NEW YORK, March 11, 2021 /PRNewswire/ -- With the gaming industry booming, online gambling companies have been experiencing tremendous growth as users shift from traditional gambling scenes. Thanks to waves of changes in the early months of 2021, like Google announcing the reintroduction of gambling apps back in the Play Store, to digital wallets and payment processors partnering with online gambling operators, the future of the industry appears quite promising. Add this to the fact that Bill C-218 recently passed a vote in Canada's House of Common's with overwhelming support, companies like FansUnite Entertainment Inc. (CSE:FANS) (OTCQB:FUNFF), Score Media and Gaming (TSX:SCR) (OTCPK:TSCRF), Wynn Resorts (NASDAQ:WYNN), Caesars Entertainment (NASDAQ:CZR), and Real Luck Group Ltd, "Luckbox", (TSXV:LUCK) could be gearing up for significant rallies on the backdrop of these catalysts.
Growing Acceptance of Online Gambling
The recent House of Commons vote in favor of Bill C-218 in Canada marked a major step towards decriminalizing single-event sports betting, which opens up operators like Real Luck Group Ltd, "Luckbox", (TSXV:LUCK) to the country's online gaming industry. According to Deloitte Canada, within five years of the passage of the law, Canadian sports betting will be able to grow from $500 million a year to $28 billion a year, illustrating just how massive of an opportunity we're talking about.
The Bill's proposed changes would allow provinces and territories to regulate and license single-event sports betting but as the wave of legalization gathers momentum, the next hurdle the industry will have to overcome is how to process payments.
This is why even payment processors are finally coming around to the idea of integrating with online gambling companies. Luckbox signed agreements with Skrill, NETELLER, ecoPayz, and Trustly, which will offer a broad range of payment options, including Visa, Mastercard, ApplePay and Google Pay, to customers in more than 100 countries worldwide.
The Company is exploring other potential payment partnerships as well. Quentin Martin, Luckbox CEO, said: "We are delighted to be working with four of the most prestigious payment providers in the betting industry. These deals provide a broad range of payment options to players in key markets for us, not least in Latin America, Europe and the CIS region, where esports betting is hugely popular."
Score Media and Gaming (TSX:SCR) (OTCPK:TSCRF) also stands to be a major beneficiary of Bill C-218. Its sports media app is one of the most popular multi-sport news and data apps in North America and this could be the company's chance to expand into Canada's nascent online gambling industry. Its mobile sportsbook, theScore Bet (iOS and Android), delivers an immersive and holistic mobile sports betting offering, including a wide range of pre-game and in-play betting across all major sports leagues and events, and a comprehensive variety of bet types.
M&A Driving Customer Acquisitions
As online gambling restrictions ease up, the battle for users has been heating up, resulting in considerable consolidation in the industry. FansUnite Entertainment Inc.'s (CSE:FANS) (OTC:FUNFF) recent acquisition of McBookie is an excellent example of this. The existing McBookie platform offers Sports Betting, Casino, and Virtual sports, with a heavy focus on soccer and horse racing, and management's main goal here is to grow the platform in the United Kingdom, most notably to Scottish players.
Wynn Resorts (NASDAQ:WYNN) will pay $3.5 million to invest in Blue Wire, a sports podcasting platform based in San Francisco. The company will use the investment to develop a dedicated studio at the Wynn Resorts property in Las Vegas and use the product to promote the company's online betting unit, WynnBET.
Last year, Caesars Entertainment (NASDAQ:CZR) paid $3.6 billion to buy British online firm William Hill in order to expand its sports betting operations. On the completion of the Hill merger, Caesars will not only rank among the top 10 leaders in sports betting by revenue but will also have around 9% to 10% of the total mobile sports betting market. In addition to this, Caesars will be able to cross market William Hill's US database of sports bettors with its own casino customers.
As tailwinds begin to steer in favor of the online gambling industry, companies like the esports betting platform Luckbox are in a solid position to benefit from this positive momentum.
To learn more about Real Luck Group Ltd, "Luckbox", click here.
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