USA

Gamesys agrees £2bn takeover deal with US casino owner Bally’s

February 22, 2024 William Mcmaster

The company, which is primarily known for its gambling sites Jackpotjoy and Monopoly Casino, has hit the jackpot with a £2bn takeover agreement. Things really started going for them when the pandemic struck.

Many people were bored during the lockdown and wanted to spice things up a bit with some online gambling. Their revenues started exploding in March last year, and they haven’t stopped since then. They made good use of the pandemic as the share price increased by a whopping 187 percent.

Company’s beginning

Noel Hayden, Andrew Dixon, Robin Tombs, and a software development team founded the company in 2001, and it was only a private firm until their Jackpotjoy takeover in 2019.

This deal made Gamesys a larger company, and their founders got an increase in stakes to a couple hundred million pounds. Someone very close to Hayden mentioned: ‘He’s flown under the radar, but he’s very impressive and knows exactly what he’s doing. Today’s deal has made some people very rich indeed.’

The New Deal

The new £2bn takeover deal will make some people very rich, just as the source stated. The company’s bosses’ stakes will hit the £500m mark as they took advantage of the lockdown.

Some industries suffered during the pandemic, but online casinos are all trying to make the most out of this situation. If Gamesys continues at this rate, we’re going to see a £5bn deal sooner than expected.

How the Gambling Industry & Biggest Brands are Expanding in the US

February 22, 2024 William Mcmaster

The Supreme Court in 2018 ruled that states could now legalize sports betting. And with this ruling, we have seen a rapid increase in revenue from the sports betting industry in the United States. Three years now down the line, how are betting companies strategizing to conquer the growing sports betting market in the United States?

By October 2020, the betting industry revenue had hit the $3 billion mark in a single month – something that has never happened before. Additionally, this ruling has seen the general sports revenue shoot by 53.5 percent year-after-year to $237.5 million. New Jersey has seen its sports betting revenue by 31 percent – that’s $398.5 million in 2020 from $299.3 in 2019.

With this in mind, let’s take a look at different sports betting companies and how they are expanding to conquer the growing United States market.

1. Golden Nugget Sports

The Michigan Gaming Control Board authorized Golden Nugget Sports to begin offering sportsbook and online casino services from January 22nd, 2021. Michigan residents will now be able to place their bets via goldennuggetcasino.com or their mobile apps, available in Android and iOS versions.

Besides, Golden Nugget Sports announced that it managed to secure one of the most coveted online sports licenses in Virginia and even given the go-ahead to begin operations in Virginia. This is a huge boost, as the company now boasts of up to 10 states, permitted by the legislation and regulatory approvals.

2. Wynnbet

Tennessee becomes the eighth state for Wynnbet, the online sports betting provider in its quest for expanding in the US market. The Director of the Sports Wagering Committee of the Tennessee Education lottery confirmed Wynbett’s legalization to start offering sports betting services in Tennessee as soon as the legislative process is complete.

Due to the rapid expansion of the US betting industry, Wynnbet is looking to expand its online betting services to many jurisdictions. Wynnbet recently agreed with Elite Casino Resorts, one of the best resort companies. With this partnership, Hawkeye State residents will now be able to access the services of Wynnbet.

3. 888 Sports

888 Sports has also been growing despite starting its operations in only three states – New Jersey, Nevada, and Delaware. The online gaming company announced in December 2020 that it would be setting foot into three more states – Lowa, Colorado, and Indiana by the start of 2021. With the three additional states, 888 sports will now be serving punters in six states. The new locations for the three new states are as follows:

Colorado – Grande Casino, Cripple Creek
Indiana – Harrah’s Hoosier Park, Anderson
Iowa – Catfish Bend Casino, Burlington

Though 888 sports hasn’t made it official despite the Pennsylvania Gaming Control Board (PGCB) issuing a gaming manufacturer license to the online gaming company, Pennsylvania should follow suit.

4. Betway

Betway, one of the leading sports betting companies in the United Kingdom, is looking forward to conquering more states in the United States. The online sports betting company recently announced that it has agreed with the Digital Gaming Corporation to begin its operations in the US. Betway will begin its operations with the content company in 10 states for now.

The US sports betting revenue is forecasted to hit $2.5 billion and this is why you can see those sports betting companies are busy extending their services in various states. With the Supreme Court ruling in 2018, the sports betting industry has experienced massive growth, and it will be interesting to see how things shape up by the end of 2021.

How Flutter Entertainment Company is Penetrating Through the US Market

February 22, 2024 William Mcmaster

Flutter, the gambling and entertainment provider that owns some of the best international online casino brands, such as Skybet, Paddy Power, Betfair, etc., was happy to announce a record customers acquisition in the United States than they did in the entire 2019.

In a report on 2nd March 2021, The Dublin-based company said that it expects more from its US brands, such as FOXBet, to surpass $20 billion by 2025. This is twice its forecast at the same time last year. With more states jumping on the bandwagon and allowing gambling, we can expect that Flutter’s brands in the US will hit the $20 billion mark by 2025.

The average number of active monthly players in the US is 62 percent up and increasing the United States revenues by up to 81 percent – that’s £695m in 2020. This is an excellent sign to Flutter and at least, they can have some relief that their efforts are bearing fruits.

4.2 Billion Investment

While Flutter has had a massive expansion in the US market, the gambling and entertainment company also had some losses due to the rapid growth with lots of investment to conquer the United States market. For example, Flutter had to spend $4.2 billion to increase control of FanDuel as it seeks to reach a broader customer base in the US market.

The Supreme Court in 2018 ruled that betting will be legalized even in states outside Nevada. We anticipate that there will be a more rapid growth of Flutter into the US market than ever.

We have seen more states legalizing betting after the Supreme Court ruling. Up to five states had passed the betting legislation bill by 2020 and fourteen more are expected to jump into the bandwagon. If this happens, gambling and entertainment companies will record even higher profits and the tax revenues will shoot.

Forecasts on the US Gambling Industry

While Flutter forecasts what they expect by 2025, GamblingCompliance also has a very conservative forecast, pointing out that the US gambling industry will reach $12.9bn by 2025. No matter the forecast, this is still an indication that US betting marketing is expanding year after year.

Flutter chief executive officer Peter Jackson stated that Futter was still the best in the US market even after spending so much on advertising and the stiff competition between different gambling and entertainment companies. He also noted that their customer acquisition cost has been low despite spending hundreds of millions on advertising its brands.

According to Paul Leyland, the Regulus Partners analyst, the $20 billion forecasts of 2025 needs to be convincing to account for its investment levels.

Flutter & Stars Group Merge

2020 saw Flutter increase its revenues by 28 percent – that is £5.3bn, adjusted to its acquisition of Stars Group in May last year. With this merger between Flutter and Stars Group, the two companies will generate up to $4 billion, with more than 13 million active customers in over a hundred markets.

Flutter is growing steadily because of the excellent strategy they have developed, targeting the low-stake gamblers, and targeting those who now prefer online gambling. While Flutter closed its betting firms in Ireland and the United Kingdom, it has made it clear that it has no intentions of shutting any of its betting shops. On the contrary, it plans to gain more when its competitors decide to close their betting shops.

BetMGM Exclusive Sports Experience

February 22, 2024 William Mcmaster

Buffalo Wild Wings signed a contract with BetMGM in 2019—the contract is one of strategic partnership—thus creating a first-time alliance between a digital gaming company and a national sports bar.

Ever since the contract was signed and an announcement of the contract-signing had been made, over 500,000 users have been taking part in Buffalo Wild Wings and BetMGM free-to-play games.

News reaching out to us from our sources says that fans of sports will now be able to gain access to a special sports betting experience when they use the BetMGM app to place their bets on BWW sports bars in Iowa, Tennessee, Indiana, West Virginia, Colorado and New Jersey.

Sports Bars Meet Sports Betting

For starters in the gambling industry, geolocation technology is what the BetMGM app makes use of to provide custom promotions and types of bets for punters or guests that physically appear in Buffalo Wild Wings in some specific markets.

Rita Patel, the Chief Marketing Officer (CMO) at Buffalo Wild Wings, had this to say:

“Thanks to our groundbreaking collaboration with BetMGM, fans betting on sports at Buffalo Wild Wings will now earn even more money on those bets. We look forward to expanding our presence in the space as sports betting continues to evolve across the country and leveraging our relationship with BetMGM in new ways to enhance the experience at our sports bars.”

Exclusive In-Bar Sports Betting Channel

There has also been the launch of an in-bar channel known as OT Odds by Buffalo Wild Wings but it is powered by BetMGM.

The network will only be available on specific screens in all sports bars that are in participation throughout the nation, and sports betting content such as live game odds, betting advice, and fantasy will be delivered through the network.

Customers can now view curated boosts, bets, and parlays that are now new and improved and called exclusive Blazin’ Bets offered within the BetMGM app on their devices as long as mobile sports betting is allowed in that country.

Ground-breaking collaboration

BetMGM’s Chief Revenue Officer, Matt Prevost, stated that, “Our collaboration with Buffalo Wild Wings is ground-breaking, allowing BetMGM to completely reimagine how sports fans enjoy themselves. A prominent example of what we’re able to activate in this outstanding partnership is the incorporation of geolocation technology to give bettors a personalized experience in a Buffalo Wild Wings venue.”

A free-to-play Picks and Props game designed by Buffalo Wild Wings that can be found on the BWW mobile app has been given a new and upgraded design. Included in the app is the upgrade for parlay-style games, which have new elements from MGM added to them.

Hall of Fame

Bettors can use BetMGM odds to make picks every single day in any state, as long as free-to-play games are legally allowed in those states and major prizes are awarded to bettors every month. They will choose some winners and then be inducted into the BWW Hall of Fame, which was only recently created.

References

https://floridanewstimes.com/betmgm-and-buffalo-wild-wings-launch-exclusive-sports-betting-experience/172907/
https://finance.yahoo.com/news/buffalo-wild-wings-betmgm-launch-150000653.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIqNskY6ShhPyRFdNUeJux-u6A3ckl_zJ4BE2r9Cx36T-qd0Lgx9rWmwhW2sKZmOgFXjgcVh6REXMR5Qt2hdwObOcGZVnwZ_9k8z-dLccLLEriF16NeKW1S4Y2j1p0YRrZgKaJuJXxQPzLOJgCmu9E-jojj8hj9dAHX-1YU11CCu
https://sbcamericas.com/2021/03/12/betmgm-and-buffalo-wild-wings-launch-exclusive-sports-betting-experience/

Gambling Revenue Sees Record Growth in Illinois

February 22, 2024 William Mcmaster

While there’s been an increase in gambling revenue in the United States, Illinois hit a record $581.5 million in January 2021.

Gambling operators managed to bag $49.4 million in revenue for an approximate 8.5 percent hold. Illinois was able to collect up to $7.2 million in taxes, according to a report.

The state has been fairing on we’ll, recording $481.7 in stakes up from December and $23.9 million in proceeds.

Illinois is now the fourth state to pass the $500 million in bets in the same month. The state is now holding the fourth spot in state handle after Pennsylvania, Nevada, and New Jersey.

Pennsylvania finished with $615.3 in bets, securing the third spot. Nevada came second with $4.3 billion, while New Jersey was the new king with a whopping $6 billion in their handle.

Betting operators in Illinois reported an 8.24 percent win rate, generating nearly $48 million in proceeds more than December’s $23.9 million. Illinois’ state coffers managed to collect up to $7.2 million while Cook county only managed $480,000.

Illinois was the last state to avail its revenue, breaking a record in the national sports betting industry. Among the other 18 states, more than $4.36 billion stakes in January.

Betting operators bagged up to $361 million in returns to start things in 2021. The Illinois state government managed to gather more than $54.3 million in levies from the proceeds.

DraftKings is the Better Mobile Option for Punters in Illinois

Sure, Barstool will be launching its first mobile sportsbook in Illinois since last September, but Draftkings is still preferred by the majority of punters who use their smartphones to bet.

DraftKings came top with $244.2 million in bets – which is equivalent to 42 percent. FanDuel and BetRivers came close with 30 and 19 percent in state handle.

And while DraftKings is still the most preferred for mobile betting, Fanuel generated more revenue – $16.9 million against $16.4 million for DraftKings.

William Hill and PointsBet didn’t do badly either – William Hill with two percent in-state handle while PointsBet with seven percent. This was a 26 percent increase in handle compared to December. On the other hand, William Hill was happy to maintain a double-digit percentage, recording $8.8 in accepted stakes.

FanDuel Secure the Monthly Revenue Top Honors

The largest mobile operators contributed most of the revenues collected. FanDuel overtook DraftKings to clinch the top spot with $16.7, DraftKings managing to secure $16.4.

This time around, BetRivers hit eight figures, generating more than $10.1 million. PointsBet also had a good month, generating approximately $4.2 million in proceeds. William might not have done poorly either – with $500,000 in earnings; football and basketball contributing the largest portion of that revenue – 97 percent.

Parlays managed to secure about $19 million in revenue from the $110 million staked by punters. This translates to a 17.29 percent win rate for the company and twice the all-inclusive percentage. Fanuel collected $9.2 million of the total in $50.3 wagered.

Basketball and football are the most popular sports punters are staking heavily, with basketball generating $14.3 million and $11.2 million in revenue, respectively. Besides, the two categories – basketball and football emerged top for handle – basketball generating $230 while football $158.3 million.

BetMGM & Topgolf Now in Partnership for 2021

February 22, 2024 William Mcmaster

BetMGM remains one of the biggest names in sports betting in the United States. On the 19th of February, 2021, they announced a partnership with Topgolf entertainment group. The multi-year agreement between both companies is expected to improve their respective customer bases. More importantly, it would also allow both of the partner companies to interact with customers outside of their individual customer bases.

About The Partners

BetMGM was formed from a partnership between MGM resorts international and Entain Plc. in 2018. The company has exclusive sports betting rights to MGM Resorts across the United States, both online and in MGM’s physical casinos. They are also a leader in online casino gaming and poker, along with sister brands Borgata Online, Party Casino, and Party Poker. BetMGM is one of the biggest online sportsbooks in the US, and its headquarters is in New Jersey.

Topgolf Entertainment Group is a global sports and entertainment company which is headquartered in Dallas. The company has grown to become one of the most popular in the sports entertainment industry. According to their official website, “What started as a simple idea to enhance the game of golf has grown into a movement where people from all walks of life connect at the intersection of technology and sports entertainment.” The company has multiple platforms which include Topgolf Media, Topgolf Venues, Topgolf Swing Suite, and Toptracer.

What Will the Partnership Entail?

The deal between these companies focuses on marketing and promotional offers in both digital and physical properties. This includes Topgolf’s physical properties and the World Golf Tour (WGT) game which has been part of the Topgolf group since 2016. With this partnership, you should expect to see BetMGM branding in Topgolf venues in locations where BetMGM is licensed to operate. These include:

Las Vegas, Nevada
Indianapolis, Indiana
Nashville, Tennessee
Detroit, Michigan
Virginia Beach, Virginia
Denver, Colorado

This branding is expected to extend to Topgolf’s WGT game which has over 15 million users around the world. As sports betting becomes legal in other states across the US with Topgolf locations, BetMGM will activate branding and promotional integrations in these locations. Topgolf will also begin to offer BetMGM promotions.

Speaking on the deal, Matt Prevost, the Chief Revenue Officer of MGM, said “We look forward to introducing Topgolf guests to the immersive sports betting experience that only BetMGM can provide. 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.”

Topgolf’s Chief operating officer, JF Prata also had this to say, “We are thrilled to partner with BetMGM as we continue to energize and grow our entertainment communities. Topgolf has always been committed to providing new and exciting experiences to our guests, and this partnership delivers on that while providing our longtime fans, as well as those less familiar with Topgolf, an introduction to a complementary experience with BetMGM.”

The financial details of the partnership were not included in the statement put out by the companies.

How Do Both Companies Benefit From the Deal

The BetMGM branding in Topgolf locations across the country and during the WGT game will help to advertise the company to the community of sports fans that Topgolf has. This focused advertisement is likely to be more effective than advertising to the general population because the majority of Topgolf customers are sports fans. It makes sense, seeing as sports fans are the group of people most likely to take on sports betting.

Also, in states where sports betting is currently illegal and Topgolf entertainment is already present, BetMGM now has a system in place to begin advertising as soon as it is made legal. This is expected to be important going forward as the US gambling market is expected to grow massively in the next few years as a result of the landmark 2018 court ruling in favor of New Jersey’s law permitting betting on sports that now allows states to legalize online betting whenever they choose to.

For Topgolf entertainment, the partnership lets them into BetMGM’s large customer base. And the BetMGM themed promos could help to attract betting fans to their locations around the country. This partnership is one that sports fans and bettors across the country can look forward to with excitement. It will most certainly allow fans and customers to experience the best of what sports betting and sports entertainment have to offer.