NEW YORK, Feb. 26, 2021 /PRNewswire/ — Sports followers throughout the nation in Canada rang out with pleasure on the announcement of the House of Commons passing of Bill C-218, probably placing an finish to a decades-long prohibition on single-event sports betting. With just some extra hurdles left in the way in which earlier than shifting to the senate after which the Governor-General for Royal Assent, ought to the invoice cross, it can permit provinces and territories to every be given accountability of regulating single-event sports activities playing. The addition of Canada solely helps to bolster the North American sports activities betting market, during which Morgan Stanley predicts the US market will generate $7 billion in revenue by 2025. Many gaming builders stand to learn from the enlargement, together with Bragg Gaming Group (TSX:BRAG) (OTCQX:BRGGF), Elvs Game Technology Corp. (NASDAQ:ELYS), Caesars Entertainment (NASDAQ:CZR), Melco Resorts & Entertainment (NASDAQ:MLCO), and Golden Nugget Gaming (NASDAQ:GNOG).
“We’re more than happy with the profitable consequence of the [303-15] vote,” stated Paul Godfrey, Bragg Gaming Board Member. “The overwhelming backing for the Bill is a robust indication of Canadians’ total help of the transfer to legalize single-event betting, and a really optimistic step for each the authorized playing market in Canada and the general financial system. Not solely will this Bill be certain that income from sports activities wagering return into Canadian communities, moderately than unlawful black-market channels, however it can additionally safe Canadian jobs and create a safer, extra regulated surroundings for Canadians.”
As it gears up for the potential breakthroughs in Canada, Bragg is coming off of a collection of wins within the sports activities betting enviornment in markets all over the world, together with the earlier announcement of its subsidiary ORYX Hub platform’s launch of Remote Gaming Server (RGS) companies for European sports activities betting and on line casino operator Betway.
“Our RGS content material has already been confirmed robust in Germany and past, and this partnership will additional strengthen the attain and popularity for each our corporations,” stated Managing Director of ORYX Gaming, Matevz Mazij. “We’re delighted to see our partnership with Betway go stay and our titles are going to supply a brand new dimension of content material to their participant.”
Bragg Gaming had additionally struck a deal to enter the Netherlands previous to the Betway settlement, this time with Dutch land-based operators JVH Gaming & Entertainment Group. As per the deal, it additionally included an integration with main world sports activities betting supplier Kambi Group.
All in all, Bragg has been on a roll over the past 12 months, and seeing legalization on the horizon in its house nation of Canada is altogether a candy expertise for the corporate that is already seen exceptional revenue growth of 72% from Q3 2020, and its commencement to the nation’s most outstanding board, the Toronto Stock Exchange.
South of the Canadian/US border, Elvs Game Technology Corp. (NASDAQ:ELYS) (FRA: 3UW) recently announced an enlargement in its partnership with Sportradar to offer Live US sports activities knowledge on its betting platform.
“We consider that Sportradar’s leading edge expertise, superior knowledge and analytics will allow us to execute our imaginative and prescient of constructing a premier, end-to-end sports activities betting answer for European and North American gaming operators,” stated Matteo Monteverdi, CEO and President of Elys Game Technology.
Back in January, Caesars Entertainment (NASDAQ:CZR) introduced its investment in SuperDraft, which operates throughout seven skilled sports activities in additional than 35 states, for day by day fantasy sports activities taking part in.
“The addition of day by day fantasy sports activities matches seamlessly with our strategic imaginative and prescient for cell and on-line sports activities,” stated Caesars Entertainment CEO, Tom Reeg. “SuperDraft’s revolutionary multiplier sport mode is exclusive within the market, and we consider it provides an amazing alternative to strengthen our place within the sports activities gaming panorama.”
The transfer in the direction of iGaming has been essential for the business over the previous yr. Traditional brick-and-mortar-based on line casino corporations like Melco Resorts & Entertainment (NASDAQ:MLCO) have been particularly hit onerous in 2020. However, as casinos reopen all over the world, Melco has the most to gain in Macau. The firm is controlled by Lawrence Ho, a son of Macau’s playing magnate Stanley Ho. Macau’s sports activities betting scene is vastly totally different from what we see in North America. Especially provided that not a single casino in Macau actually offers a sportsbook to attract in clients. Instead, they’re all relegated to devoted betting outlets, all of that are owned by Stanley Ho’s Macau Slot. So the connection is there, ought to Ho the youthful wish to take his on line casino firm down that highway. For now, on-line sportsbooks are doing huge enterprise in Macau; nonetheless, the area’s playing legal guidelines nonetheless forbid their residents from utilizing these on-line websites. Seeing a shift in a rustic like Canada might have an effect on Macau down the highway.
One well-known gaming model that is identified for its on-line presence is Golden Nugget Gaming (NASDAQ:GNOG). Despite some difficulty on the market after it accomplished its reverse merger with Landcadia Holdings, Golden Nugget is undeterred, having just lately entered a definitive settlement with Tioga Downs Race Track for future on-line gaming market entry within the state of New York, topic to laws, regulatory approval, license eligibility, and availability.
As Canada begins to take steps to opening up its sports activities betting market, corporations like Bragg Gaming Group (TSX:BRAG) (OTCQX:BRGGF) are in place to turn out to be first-movers in what might turn out to be a newly invigorated market.
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