As the sports betting market continues to grow in the United States, more and more companies are transitioning from the traditional gambling & casino business model to one that includes sports betting. In addition to advances in technology, which now allow easy access to various betting services, more states are adopting a friendlier legal approach to the market. As a result of these recent developments, the sports betting market has significantly grown in popularity over the last couple of years, igniting a series of mergers and acquisitions in the industry. For example, earlier this week, DraftKings agreed to acquire Golden Nugget Online Gaming for USD 1.56 Billion in stock. Golden Nugget Online shareholders will receive 0.365 shares of DraftKings stock, according to a report by CNBC. Golden Nugget Online shares surged nearly 48% on the news, while DraftKings stock remained relatively flat after the deal’s announcement.
The more favorable attitude towards sports betting and online gambling is a trend that has started before the pandemic but was accelerated due to its effects. 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.
FansUnite Entertainment Inc. has announced earlier this week that, “the Company has appointed Michael Lee as Vice President of Gaming.
Lee will be responsible for directing FansUnite’s efforts to launch new iGaming products, as well as crafting the Company’s global strategy for distributing online casino solutions to the international gambling market.
Prior to joining FansUnite, Lee served as Chief Executive Officer of Genesis Gaming, a prominent gaming provider, where he oversaw the company’s global business operations. Lee joined Genesis Gaming in January 2016 as Chief Product Officer, leading the development of Genesis Gaming’s game delivery platform and overseeing an extensive portfolio of more than 100 gaming titles. During Lee’s tenure, Genesis Gaming was short-listed for the 2019 EGR B2B “Innovation in Mobile” category. Additionally, Lee has held various senior management roles in international companies within the gaming and telecommunications industries.
‘Our advanced betting solutions are a result of our state-of-the-art gaming software, and we are proud to appoint Michael Lee as the Vice President of Gaming to lead the development and growth of our casino operations,’ said Scott Burton, CEO of FansUnite. ‘With Lee’s extensive experience, we intend to build upon our strong technology backbone and prepare for future expansions across different betting jurisdictions around the world.'”
Following the recent appointment of Anna Smith as Head of Compliance, the addition of Michael Lee to FansUnite’s management team is another significant step in the Company’s plan to further strengthen its leadership team as it enters new betting jurisdictions.”
Penn National Gaming, Inc. announced earlier this month that they have entered into a definitive agreement whereby Penn National will acquire theScore, a leading digital media and sports betting and technology company, for approximately US$2.0 billion in cash and stock. Jay Snowden, President and Chief Executive Officer of Penn National, commented, “We are thrilled to be acquiring theScore, which is the number one sports app in Canada and the third most popular sports app in all of North America. theScore’s unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content.”
DraftKings Inc. announced this week that they have entered into a definitive agreement for DraftKings to acquire Golden Nugget Online Gaming. “Our acquisition of Golden Nugget Online Gaming, a brand synonymous with iGaming and entertainment, will enhance our ability to instantly reach a broader consumer base, including Golden Nugget’s loyal ‘iGaming-first’ customers,” said Jason Robins, DraftKings’ CEO and Chairman of the Board. “This deal creates meaningful synergies such as increased combined company revenues driven by additional cross-sell opportunities, loyalty integrations and tech-driven product expansion as well as technology optimization and greater marketing efficiencies. We look forward to Tilman being an active member of our Board and one of our largest shareholders.”
International Game Technology PLC reported back in July that the Company is expanding its U.S. sports betting footprint to Washington to power sports betting at Snoqualmie Casino in Snoqualmie. As part of this agreement, IGT will deliver its proven PlaySports turnkey solution, including its trading advisory services, for retail and on-premise mobile sports betting. “As Seattle’s closest casino, Snoqualmie Casino is thrilled to offer our patrons new types of gaming experiences backed by IGT’s proven PlaySports solution,” said Stanford Le, Snoqualmie Casino Chief Executive Officer. “IGT’s leading sports betting platform, products, trading advisory services and on-premise mobile solution will allow us to quickly and easily deploy an exceptional localized sports betting program. As the closest sportsbook to the Seahawks’ and Mariners’ stadiums, expanding our offering to include sports betting will enable us to further engage sports fans at our casino and complement the popular Seahawks Pit, our immersive Seahawks-branded table game experience.”
Boyd Gaming Corporation and FanDuel Group announced back in March plans to launch Stardust-branded online casinos in New Jersey and Pennsylvania, marking the iconic gaming brand’s return to real-money gaming. FanDuel and Boyd Gaming anticipate launching the Stardust casinos in April, pending final regulatory approval from each state. FanDuel plans to rebrand its existing Betfair Casino in New Jersey under Boyd Gaming’s Stardust brand, while launching a Stardust online casino in Pennsylvania. A single Stardust Casino app will be available for iOS and Android in both New Jersey and Pennsylvania.
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