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June 2, 2020, 9:00 a.m. EDT

Sports Betting Continues to Gain Traction in the United States

FinancialBuzz.com News Commentary

NEW YORK, June 2, 2020 /PRNewswire/ -- After the landmark Supreme Court ruling in 2018, in which the court struck down the ban on sports betting, any state got the option to pursue legalization. The state of New Jersey was the first to make sports betting legal. Yet, the legal infrastructure of sports betting still remains complex. For example, in each state, online betting companies such as FanDuel and DraftKings have to apply for supplier licenses, and the licensing process varies depending on the state. In addition, after the licensed is granted, these companies must reach agreements with existing land-based casinos for what is called "skins," which is what eventually gives them the right to operate in each state. For instance, DraftKings made a deal with Caesars last year, which gave it market access in 12 states outside New Jersey, and in the meantime, Caesars received DraftKings equity for the skins access. FansUnite Entertainment Inc.  /zigman2/quotes/218315487/delayed CA:FANS -6.25% , DraftKings Inc. /zigman2/quotes/213120645/composite DKNG -0.03% , GAN Limited /zigman2/quotes/218226469/composite GAN +1.42% , MGM Resorts International /zigman2/quotes/209932643/composite MGM +1.69% , Caesars Entertainment Corporation /zigman2/quotes/205281174/composite CZR +4.38%

The complexity of the legal infrastructure means that states may have different companies competing for market share. According to an article by CNBC , Richard Carter, CEO of SBTech, explained that "there is no doubt both FanDuel and DraftKings will have large market share… But different states will have different market leaders. You need market access. Some states will be lottery-only. Some states will be limited to tribal gaming. Some states won't allow FanDuel and DraftKings to use their brands. They'll have to use the casino brand. There are lots of nuances. You have to take each state as it comes." More recently, sports betting also started to get traction in California, an enormous potential market for this segment. MarketWatch reported that two California lawmakers recently pitched legalized sports betting as a way to help increase the state budget, which is currently devastated by the economic shutdown designed to slow the spread of the pandemic. California trails 22 other states that have already authorized sports betting.

FansUnite Entertainment Inc.   /zigman2/quotes/218315487/delayed CA:FANS -6.25% just announced breaking news that it is, "pleased to introduce Mr. Saxon Shadforth, a leading gaming executive. 

Mr. Shadforth has over 25 years of global leadership expertise and 15 years experience as an online gambling executive. With a background in commercialization, consumer hardware/software, enterprise software, product strategy and delivery; Saxon has extensive experience managing complex ecosystems required to operate and scale gaming brands in many categories and jurisdictions. Saxon has previously worked at Activo in Montevideo, Uruguay, Yew Tree Services in Manila, Philippines, Riplife Gaming Technologies in Barcelona, Spain and Gateway Inc. in both Sydney, Australia and Denver, Colorado.

'We are extremely excited to have an individual of Saxon's caliber join our board of directors,' said Darius Eghdami, Chairman and CEO of FansUnite Entertainment. 'As a fast growing company in the gaming sector, Mr. Shadforth is perfectly equipped to provide us with oversight in a number of growth areas. Having spent the majority of his career working abroad in North America, Europe, Asia and Latin America, Saxon will be integral in expanding our footprint and entering international gaming jurisdictions by leveraging his established network.'

As a veteran in the gaming industry, he has structured and advised on the launch of new platforms across the globe, numerous M&A transactions in both start ups and later stage growth companies, and has managed teams of over 300 people in the gaming industry.

'I am thrilled to be joining such a great team where I will be able to apply my skill set in helping FansUnite build and grow their platform," said Saxon. "As a online gambling company, FansUnite is uniquely positioned to consolidate gaming assets globally with a key focus on M&A integration and brand awareness. I am eager to provide my insights and I look forward to assisting FansUnite become a leader in the fast growing gaming market.'

FansUnite expects Mr. Shadforth to add expertise in various areas including: product development, acquisition strategy, and commercialization of brands into global markets to support its continued growth as an emerging gaming leader."

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=JixYv8eNUpQ

DraftKings Inc . /zigman2/quotes/213120645/composite DKNG -0.03% is a digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming and digital media. The Company announced last month that it had launched its online casino product in partnership with Hollywood Casino, an affiliate of Penn National Gaming, on Friday in Pennsylvania. The product is accessible via the DraftKings Sportsbook app and features virtual table games including Blackjack, Roulette and Three Card Poker, in addition to popular slot machine games. The DraftKings online casino product features a variety table themed felts based on sports and holiday seasons.

GAN Limited   /zigman2/quotes/218226469/composite GAN +1.42% is a business-to-business supplier of internet gambling software-as-a-service solutions to the U.S. land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based U.S. casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming. Recently GAN had announced that Cordish Gaming Group, the global gaming division of The Cordish Companies, has engaged GAN as their enterprise software Platform provider to power their new "PlayLive!" branded Internet gambling business in the State of Pennsylvania, complementing the development of two new Live!-branded gaming facilities in Philadelphia and Pittsburgh.

MGM Resorts International   /zigman2/quotes/209932643/composite MGM +1.69% , Roar Digital, LLC – the joint venture between MGM Resorts International and GVC Holdings /zigman2/quotes/207493593/delayed UK:GVC -0.75% , announced earlier this year that BetMGM, a leading mobile sports betting app, is now accepting wagers throughout Indiana. BetMGM is entering Indiana through a market-access agreement with Boyd Gaming. "Introducing BetMGM in Indiana is a significant development for Roar Digital and MGM Resorts," said Scott Butera, President of Interactive Gaming for MGM Resorts. "Indiana has a rich history in professional and amateur sports and a strong fan base. We believe that the sports betting opportunities offered by BetMGM, and access to MGM's world-class entertainment offerings and resorts, will be well-received."

Caesars Entertainment Corporation   /zigman2/quotes/205281174/composite CZR +4.38% reported last year that just over a year after the U.S. Supreme Court's decision to strike down the federal Professional and Amateur Act (PASPA) they have successfully launched new businesses and strategic partnerships, capitalizing on the rapid expansion of sports betting across the U.S. Since last August, Caesars Entertainment has expanded its sports betting footprint to include Caesars branded sports books in seven states (Nevada, New Jersey, Pennsylvania, Mississippi, Iowa, Indiana and New York) totaling 29 locations in operation by the end of September. In addition, Caesars offers mobile sports betting in Nevada, New Jersey and, pending regulatory approval, will launch in Pennsylvania Q4 2019.  For example, one of Caesars Entertainment's properties in Biloxi, Mississippi, experienced a month over month attendance increase of 10%, beverage sales up 300% and improved overall gaming revenue from new-to-brand and re-activated customers as a result of the new sports book opening.

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FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

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/zigman2/quotes/218315487/delayed
CA : Canadian Securities Exchange
$ 0.38
-0.03 -6.25%
Volume: 124,400
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P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$27.83 million
Rev. per Employee
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/zigman2/quotes/213120645/composite
US : U.S.: Nasdaq
$ 32.94
-0.01 -0.03%
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Aug. 4, 2020 1:49p
P/E Ratio
597.46
Dividend Yield
N/A
Market Cap
$24.58 billion
Rev. per Employee
N/A
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US : U.S.: Nasdaq
$ 19.97
+0.28 +1.42%
Volume: 431,389
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P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$569.85 million
Rev. per Employee
N/A
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/zigman2/quotes/209932643/composite
US : U.S.: NYSE
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/zigman2/quotes/205281174/composite
US : U.S.: Nasdaq
$ 33.63
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P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.18 billion
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