Canada
Companies Strive to Sate the Worldwide Appeal for Creative Sports Betting Options
Casinos and gambling have been large markets for many years, but sports betting has been a slow-growing segment; until recently. In large part, the slow growth of sports betting in years past is attributed to numerous legal restrictions across most states, as well as a lack of access due to insufficient technological infrastructure.
Now, the sports betting market is changing and growing rapidly. It started with the landmark Supreme Court ruling in 2018, in which the Court struck down the ban on sports betting. As a result, all states got the option to pursue the legalization of sports betting. Overall, as the legal infrastructure becomes more friendly toward sports betting, specifically in the online space, many companies in the gambling industry are beginning to invest in a wider variety of sports betting options.
According to a report by the Associated Press, companies like DraftKings are making serious strides in developing easy-to-use systems available to the public through partnerships with sports leagues.
Recently, the advancement of sports betting in Illinois took place, vastly expanding the mobile wagering options available to the state’s 12.7 million residents. Furthermore, data from Odds.com, which is published by Forbes, showed that Illinois is poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition. The 15% tax levied on gaming revenue could see this number rapidly increase once measures to allow online and mobile offerings are put in place.
FansUnite Entertainment announced breaking news that “their acquisition of McBookie Ltd (McBookie) has emerged from the Coronavirus Pandemic with a strong set of results.
The Scottish-based sportsbook operator was purchased by FansUnite in March 2020 and has delivered a Year over Year increase in Gross Gaming Revenue over the Q2 period of 131%. The majority of that has been delivered by the casino where YOY turnover in Q2 was up 59% from $2.4M CAD to $3.9M CAD, resulting in a gross margin increase of 191%.
“Since acquiring McBookie we have been consistently impressed with their ability to navigate uncertain environments and the global pandemic this past few months has been no exception. During Q2, the team showed an impressive 59% increase in casino betting. Further, the launch of a virtual sports offering in March was timely, delivering turnover in excess of $500,000 CAD and, together with the strong performance of the casino, has compensated for the lack of betting opportunities for customers in traditional sports,” Darius Eghdami, Chairman and CEO of FansUnite Entertainment, said.
With the return of some sports such as the English Premier League, McBookie also grew sportsbook turnover in June by 45% YOY.
“Perhaps the most pleasing aspect of the figures was the way the sportsbook bounced back in June. McBookie is now in a very good position to deliver strong growth once the full complement of sports return in the fall,” Eghdami added.
“We have used the period of the pandemic to work closely with the FansUnite team to improve our operational and marketing techniques and are now in a really good place to drive the business forward when the Scottish football season is set to return on August 1,” Paul Petrie, Founder and Director of McBookie, said.
Century Casinos reported back in April that its Colorado subsidiaries received approval for three Sports Betting Master Licenses. The licenses were awarded during a special meeting of the Colorado Limited Gaming Control Commission held on 2 April 2020. In addition, the Commission awarded Circa Sports Colorado LLC, the Company’s partner for one of its Master Licenses, with a temporary Internet Sports Betting Operator License. The Commission is moving forward with licensing and will meet the May 1, 2020, legislative launch date deadline. Due to the impact of the pandemic on the sports betting industry, the Company is uncertain of the timeline that the Circa | Sports TM mobile sports betting app will launch.
Boyd Gaming Corporation 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. The openings follow the successful debut of the FanDuel Sportsbook at Boyd Gaming’s Valley Forge Casino Resort in King of Prussia, Pennsylvania, in March, as well as the companies’ launch of mobile sports betting across the state of Pennsylvania in July. In the coming months, the two companies also plan to introduce mobile sports products under the FanDuel brand in both Iowa and Indiana, pending the receipt of required regulatory approvals.
“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. 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,” Keith Smith, President and Chief Executive Officer of Boyd Gaming, said.
Esports Entertainment Group announced last week that it has signed a definitive agreement to acquire LHE Enterprises Ltd, the holding company of online sportsbook and casino operator Argyll Entertainment AG and its operating subsidiaries. Closing of the acquisition is expected to occur on or before July 31, 2020.
“Reaching a definitive agreement to complete our first acquisition as a NASDAQ company is a major milestone. Argyll CEO Stuart Tilly and CFO Dan Marks already joined our senior leadership team in June as Corporate Secretary and Chief Financial Officer, respectively. They are a great addition to our organization and will help us build on Argyll’s base of more than 100,000 registered users, placing us in a great position to grow revenue moving forward,” Grant Johnson, CEO of Esports Entertainment Group, said.
Scientific Games Corporation and gaming operator Caesars Entertainment have extended their existing digital sports betting partnership in preparation for the relaunch of the 2020/21 major league sports seasons. The move comes following recent mobile sports wagering launches in Pennsylvania and Indiana and the launch of online casino gaming in Pennsylvania.
“We’re delighted with our partnership with Caesars Entertainment. We’re working side by side, supporting their excellent teams and playing an important role in delivering digital casino and sports betting products to their players across multiple states. Caesars has always been a market leader, well known for delivering superior player experiences in the traditional gaming space. Our scalable technology, complemented with a U.S. player centric experience, enables Caesars to deliver on their service legacy by offering exceptional betting and digital gaming experiences that reach new audiences across key markets,” Jordan Levin, Group CEO, Digital for Scientific Games, said.
Source: FinancialBuzz.com
BetConstruct
BetConstruct Becomes the First iGaming Company to Offer Both B2B and B2C Licenses in Canada through Affiliate Entity
BetConstruct, a global pioneer in iGaming and sports betting solutions, has announced a significant milestone in the gaming industry. Through its affiliate entity, BetConstruct has become the first iGaming company authorized to facilitate the issuance of both Business-to-Business (B2B) and Business-to-Consumer (B2C) licenses. This remarkable achievement was made possible by obtaining a direct license authorization from the Tobique First Nation in Canada.
The Tobique First Nation, renowned for its innovative and forward-thinking regulatory approach, has entrusted BetConstruct’s affiliate entity with the authority to oversee applications and facilitate the issuance of licenses from its jurisdiction. This partnership underscores shared values of innovation, transparency, and a commitment to responsible gaming practices.
This historic development places BetConstruct at the forefront of the Canadian iGaming market, redefining the opportunities available to gaming operators. By leveraging its affiliate entity’s licensing capabilities, BetConstruct empowers businesses to navigate a streamlined and transparent regulatory environment, unlocking new opportunities for growth and innovation.
“At BetConstruct, we’ve always strived to push the boundaries of what’s possible in iGaming. This landmark achievement with the Tobique First Nation reflects our unwavering dedication to creating opportunities for our partners while upholding the highest standards of responsibility and integrity in gaming,” said Vigen Badalyan, Co-Founder of BetConstruct.
The issuance of dual licenses under the watchful eye of BetConstruct’s affiliate not only highlights BetConstruct’s commitment to supporting its partners but also reinforces the company’s role as a trusted leader in the global iGaming landscape.
This milestone signals a new era for regulated iGaming, as BetConstruct takes bold steps to establish a robust ecosystem for operators and consumers alike. With its direct license authorization from the Tobique First Nation, BetConstruct is setting a new standard for innovation, consumer protection, and sustainable growth in Canada and beyond.
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Canada
Great Canadian Entertainment and Petroglyph Development Group Announce Closing of the Acquisition of Casino Nanaimo and Elements Casino Victoria
Great Canadian Entertainment and Petroglyph Development Group Ltd. announced that PDG has closed the previously announced acquisitions of Casino Nanaimo and Elements Casino Victoria from Great Canadian, in historic transactions for both parties. PDG is a wholly owned corporation of Snuneymuxw First Nation (the “Nation”) and is dedicated to realizing the economic potential of the Nation.
The transactions, originally announced on June 24, 2024, for Casino Nanaimo and September 10, 2024, for Elements Casino Victoria, have received all required approvals from the regulatory authorities.
“We are thrilled to have completed these transactions. An incredible amount of work has been undertaken by our corporate team, our on-site teams at both properties, and PDG to achieve this successful closing. I am grateful for their efforts, as well as everyone at the B.C. Lottery Corporation and the Gaming Policy Enforcement Branch, who were thoughtful, diligent, and thorough in facilitating these closings,” said Matt Anfinson, Chief Executive Officer of Great Canadian.
“We look forward to working closely with PDG during the transition period to support the continued successful operation of Casino Nanaimo and Elements Casino Victoria,” Anfinson added.
“We celebrate the closing of our two casino acquisitions and our continued progress toward building a strong Snuneymuxw economy. For decades, Snuneymuxw leadership has worked tirelessly toward this moment, recognizing the connection between a strong economy, self-determination, and the foundation of nationhood. Today, we honour the achievements of those who came before us by securing businesses that will strengthen our Nation for generations to come. Thank you to the PDG and Great Canadian teams for your exceptional work. We look forward to a rewarding partnership with the B.C. Lottery Corporation, driving economic growth for the Nation and Province,” said Chief Mike Wyse.
Erralyn Joseph, President of PDG, said: “This measured acquisition marks an important milestone for PDG as we continue growing a corporate enterprise that reinvests directly into the prosperity of our Nation. With a strong operating plan focused on risk mitigation and yielding sizable returns, PDG continues to generate sustainable wealth for Snuneymuxw. With every step we are realizing our socio-economic potential and influence at a local, national, and global level. On behalf of the Board of Directors, we are pleased to share this news and remain committed to advancing economic growth in support of all residents connected to Snuneymuxw territory.”
“Acquiring these assets marks a pivotal shift for Snuneymuxw and Vancouver Island. This transition will fuel the Island’s economy, strengthening the Snuneymuxw Nation and ensuring the benefits stay local,” said Ian Simpson, Chief Executive Officer of PDG.
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Canada
Ottawa Black Bears Announce Partnership Deal with PowerPlay
The Ottawa Black Bears announced an extensive partnership agreement with PowerPlay Online Sportsbook and Casino that will see the company’s logo featured on the club’s home and away jerseys.
In addition to the jersey partnership, PowerPlay will also have branding elements inside the goal crease, behind the bench, on the LED display ring, and along the rinkboards for Black Bears home games at Canadian Tire Centre. As part of the deal, PowerPlay also becomes the exclusive sportsbook and online casino partner for the Ottawa Black Bears.
“We are thrilled to have PowerPlay on board for our inaugural season with such a comprehensive partnership agreement. Their investment with the Black Bears represents a foundational agreement for our lacrosse club. And we’re proud to wear their logo alongside ours as we launch our franchise,” said Chelsea McDermott, Vice President of Business Operations for the Ottawa Black Bears.
“We are excited to bring PowerPlay’s bold, community-driven spirit to Ottawa-Gatineau, partnering with the Black Bears as they establish themselves as a force in lacrosse. This partnership celebrates a sport deeply tied to Canada’s heritage and competitive energy. Together, we’ll ignite passion, energize fans, and deliver excitement all season long,” said Thomas Vermeulen, Marketing Director for PowerPlay.
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