NEW YORK, June 23, 2020 /PRNewswire/ -- The sports betting market continues to gain popularity among people of all generations, especially as online betting gradually becomes more popular. To illustrate the importance of this segment, data from the zion Market Research report show that sports betting accounts for about 70% of global gambling revenue, more than in any other sector, including lotteries, casinos and poker, among other forms of gambling. As for which sports are the most popular, various games around the world are common among sports betting fans, but European football attracts the greatest income from gambling, and then it is closely watched by baseball. Of course, it should be noted that numerous technological developments have helped to raise the market to new heights. The wider online betting presence has completely changed the process of making sports betting, making it easier, faster and more comfortable to place bets. On the other hand, the strict rules imposed by different governments are still an obstacle to the online market. However, according to the report, the global sports betting market in 2017 was estimated at about 104.31 billion. U.S. dollars and is expected to reach approximately $155.49 billion by 2024. U.S. dollars, and from 2018 to 2024 will grow by 8.83% and will make up 8.83% of the total average annual growth. FansUnite Entertainment Inc. (CSE: FANS), GAN Limited (NASDAQ: GAN), Boyd Gaming Corporation (NYSE: BYD), International Game Technology PLC (NYSE: IGT), Scientific Games Corporation (NASDAQ: SGMS).
Despite legislative restrictions, both regionally and nationally, the market has already received more than 48.9 billion in 2018. U.S. dollars in global revenue and is projected to increase to 134.5 billion by 2027. U.S. dollars, according to data provided by Transparency Market Research. After a landmark Supreme Court ruling in 2018 in which the court overturned the ban on sports betting, all states were given the opportunity to seek legalization. The state of New Jersey was the first to legalize sports betting. Other states followed, but California remains the legal platform for this gambling segment. However, changes may occur in November of this year. State Sen. Bill Dodd (D-Napa) and Assemblyman Adam Gray (D-Merced) have been working on an amendment to the state constitution that will be put to a vote in November if it passes through both chambers. "I think the leagues themselves are really experts when it comes to preserving the integrity of games," Assemblyman Gray explained in a report to NBC Sports Bay Area. "Obviously in our proposal we have banned any sports betting in high school, and as we put the finishing details over the next few weeks, it will be important that these leagues work with us on these final details to make sure we have the highest quality product with the highest quality standards." And while they were a bit timid, I know that many in the world of sports know that the future of the sports economy can be inextricably linked to the success of sports betting, fantasy sports and other activities.
FansUnite Entertainment Inc. (CSE: FANS) and Askott Entertainment Inc. have just announced that the two companies have "entered into a final merger agreement ("Agreement") to establish one of Canada's leading online gaming companies specializing in sports betting, airport games and casino games." Under the terms of the Agreement, Fans Unit will acquire all of Ascotta's issued securities through the merger of three companies (the "Deal"), under which Ascott and the newly registered subsidiary of Fans Unit will merge under the Commercial Corporations Act (British Columbia) and will continue as a single corporation.
Highlights of the combined company
- Extended consumer base. United FansUnite and Askott will have four "business for consumers" platforms ("B2C") that have generated more than 350 million CDN rates since its inception and will have more than 300,000 registered members;
- Extended business base. FansUnite and Askott will have four "business for business" contracts ("B2B"), two of which currently work and generate revenue with leading export companies;
- Extended offers on rates. Two themed casino games, which this year will be released on several platforms of casino game aggregators, with more games currently being developed;
- Increase in gaming licenses: Completed applications for B2C and B2B gaming licenses;
- Established history of operations: Askott has been in business since 2013, working closely with Level 1 partners around the world; And
- Highly skilled and experienced team: Completing the transaction will add a team with years of experience in airports, sports betting, casinos, poker, licensing, government relations and equity development transactions.
According to a recent report by Grandview Research1, the global online gaming market is estimated at $53.7 billion in 2019 and is expected to grow at an average annual growth rate of 11.5% between 2020 and 2027.
"As the online gaming market continues to grow, the merger with Askott is an important milestone and makes us one of Canada's leading iGaming companies," said Darius Eghdami, CEO of FansUnite Entertainment. The association with Askott provides us with a fully integrated gaming asset that offers multiple B2C platforms to users in various betting offerings, B2B technology that can be licensed for all kinds of sports books, and an experienced management team that has led and developed many organizations globally." This combination creates a leading company in the field of online gaming and confidently positions us for significant growth with new offers and market opportunities."
"We are recognized as a global leader and pioneer in export betting technology," said Scott Burton, CEO of Askott Entertainment. "As pioneers in this sector, we have already gone through a number of important milestones, including the launch of the world's first daily fantasy website dedicated to airports, the first airport betting site to be licensed to play in the Isle of Man in 2017, and most recently EGR magazine has shortlisted the Esports Betting Supplier of the Year Award." This year, part of our growth strategy was to complement our offering with traditional sports and casinos, making us a full-fledged solution for iGaming. The merger with FansUnite will accelerate our growth strategy and bring us the scale and supply that will make our combined group the leading iGaming company in the Canadian public market..."
