Outlook on Sports Betting Begins to Shift as Regulations Ease
- FinancialBuzz.com News Commentary
NEW YORK, July 30, 2020 /PRNewswire/ -- After months of canceled sports events, one of America's favorite past times is slowly coming back. With sports, online betting is also reemerging as a topic of discussion. As it is still a relatively new industry and the legal infrastructure for it is still often unclear, some states are acting to change the situation. For example, just this week, 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), Penn National Gaming, Inc. (NASDAQ: PENN), Caesars Entertainment (NASDAQ: CZR), Boyd Gaming Corporation (NYSE: BYD), International Game Technology PLC (NYSE: IGT)
Many other developments in the sports betting market are being introduced, now at a faster pace than ever before. Just recently, DraftKings announced that it enhanced its sports sponsorship portfolio as leagues continue to resume operations, previously canceled due to the pandemic, securing a deal with the PGA Tour. According to a report by CNBC, Norb Gambuzza, PGA Tour Senior Vice President of Media and Gaming explained in a statement that "the PGA Tour couldn't be more pleased with growing our collaboration with DraftKings… The expansion of the relationship to now include sports betting is a natural evolution and one which fully supports and promotes the PGA TOUR's objectives of reaching and engaging new segments of fans while introducing them to our players, tournaments and media platforms."
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS) yesterday announced breaking news that it, "is preparing to welcome back Scottish football for the first time in five months. The 2020/21 Scottish Premiership season is set to start on Saturday, August 1, 2020.
The new season kicks off this weekend with six games played over Saturday, Sunday, and Monday. Fans will be able to watch this weekend's best matches, and more fixtures than ever before through Sky Sports exclusive deal to televise 48 Premiership games this season.
'We are excited to welcome back Scottish football, as it represents the largest betting volume per single sport on our platform,' said Paul Petrie, McBookie founder and Director. 'During the 2019 season, McBookie saw the Scottish Premiership produce $567k CAD of betting volume, representing approximately 13% of the total $4.42M CAD in betting that was placed in the football category of the platform.'
With the Scottish football season being cut short in 2019 due to the COVID-19 pandemic, McBookie customers were still able to enjoy betting on alternative sports such as the English Premier League.
'It has been a long five months without football in this country and we're excited for the first ball to be kicked," continued Paul Petrie. "Our customers have enjoyed betting on the English Premier League, but nothing really beats betting on football from your own country. After a strong month with the completion of the English Premier League, the new Scottish Premiership season gives McBookie the opportunity to start the journey on their home turf and watch the business achieve new heights.'
'As a versatile betting platform, McBookie has once again showcased they are able to provide a diverse set of betting solutions to a growing customer base in any market environment," commented Darius Eghdami, CEO and Chairman of FansUnite Entertainment. "When we purchased McBookie earlier this year, our goal was to provide the team with the resources needed to drive customer registration numbers. With one of their most popular sports returning to market, we are excited to see how the company can scale in 2020 and future years.'
McBookie is also launching a revamped loyalty program in conjunction with the start of the 2020 Scottish Premiership season, and has introduced the Tartan Club to reward regular customers with free bets, enhanced odds, and enhanced prices.
The platform will also continue its sponsorship of the Daily Record's Mr Fixit column and Jim Delahunt's column in the Scottish Sun, the most impactful gambling coverage in the country's two biggest national newspapers."
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=IHfbis3OoiE
Penn National Gaming, Inc. (NASDAQ: PENN) announced on July 1st, that it has entered into a partnership with Sportradar, the global provider of sports data and content, to use official National Football League ("NFL") data on the Company's sports betting platforms. As part of the partnership, Penn National has the ability to offer a wide array of live, in-game wagering options on NFL games at its retail sports betting locations and on its Barstool Sportsbook app, which is expected to launch in the third quarter of 2020. "We are thrilled to be partnering with Sportradar for NFL data in advance of the upcoming football season," said Jon Kaplowitz, Senior Vice President of Penn National's interactive gaming division. "Delivering official NFL data to our growing, loyal audience, including over 66 million Barstool fans and our 20 million casino customers, will provide tremendous wagering opportunities where we operate sports books across the country."
Caesars Entertainment (NASDAQ: CZR) announced last year that they have successfully launched new businesses and strategic partnerships, capitalizing on the rapid expansion of sports betting across the U.S. "The sports betting landscape continues to evolve and Caesars Entertainment is leading the industry by offering new and innovative ways for fans to engage with sports-related content while placing their bets in a sports book or through a mobile app," said Christian Stuart, Executive Vice President of Gaming & Interactive at Caesars Entertainment. "Our coveted partnerships, especially those in the broadcast space, have increased brand recognition for Caesars while also providing guests and sports fans new sports betting related content and experiences to enjoy."
Boyd Gaming Corporation (NYSE: BYD) and FanDuel Group announced last year, the debut of FanDuel Sportsbooks at four Boyd Gaming properties: Blue Chip Casino Hotel and Spa in Michigan City, Indiana; Diamond Jo Casino in Dubuque, Iowa; Diamond Jo Casino in Northwood, Iowa; and Belterra Casino Resort in Florence, Indiana. "Together, Boyd Gaming and FanDuel Group continue to successfully capitalize on the historic opportunity afforded by the legalization and expansion of sports betting in new states across the country," said Keith Smith, President and Chief Executive Officer of Boyd Gaming. "The FanDuel Sportsbook is off to a great start in Pennsylvania, contributing to solid growth in visitation and profitability at our Valley Forge Casino Resort near Philadelphia. We are confident our partners at FanDuel will deliver excellent results in Iowa and Indiana as well, further expanding Boyd Gaming's customer base and enhancing our long-term competitive appeal."
International Game Technology PLC (NYSE: IGT) announced on May 4th, that its PlaySports platform is powering FanDuel Group's FanDuel Sportsbook mobile app in Colorado. IGT PlaySports technology is currently powering the FanDuel Sportsbook mobile app in New Jersey, Pennsylvania, West Virginia, Indiana and Colorado. "Colorado represents the ninth U.S. state where IGT and FanDuel Group will team up to deliver leading sports betting entertainment," said Enrico Drago, IGT PlayDigital Senior Vice President. "IGT's PlaySports platform has enabled FanDuel Group to rapidly expand its U.S. sports betting footprint across retail and mobile, and to provide players in each state a compelling, reliable user experience across channels."
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