FinancialBuzz.com News Commentary
New York, NY (4/8/2021) – The shift to a more favorable attitude towards online gambling services is visible across the board. For example, earlier in October, WynnBET, the digital gaming division of Wynn Resorts Ltd. that is responsible for Wynn’s mobile sportsbook and casino app, announced a multi-year national sports betting partnership. As an Authorized Gaming Operator of NASCAR, WynnBET will collaborate with NASCAR to create and promote engaging sports betting experiences for racing fans across the United States. Overall, advances in technology have made sports betting more accessible, and this trend only accelerated due to the pandemic. Bragg Gaming Group Inc. (OTC: BRGGF) (TSX: BRAG), MGM Resorts International (NYSE: MGM), Caesars Entertainment, Inc. (NASDAQ: CZR), Wynn Resorts, Limited (NASDAQ: WYNN), Penn National Gaming, Inc. (NASDAQ: PENN)
To illustrate just how popular online sports betting is in states where the market can already operate, a report by the Chicago Sun-Times indicates that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including the resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. As a result of the evident spike in demand, Morgan Stanley reported that it now projects that the domestic sports betting industry will reach revenues of about USD 7 Billion by 2025, a major increase from the USD 5 Billion projected in June 2018 and reiterated last December, Casino.org reports.
Bragg Gaming Group Inc. (OTCQX: BRGGF) (TSX: BRAG) announced yesterday that, “the Company has strengthened its foothold in Spain, launching its award-winning portfolio of ORYX Gaming content with Casumo.
Casumo is the second operator in Spain to launch ORYX’s unique and exclusive RGS content to its customers. The content will include titles already extremely popular within Spain’s land-based sector, such as GAMOMAT’s Red Hot Firepot, La Dolce Vita, and Books & Bulls. Casumo was granted an online licence in Spain in July of 2020.
Since its inception in 2012, Casumo has grown into one of the most distinctive, innovative online casino brands and Sportsbook operators in Europe. Casumo created the world’s first casino adventure by combining the worlds of social and real money gaming, where players collect both wins and points for every round they play. Casumo has more than 300 employees located in Malta, Gibraltar, London, Copenhagen and Spain, and is available to players in many global jurisdictions, including the UK, Sweden, Finland, Norway, Germany, Spain and Canada. Casumo holds licenses in Malta and the UK.
Spain is the latest in a number of major jurisdictions where ORYX has been certified and has launched. The Spanish online gaming market has seen strong growth since it opened in 2011, and the online casino sector now represents nearly 40 per cent of market gross gaming revenue.
‘Expansion into new markets is a significant pillar in our strategic plan, so we are thrilled to strengthen our Spanish presence with Casumo,’ said Matevz Mazij, Managing Director of ORYX Gaming. ‘Casumo is the perfect partner for us as they have quickly established themself as a fun and entertaining casino brand, and we look forward to working together to further enhance their offering. This partnership will also open the door to further partnerships in Spain, as we see great potential in this market going forward.’”
MGM Resorts International (NYSE: MGM) announced earlier this year a new partnership centered around an integrated sports betting and entertainment experience. The two companies will collaborate on marketing and promotional offers through the BetMGM platform at select Topgolf venues and within WGT by Topgolf, the leading online golf game which has been part of the Topgolf family since 2016. “We look forward to introducing Topgolf guests to the immersive sports betting experience that only BetMGM can provide,” said BetMGM’s Chief Revenue Officer Matt Prevost. “Topgolf is known for offering unique and interactive entertainment options, which our loyal BetMGM users can now access through a variety of exclusive and customized packages.”
Caesars Entertainment, Inc. (NASDAQ: CZR) and William Hill PLC announced on September 30th that they have reached agreement on the terms of a recommended cash acquisition pursuant to which Caesars will acquire the entire issued and to be issued share capital of William Hill for approximately GBP 2.9 Billion. “The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” said Caesars Entertainment CEO Tom Reeg. “William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to serve our customers in the fast-growing U.S. sports betting and online market. We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment.”
Wynn Resorts, Limited (NASDAQ: WYNN) through their subsidiary WynnBET, the premier casino and sports betting app from the global leader in luxury hospitality, Wynn Resorts, announced recently that it has been issued a permit for the operation of online sports betting in the Commonwealth of Virginia. The WynnBET mobile app will soon be made available to sports betting enthusiasts for registration and use throughout the state. This marks the tenth state to be added to the growing list of jurisdictions where WynnBET plans to launch.
Penn National Gaming, Inc. (NASDAQ: PENN) announced earlier this year that the Michigan Gaming Control Board (“MGCB”) has approved the Company’s applications to offer online sports wagering and iCasino products in Michigan. Penn National intends to officially launch its Barstool Sportsbook mobile app on iOS and android, as well as desktop at 12:00pm EST on Friday, January 22nd, 2021 and its iCasino products will follow shortly thereafter, subject to final regulatory approvals. This follows the opening of the Company’s retail Barstool Sportsbook at Greektown Casino Hotel in downtown Detroit on December 23rd, 2020. “This is an exciting time to be launching our online Barstool Sportsbook in Michigan,” said Jay Snowden, President and CEO of Penn National. “We have been incredibly pleased with the success of the mobile app since launching in Pennsylvania in September. Our customers have thoroughly enjoyed engaging with Dave Portnoy, Dan ‘Big Cat’ Katz and other Barstool fan favorites, and we expect more of the same in Michigan. As the only gaming operator with a fully integrated sports media and entertainment partner, Penn can provide our customers the opportunity to interact with Barstool personalities online and also in-person at our new Barstool Sportsbook at Greektown.”
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