Favorable Laws Assist Construct Momentum for the On-line Playing Market
NEW YORK, March 30, 2021 /PRNewswire/ — The popularity of online gambling has grown significantly in the United States. Now, laws and regulation are becoming more favorable for the service providers in this sector, and the pandemic has created the right environment for them to prosper. According to estimated data by the American Gaming Associating, gamblers placed USD 4.3 Billion in bets on Super Bowl LV, marking “the largest single-event legal handle in American sports betting history.” About 7.6 million people placed bets on the game through platforms like FanDuel and DraftKings, a 63% increase from 2020. According to a report by CBS News, Casey Clark, a Senior Vice President at the gaming association explained that “the pandemic had a lot to do with Americans not going to physical locations anymore… You weren’t going to in-person sporting events and you weren’t going to brick-and-mortar sportsbooks [where gamblers can wager on various competitions].” Trident Acquisitions Corp. (NASDAQ: TDAC), GAN Limited (NASDAQ: GAN), Alphabet Inc. (NASDAQ: GOOG), International Game Technology PLC (NYSE: IGT), Score Media and Gaming Inc. (NASDAQ: SCR) (TSX: SCR)
Sports betting is a major segment of online gambling. A report by the Chicago Sun-Times indicates that New Jersey gamblers set a nationwide record for the most money bet on sports in a single month, spending almost USD 668 Million in August on events including resurgent baseball, basketball and hockey seasons that had been interrupted by the outbreak. As a result of the evident spike in demand, Morgan Stanley reported that it now projects that the domestic sports betting industry will reach revenues of about USD 7 Billion by 2025, a major increase from the USD 5 Billion projected in June 2018 and reiterated last December, Casino.org reports.
Trident Acquisitions Corp. (NASDAQ: TDAC) and Lottery.com, which entered into a definitive agreement with Trident Acquisitions Corp. on February 22, 2021, announced breaking news yesterday that, “it has entered into an agreement with Payday Lotteries Limited (“Payday”), a federally licensed Nigeran lottery operator, to offer U.S. lottery products in Nigeria. This agreement will allow consumers in Nigeria to purchase select U.S. lottery products in the country both physically and electronically, on the Internet and through their mobile devices.
‘I’m truly excited to announce our entry into the Nigerian market with our partnership with Payday Lotteries to offer genuine U.S. lottery games to a new and growing market,’ said Tony DiMatteo, co-founder and CEO of Lottery.com. ‘This continues our international expansion and highlights our commitment to our vision of being the premier global marketplace for games of chance.’
The agreement allows for Payday to offer a suite of U.S. lottery products in Nigeria supplied by Lottery.com. Payday is fully licensed by the relevant authorities in Nigeria. Payday intends to work closely with the regulators to ensure the exclusive nature of the distribution is respected. Following Nigeria, the parties plan on continuing their partnership to provide the same U.S. lottery products in neighboring West African countries.
Payday intends to leverage the significant expertise of its stakeholders across all verticals of the betting industry, both in English and French speaking Africa. Payday has made significant investments in bringing its advanced digital platform solutions to the forefront of international standards, offering enhanced reliability and connectivity with a view to becoming one of Africa’s leading operators. Nigeria, with a population of more than 200 million and close to 160 million mobile phone connections, features one of the largest markets on the continent.
Commenting on the agreement, Umoh Tom Umoh, Director of Payday Lotteries, stated: ‘We are delighted to be partnering with Lottery.com, a pioneer in the lottery industry. We are convinced that this strategic relationship with a leading brand, coupled with our technology and familiarity with the local market, will accelerate our efforts to become a top-tier player in Nigeria.’
On February 22, 2021, Lottery.com entered into a definitive agreement with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW) to become a publicly-traded company listed on The Nasdaq Stock Market.”
For our latest “Buzz on the Street” Show featuring Lottery.com recent corporate news, please head over to: https://www.youtube.com/watch?v=WkqcQSNKCEw
GAN Limited (NASDAQ: GAN) reported last year that it has signed a definitive purchase agreement to acquire Vincent Group p.l.c. (“Coolbet”) for a total consideration of approximately EUR 149 Million (subject to adjustment as provided in the Share Exchange Agreement). The acquisition is expected to close in the first quarter of 2021, subject to regulatory review and the satisfaction of certain closing conditions. GAN expects to fund the acquisition with new capital. Coolbet is an award-winning, Business-to-Consumer (“B2C”) iGaming operator, with a footprint in Northern Europe, Canada, and Latin America in real money iGaming and online sports betting. GAN is a leading business-to-business supplier of internet gambling software-as-a-service solutions predominantly to the U.S. land-based casino industry.
Alphabet Inc. (NASDAQ: GOOG) Play Store policies will allow gambling and betting Android apps that use real money in 15 more countries, including the U.S. The Google Play Store indicated on March 1st that, “Subject to restrictions and compliance with all Google Play policies, we allow apps that enable or facilitate online gambling in the following countries in the table below as long as the Developer completes the application process for gambling apps being distributed on Play, is an approved governmental operator and/or is registered as a licensed operator with the appropriate governmental gambling authority in the specified country, and provides a valid operating license in the specified country for the type of online gambling product they want to offer.”
International Game Technology PLC (NYSE: IGT) announced last year that its leading PlaySports platform will power world-class retail sports betting at Maverick Gaming’s three Colorado-based casinos as well as interactive sports betting throughout Colorado via Play Maverick Sports. Through a multi-year agreement with Maverick Gaming, IGT will provide its proven PlaySports turnkey solution including user-friendly self-service PlaySports kiosks, to Grand Z Casino and Johnny Z’s Casino in Central City, Colo. and Z Casino in Black Hawk, Colo. The IGT PlaySports platform, complete with a fully integrated Player Account Management (PAM) solution, will also power Maverick Gaming’s “Play Maverick Sports” mobile sports wagering app.
Score Media and Gaming Inc. (NASDAQ: SCR) (TSX: SCR) reported back in December named the exclusive English language broadcast partner for the League of Legends’ Demacia Championship, a marquee annual event featuring 24 of China’s top esports teams. Live event coverage will run from December 20-27 and be streamed across theScore esports’ YouTube and Twitch channels. The Demacia Championship will be theScore esports’ first-ever live event broadcast, with production originating from their esports headquarters in Toronto. “We’re thrilled that TJ Sports identified theScore as the ideal partner to produce and distribute the Demacia Championship’s English language broadcast to fans worldwide,” said Aubrey Levy, Vice President of Content and Marketing, theScore. “We’ve found fantastic audience reception in our coverage of the Chinese League of Legends scene, and can’t wait to leverage our video production expertise and wide global reach to deliver an entertaining live event viewing experience for League fans.”
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