C.  Asia Pacific accounted for the second-largest revenue share in 2020 and is anticipated to expand at the highest CAGR of 12.2% over the forecast period. Factors such as the growing number of people betting on sports events, such as cricket, hockey, football, and basketball, are driving the market in this region. Furthermore, the legalization of sports betting across countries, such as India and Australia, and factors such as an increase in internet penetration and income levels of middle-class families are prominently fueling the market growth in this region."

Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Files Patent for Esports Wagering Modeling System and Method in Multiplayer Games - Improves Odds Pricing of Any Combination of Actions by Multiple Players and Teams via Enhanced Probability Distribution  -  Esports Technologies, a leading global provider of advanced esports wagering products and technologies, announced today that it has filed a new patent application covering a modeling system for multiplayer battle games. The system would use a modified statistical distribution for modeling possible outcomes in battle games involving multiple players and teams.

The systems and methods described in Esports Technologies' patent application detail the use of this statistical tool to represent the exact score distribution of kills in multiplayer online battle arenas (MOBAs). Applying this discrete probability distribution to an esports event enhances the modeling of probabilities within the event. By delivering more precise gaming odds, the technology could be a contributor in driving engagement with esports bettors.

Bart Barden, COO, Esports Technologies, said, "Data analytics is a key competitive differentiator for our company. Esports Technologies' dedicated quantitative analysis team has found what it believes to be a novel way to extract maximum value from the data that is constantly being generated in MOBA games. This patent could significantly elevate the state of the art in esports wagering."

This filing represents the latest addition to Esports Technologies' portfolio of intellectual property. In August 2021, the company filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament. For this groundbreaking use of technology, Esports Technologies was selected as a finalist in the 2021 Tempest Esports Business Awards.

In June 2021, the company filed a patent covering a proprietary live streaming technology that integrates sports and esports wagering across many of the most popular streaming platforms, including Twitch, YouTube, Facebook Gaming, and Hulu, among others. CONTINUED…   READ THIS AND MORE NEWS FOR EBET BY VISITING:  https://esportstechnologies.com/news/

In other technology recent news of interest:

Skillz Inc. (NYSE: SKLZ), the leading mobile games platform bringing fair competition to players worldwide, recently announced financial results for the third quarter ended September 30, 2021.

"Skillz delivered another quarter of strong results, achieving 70% year-over-year revenue growth," said Andrew Paradise, Founder and CEO at Skillz. "We're so proud to see our new content exceeding expectations, with Big Buck Hunter: Marksman hitting the number one spot in the sports category of the App Store last month."

Q3 Financial Highlights Were: Revenue was $102.1 million in the third quarter of 2021, up 70% over the prior period. This was driven by 47% growth in Paying MAU over the prior year period; Gross profit was $94.4 million in the third quarter of 2021, up 66% over the prior year period; Net income was $50.8 million in the third quarter of 2021, compared with $(42.9) million in the prior year period. The increase was primarily driven by $113.6 million of income attributable to the decrease in the estimated fair value of the Private Common Stock Warrants and the redemption of Public Common Stock Warrants and a $18.9 million income tax benefit in the period; Adjusted EBITDA was $(41.7) million in the third quarter of 2021, $17.3 million lower than the prior year period; and Cash on balance sheet of $540.3 million and no debt at the end of third quarter 2021.

SharpLink Gaming Ltd. (NASDAQ: SBET),  a pioneer of game-changing technological solutions and experienced-based services for the U.S. online sports betting industry, recently announced that SportsHub Games Network, Inc., an industry leading fantasy and sports game content provider, has integrated SharpLink's pioneering C4 Sports Betting Conversion technology with its NFC High Stakes and Fanball Daily Fantasy Sports gaming websites to proactively engage and convert its fantasy game players into sports bettors in states where online betting has been legalized.

Built from the ground-up specially for the emerging U.S. sports betting market, SharpLink's C4 Sports Betting Conversion platform was created to replace generic banner ads and buttons to serve sports fans personalized betting offers that are based on user behavioral data and intelligence captured and analyzed by the C4 engine. In a one-year internal study conducted in collaboration with NFC High Stakes, SharpLink compared standard banner ad performance against C4 integration performance, finding that personalized betting offers served by the C4 engine resulted in 59.31% user engagement versus only 8.86% for banner ads. Moreover, when comparing ultimate conversion rates, SharpLink's C4 technology outperformed banner ads by over 300%.

Melco Resorts & Entertainment Limited (NASDAQ: MLCO), a developer, owner and operator of integrated resort facilities in Asia and Europe, recently announced that it will release its unaudited financial results for the third quarter of 2021 on Tuesday, November 9, 2021 to be followed by a conference call on the same day at 8:30 a.m. Eastern Time (or 9:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below 1-833-239-5575; An audio webcast will also be available at http://www.melco-resorts.com.

The Company, with its American depositary shares listed on the Nasdaq Global Select Market (Nasdaq: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau an integrated resort located at Taipa, Macau and City of Dreams, an integrated resort located in Cotai, Macau. Its business also includes the Mocha Clubs, which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City, a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila, an integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos ("Cyprus Casinos"). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease.

DraftKings Inc. (NASDAQ: DKNG) and Golden Nugget Casino Lake Charles recently jointly announced the launch of a new retail sportsbook slated to open on November 10, 2021, at 2pm at Golden Nugget Casino Lake Charles, pending licensure and regulatory approvals. Louisiana sports fans age 21 and over will be able to place wagers on a variety of betting markets across professional, collegiate, and other sports leagues at the DraftKings Sportsbook located inside the Golden Nugget Casino Lake Charles.

DraftKings will be launching its online sportsbook in Louisiana at a later date, pending aforementioned approvals. Once live, sports bettors in the state will be able to place bets online and via their mobile devices on the DraftKings Sportsbook app in permitted parishes.

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