NEW YORK, March 2, 2021 /PRNewswire/ -- More and more states are beginning to launch online betting businesses. In addition to a more favorable legal infrastructure, public opinion has turned in favor of such services. Last year's election helped further reinforce the industry. Three states had measures on the ballot to legalize sports betting: Maryland, Louisiana, and South Dakota. All three voted yes. As the legal infrastructure became friendlier towards online gambling, many companies in the gambling industry began to offer additional betting options. In the United States, for example, there are several states that offer online casino gaming services, including New Jersey, Pennsylvania, West Virginia, and Delaware. Michigan had also just recently passed legislation which will allow it to launch similar services, Shared reports. To illustrate just how popular online sports betting is in states where the market can already operate, according to data from Odds.com, which was published by Forbes, Illinois was poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition. Bragg Gaming Group Inc. (OTC: BRGGF) (TSX-V: BRAG), Caesars Entertainment, Inc. (NASDAQ: CZR), DraftKings Inc. (NASDAQ: DKNG), Score Media and Gaming Inc. (NASDAQ: SCR) (TSX: SCR), FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS)
The most significant boost to the sports betting segment is attributed to the usage of smartphones, which allow bettors to bet at anytime and anywhere. Additionally, innovative technologies such as Blockchain, Internet of Things (IoT) and VR are changing the intricacies in many fields, including gambling in an online casino. Furthermore, eSports have also benefited from these developments. Just like any segment in the online entertainment industry, the number of viewers and direct participants is crucial for success. And, according to a report by Business Insider, eSports viewership is expected to grow at a 9% compound annual growth rate (CAGR) between 2019 and 2023, up from 454 Million in 2019 to 646 Million in 2023, per Insider Intelligence estimates. This segment also features gambling and betting features associated with it, thus resembling the online sports betting segment.
Bragg Gaming Group Inc. (OTCQX: BRGGF) (TSX-V: BRAG) announced last week that, "the Company has been named to the 2021 Venture 50, the TSX Venture Exchange's flagship annual program showcasing the top performing TSXV-listed companies from five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology.
Bragg's strong results in 2020 led to its inclusion in the list of top performers and also led to Bragg's January 27th graduation to the Toronto Stock Exchange. The 2021 Venture 50 winners were selected based on year-over-year performance across three equally-weighted criteria: market capitalization growth, share price appreciation and trading volume for the year ended December 31, 2020.
'We were extremely pleased with our performance over the past year and are honoured to be included within this cohort of successful high-growth companies,' said Adam Arviv, CEO of Bragg Gaming. 'We're continuing the momentum into 2021, with plans for significant global expansion.'"
Caesars Entertainment, Inc. (NASDAQ: CZR) announced earlier in September that it had entered into a multi-year agreement with ESPN. The new deal includes link integrations from ESPN's digital platforms to sportsbooks from Caesars Entertainment's sports betting partner, William Hill. William Hill Sports Book's odds and markets connect directly to their sports betting apps in legalized states. The deal comes shortly after William Hill became the exclusive sports betting operator for Caesars Entertainment, following the merger with Eldorado Resorts. Link integrations to William Hill's sports betting apps, geo-targeted to legalized sports betting states, will appear on ESPN.com web and mobile web and the ESPN Fantasy app. As part of the new agreement, Caesars Sportsbook by William Hill will also become a sponsor of ESPN's Fantasy products, deepening an existing relationship as ESPN's exclusive odds provider.
DraftKings Inc. (NASDAQ: DKNG) reported last week fourth quarter and full-year 2020 financial results. For the three months ended December 31st, 2020, DraftKings reported revenue of USD 322 Million, an increase of 146% compared to USD 131 Million during the same period in 2019. "With a favorable fourth quarter sports calendar and strong marketing execution, DraftKings was able to generate tremendous customer acquisition and engagement that propelled us to USD 322 Million in fourth quarter revenue, a 98% year over year increase," said Jason Robins, DraftKings' co-founder, CEO and Chairman of the Board. "In the fourth quarter of 2020, we saw MUPs increase 44% to 1.5 million and ARPMUP increase 55% to USD 65. We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance."
Score Media and Gaming Inc. (NASDAQ: SCR) (TSX: SCR) reported back in December named the exclusive English language broadcast partner for the League of Legends' Demacia Championship, a marquee annual event featuring 24 of China's top esports teams. Live event coverage will run from December 20-27 and be streamed across theScore esports' YouTube and Twitch channels. The Demacia Championship will be theScore esports' first-ever live event broadcast, with production originating from their esports headquarters in Toronto. "We're thrilled that TJ Sports identified theScore as the ideal partner to produce and distribute the Demacia Championship's English language broadcast to fans worldwide," said Aubrey Levy, Vice President of Content and Marketing, theScore. "We've found fantastic audience reception in our coverage of the Chinese League of Legends scene, and can't wait to leverage our video production expertise and wide global reach to deliver an entertaining live event viewing experience for League fans."
FansUnite Entertainment Inc. (OTCQB: FUNFF) (CSE: FANS) reported last month that it has signed an agreement with Gaming Laboratories International ("GLI"), to assess the Company's online betting offerings for compliance and certification with GLI-19 Standards for Interactive Gaming Systems ("GLI-19 Standards") and GLI-33 Standards for Event Wagering Systems ("GLI-33 Standards"). GLI is the largest and most widely accepted independent testing laboratory for iGaming and is trusted by gaming regulators to certify sports wagering and land-based gaming products worldwide. With a presence in six continents, GLI provides high-quality compliance testing and certification services for gaming operators in over 480 jurisdictions worldwide. To complete GLI's assessment, FansUnite will undergo world-class testing procedures for its leading iGaming and sports betting solutions such as the Chameleon Gaming Platform and Askott Entertainment's suite of RNG games. The GLI-19 Standards and GLI-33 Standards certification will enable FansUnite to deliver its online gambling products to various States in the U.S. and Provinces in Canada that require gambling firms to be compliant with GLI standards. Any additional unique technical requirements that States and Provinces may require can be tested by GLI in parallel, making for the most efficient certification process and allowing for FansUnite to enter markets more expeditiously.
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