Press Release
Gradual Re-Introduction of Professional Sports is a Boon for the Betting Industry
Casinos and gambling have been large markets for many years, but sports betting has a been a slow growing segment; until recently. The slow growth of sports betting in years past is, in large part, attributable 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. For example, after an agreement between Caesars Entertainment and Disney-owned ESPN, which made Caesars, through its sports betting partner, William Hill, a co-exclusive partner for gambling link-outs from ESPN, Caesars Entertainment CEO Tom Reeg expressed a positive outlook for the market. “We think there’s a lot of money to be made here over time, and we’re seeing a lot of interest from non-gaming operatorsā¦ We have not seen a growth opportunity in this space in quite some time, so it’s an adjustment for analysts to look at a hyper-growth piece of a business that has been matureā¦ We’re in the very early stages of legalization of sports betting,” Tom Reeg explained according to CNBC. FansUnite Entertainment Inc., Caesars Entertainment, Inc., MGM Resorts International, Wynn Resorts, Limited, DraftKings Inc.
As the legal system slowly becomes more friendly towards online sports betting, states around the country look towards the young and growing industry to raise tax revenue. 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 and 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 Inc. announced earlier last week that, “McBookie Ltd (“McBookie”) has continued its impressive performance since becoming part of FansUnite.
The Scottish based operator increased its overall year-over-year (“YOY”) turnover for the months of July and August by 108% – from $3M CAD to $6.3M CAD, with 78% of the turnover growth led by the return of sport.
The increase resulted in a YOY increase in Gross Gaming Revenue over the same period of 412%, resulting in gross gaming revenue of $371K for July and August 2020 and a gross margin of $161K. During the same period last year the platform generated $72K in gross gaming revenue resulting in a gross margin loss of $66K.
With the strong results over the last two months, McBookie is preparing to continue the positive trend with the return of the English Premier League and the other major European leagues in the coming weeks.
‘We are very pleased that McBookie has been able to continue its strong 2020 performance despite the slowdown in sports betting from the global pandemic,’ said Scott Burton, CEO of FansUnite. ‘The figures for the past 60 days have been exceptional and continue to validate our belief in this leading B2C betting brand and the management team behind it. For the duration of 2020, major European leagues are set to begin again and present a great opportunity for McBookie to capture the attention of new and existing customers. We will work directly with McBookie in ensuring their presence in the U.K. expands and they are in a position to service this growing user base of bettors.’
‘The team at FansUnite has worked very hard to improve all aspects of our business since joining FansUnite and it is great to see that replicated in the numbers,’ said Paul Petrie, founder and Director of McBookie. ‘With just one month to wait until the whole of Scottish football is back, having the resources and expertise of FansUnite helps puts us in an excellent position to continue building on our recent success.’
While the return of sport has provided an uptick in betting volume, casino turnover during the two-month period was strong as well with $3.1M wagered. McBookie will be looking to build on these numbers with the recent launch of a Live Casino product earlier this month.
‘After launching a successful Virtual Sports betting offering in March, we decided to expand our platform with the addition of a Live Casino,’ continued Paul Petrie. ‘It represents another betting alternative for our loyal customers and helps us diversify our revenue stream.’”
SOURCE FinancialBuzz.com
Mohegan, a leader in developing integrated entertainment resorts worldwide, announced, subject to all regulatory approvals, that Joseph J. Hasson has been named Chief Operating Officer (COO), overseeing the development and execution of short and long-term strategic business plans across all Mohegan properties. Hasson has served as Mohegan’s interim COO since April of this year.
“Joe Hasson’s expertise, garnered over more than 40 years in the gaming and hospitality industries, coupled with his exemplary leadership at our Las Vegas property, positions him uniquely to ensure strategic alignment and continuity across Mohegan’s diverse portfolio,” said Ray Pineault, President and Chief Executive Officer of Mohegan. “We are confident that his leadership as our Chief Operating Officer will be instrumental in our sustained success.”
As Mohegan’s COO, Hasson will oversee the day-to-day operations of Mohegan’s resorts across the United States, Canada and Northern Asia. He will also maintain his responsibilities as General Manager of Mohegan Casino at Virgin Hotels Las Vegas while the casino transitions ownership. Mr. Hasson will report to Ray Pineault, Mohegan’s President and Chief Executive Officer.
As COO, Hasson will continue to enhance operational efficiency and guest satisfaction while maintaining the high service standards that define Mohegan. He will also work with Mohegan’s leadership team to align all strategic processes with company-wide goals, emphasizing the sustainable growth of Mohegan’s portfolio of entertainment resorts.
Prior to joining Mohegan, Hasson served as COO of Station Casinos LLC and Red Rock Resorts, Inc. He holds a bachelor’s degree in commerce from Rider University, NJ.
BetMGM, a leading iGaming and sports betting operator, launched mobile sports betting operations across Washington, D.C.Ā Previously accessible within only a two-block radius of the sportsbook’s location at Nationals Park, sports fans district-wide now have access to the BetMGM sports wagering experience along with rewards tied to both MGM Resorts and Marriott Bonvoy destinations.
The launch follows the D.C. Council’s approval of its FY2025 budget that included a provision to open the digital sportsĀ bettingĀ market. BetMGM will retain exclusivity for the two-block radius surrounding Nationals Park where it operates the BetMGM Sportsbook as part of a multi-year partnership with the Washington Nationals.
“After three years of bringing unparalleled, omnichannel experiences to sports fans and supporting the D.C. metropolitan community through our partnership with the Washington Nationals, fans can now bet on their favorite teams with BetMGM across the District with our award-winning mobile app,” saidĀ Adam Greenblatt, Chief Executive Officer, BetMGM.
As mobile sportsĀ bettingĀ operations are now live inĀ Washington D.C.,Ā MarylandĀ andĀ Virginia, BetMGM continues to generate significant economic impact for the region by creating local jobs and contributing tax dollars. BetMGM has invested in the growth and development of the District with its contributions to community-centric programming such as the National Cherry Blossom Festival, the Capitol Riverfront Friday Night Concert Series, Turkeypalooza presented by BetMGM, and the MGM Resorts Supplier Diversity Mentorship Program.
BetMGM’s integration with MGM Rewards and Marriott Bonvoy provides users the opportunity to redeem gameplay for experiences at MGM Resorts and Marriott Bonvoy properties nationwide. These destinations include MGM National Harbor inĀ Maryland, Borgata inĀ New Jersey, and Bellagio and MGM Grand inĀ Las Vegas.
Melonie Johnson, MGM National Harbor President & COO, said, “This is a full-circle moment as our resort continues to strengthen its reputation as the DMV’s premier entertainment destination. With BetMGM’s launch of mobile sportsĀ bettingĀ in D.C., customers across the entire region can now enjoy the full MGM Rewards experience. This includes our world-class hotel rooms, restaurants, and our state-of-the art BetMGM Sportsbook & Lounge.”
Affiliate Industry
MightyTips and Marathonbet collaborate on a new partnership deal to conquer the Brazilian market
Affiliate website MightyTips and betting platform Marathonbet are entering into a new partnership that covers the Brazilian market to dominate the booming iGaming scene.
This strategic partnership will help Marathonbet to skyrocket its presence in the giant South American country with a population of over 215 million, boosting acquisition numbers in an increasingly competitive market.
A recent report by SOFTSWISS estimated that Brazilians participating in sports betting-related activity and online casinos in 2022 exceeded 46%.
The report also suggested the sports betting market in Brazil is significantly larger than that of online casinos. It is with these figures in mind that Marathonbet will seek to capitalise on.
Launched in 1997, Marathonbet has a rock-solid reputation and primarily operates under a licence issued by the Government of CuraƧao. It was one of the first sportsbooks to launch an online betting service back in 2002.
Its brand is associated with some of the biggest names in football thanks to a deep-rooted commitment to the sport. In the past ten years, it has sponsored the likes of Real Madrid, Manchester United, Sevilla, and Lazio.
Eugene Ravdin, MightyTips Communications and Marketing Manager said: “Marathonbet is one of the biggest names in betting. Its long and storied evolution from the beginning of iGaming is incredible and we canāt wait to work alongside them.”
A Marathonbet spokesperson said: “We are pleased to announce the beginning of a long and fruitful cooperation with MightyTips. We are sure this will bring us and the players only positive emotions, and we wish all the players good luck and many victories.”
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