Daily Archives: November 22, 2020

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Sports betting and online gaming could eventually become a $40 billion business as more people take to their phones to wager on their favorite sports teams and play online casino and fantasy games, according to one analyst at Piper Sandler.

Already in New Jersey, one of the most mature sports betting markets outside Nevada, sports betting generated $300 million in revenue for fiscal 2019, 82% of it online, according to Piper Sander analyst Yung Kim.

The analyst initiated coverage of Penn National (ticker: PENN) with an $84 price target and DraftKings (DKNG) with a $58 price target, giving them both Overweight ratings.

Shares of Penn National fell 0.16% on Friday but are up more than 175% this year. DraftKings fell 3% but are up 349% for the year. The S&P 500 is up 10.5%.

Just days ago Loop Capital Markets analyst Daniel Adam started coverage of DraftKings with a Buy rating and a $100 price target. The stock currently trades around $48. He estimated the potential online sports betting and igaming market could get to around $30 billion, versus current expectations of $20 billion.

DraftKings raised its 2020 outlook this month, saying it expected record revenue in a range of $540 million to $560 million for the year, which is up from $500 million to $540 million. It expects 2021 revenue in a range of $750 million to $850 million.

The Piper analyst said DraftKings fantasy sports offering has helped it build a brand that can gather a significant share of the market.

We look for DraftKings to transition the >4M paying users in its database of daily fantasy sports players to both sports betting and igaming, Kim said.

Nevada, the U.S. gambling epicenter, handled $5.3 billion in sports bets last year, according to legalsportsbetting.com, but legal sportsbooks have spread to other states in the past few years after a 2018 Supreme Court decision allowing it.

There are 25 states and the District of Columbia that allow legal sports betting but only 15 states (and D.C.) have online options. Pipers Kim says the online sports betting market could grow to $11 billion from $3 billion now, with 65% of the U.S. population using legal mobile betting apps.

The online gaming market could also explode to about $7 billion, Kim said.

There are three levers here: percentage of U.S. population living in a state with legal sports betting and/or igaming, average revenue per person in the state and market share attained by competitors, the Piper Sandler analyst said in a note.

Penn National took a sizable stake in Barstool Sports earlier this year and announced earlier this month it was opening its first retail Barstool sportsbook at the Ameristar Casino Resort Spa Black Hawk near Denver.

Pipers Kim said Penn could find new sources of revenue through Barstool, which has 66 million monthly users and officially rolled out its Pennsylvania sportsbook app in September, with 60,000 downloads. We view the early results as a strong start, Kim said.

Write to Liz Moyer at liz.moyer@barrons.com

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DraftKings and Penn National Will Grab Big Share of Online Wager Market, Analyst Says - Barron's

Published November 22, 2020 by Lee R

The perceived stringency of the new review is a solution to longer term harsh measures direct from Parliament.

The affordability of gambling in the UK is the latest initiative for which the UK Gambling Commission UKGC is seeking stakeholder consultation.

Participants

The 10-week consultation is set to welcome both industry members and consumer feedback on regulatory reform.

Affordability Threshold

The key initiative under consideration is a new 100 ($130) per month affordability threshold for all UK customers.

Long Term Solution

The Commission seeks to introduce new regulation ahead of impending Parliamentary review of the Gambling Act of 2005 currently governing play as a greater solution for avoiding more intense long-term Parliamentary restrictions.

Previous Consultation Benefits

An earlier similar consultation into VIP betting in the UK resulted in the establishment by the UKGC of a series of required checks before an operator makes a customer a VIP--including origin of funds; occupation and identity verification, with operators further called upon to assign a senior executive with personal responsibility for ensuring customer safety in VIP schemes.

Protecting Consumer Spend

The new requirements under review are designed to inform the new UKGC thresholds which will serve affordability measures to protect vulnerable players from gambling too much of their money.

Time Limits to be Discussed

Other key protections to be discussed in the coming review include the mandatory time limit for gambling after which customers will be alerted.

UKGC Position

While acknowledging operator efforts for customer protection, the UKGC is calling for new restrictions to bring the whole industry into line.

In a prepared statement, UKGC executive director Tim Miller said of customer interaction processes:

We are clear on the need for gambling companies to take further action and that the Commission must set firm requirements to set consistent standards.

UKGC's New Data

Current consultation documents published by the Daily Telegraph last week indicate UKGC's characterisation of thresholds of tens of thousands of pounds ineffective in combating gambling-related harm' while calling a 2,000 limit neither realistic nor appropriate.

Upon further review of evidence-based research, the documents revealed that the Commission is leaning towards loss limits as low as 100 per calendar month to launch the interventions under discussion.

Outlook

The use of data to inform legal restrictions looks like the key component that can inform UKGC policy and legitimize what might other seem like harsh restrictions for operators.

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Affordability Thresholds to be Lowered to Pragmatic Levels in New UKGC Review - Online Casino Reports

The casino industry stood still for a long time. In regards to slots, there werent that many changes or new things. However, it was apparent that the number of players has diminished over time. This was the trend until slots and casinos moved online.

Online casinos brought a lot of new things to players. This impacted some significant shifts in the casino slots industry. In fact, the growing number of new slots, varieties, different play styles, themes, and overall innovation has brought in a lot of new players.

Ultimately, the online slots industry became larger than traditional casinos that havent offered anything new in ages. Here are some of the current trends that are popping out in this industry.

The global casino industry has taken a massive hit with the coronavirus. All industries have been affected by this pandemic and casinos arent immune. In fact, the casino slots industry has suffered a lot. Traditional casinos have been shut down completely in many countries around the world.

This means that they havent had a single player enter their premises. Even after the government regulations have loosened and allowed casinos to operate, the number of players has declined seriously compared to before the pandemic.

Physical locations are declining across the board in countries all over the world. In some cases, its due to measures to contain the virus. In other cases, people simply dont want to go to crowded rooms where they might catch the virus from someone else.

While physical casinos are struggling yet again, online casinos are getting more players than ever. People are spending more time in their homes, and they have the time to play their favorite games. At the same time, players that liked going to casinos have switched to online options.

A report by Optimove says that online casinos have 43% more Poker players on a daily basis since the pandemic has started. But this is just one game.

In reality, online casinos have seen a gradual increase in players but this further shows how strong the online casino industry is. At the same time, online casinos like Caesars Slots report a rapid growth of first-time players.

One of the reasons why online casinos have beaten traditional brick-and-mortar casinos is the industrys constant effort for growth and innovation. Luckily, these digital transformations havent stopped even during the coronavirus pandemic.

One of the latest trends in the industry is the implementation of blockchain technology in online casinos. Online casinos can move their financial documents to blockchain ledgers that can be accessed by their partners or people working for the casino.

This makes their finance management a lot easier. At the same time, blockchain guarantees security and stable transactions. Also, casinos are starting to use blockchain smart contracts to verify transactions and make every players account transparent.

In the end, casinos adopt blockchain to allow players to pay with and withdraw digital currencies, including Bitcoin, Ethereum, Dogecoin, and so on.

AR is quickly becoming mainstream technology. Its been widely adopted for video games, and now its entering the casino games industry. This technology has the potential to make casino games even more exciting and realistic. AR will bring that immersiveness to online casino players.

Simply put, it has the potential to bring all of the benefits of the traditional casino experience into online casinos. For example, when playing games like bingo, players will be able to see each other, communicate, and feel like they are sitting with each other.

All of this from the comfort of their home! At the same time, the implementation of this technology will probably bring new and innovative casino games with better graphics, animations, effects, and a unique playing style.

If you want to learn more about the development of the online casino industry, read: http://www.bullz-eye.com/2020/03/17/the-amazing-development-of-online-gambling/.

Even though online casinos have only been around for two decades, they are constantly innovating and introducing new features. Virtual reality is a brand new technology thats only starting to find its way in various industries. Even so, there are already a couple of online casinos that have VR games.

However, as more players start getting VR headsets, the amount of VR support casinos offer will also grow exponentially. This gives the potential for creative casino settings, a themed atmosphere, and fun gaming experiences.

As you can see, the online casino industry isnt lagging behind in any way. There are constantly new things coming out. This is why so many players around the globe enjoy these games. We cant wait and see how the industry will look in the next five years.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to ourTwitterorFacebook.

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New trends emerging in the casino slots industry - KnowTechie

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Gaming Innovation Group Inc. (GiG) has today signed a long-term agreement with existingcasino client K.A.K. DOO Skopje, hospitality, tourism and services company (K.A.K.) for the provision of GiGs sportsbook, including online, over the counter (OTC), omnichannel and on premise sport solution to launch both their digital and land-based sports betting operation in the regulated North Macedonian market.

K.A.K. and Gaming Innovation Group signed a long-term agreement in September this year for the provision of GiGs platform, frontend solution and managed services to power K.A.K.s digital casino transformation. Todays additional agreement follows K.A.K. s decision to enter into Macedonias growing sports betting market under their own license, allowing up to an initial 25 physical sites across the country as well as online operations.

Gaming Innovation Group will provide K.A.K. with its end-to-end sportsbook, delivering an online offering as well as a physical offering through GiGs over the counter, omnichannel retail solution. Through GiGs partnership with Betgenius, end-to-end live data, trading and risk management services will also be delivered as part of the agreement. This allows K.A.K. to offer its customers official sports betting content from over 300 competitions including the English Premier League, Serie A and EuroLeague basketball.

The agreement is based on a combined fixed fee and revenue share structure.The sports offering is expected to go-live in Q2, 2021, and is expected to make a positive contribution to GiGs revenues from H2 2021 onwards.

Ognjan Cigovski, Chief Executive Officer of K.A.K. DOO Skopje says: Our recent decision to expand into both the retail and online sportsbook market was a natural step for us, building on our successful land-based casino activities and we see it as a very exciting proposition. We can now offer our customers a full suite of products across multiple locations as well as online. We are excited to partner with GiG on this venture whos product and service offering were a great fit for what we want to achieve in the local Sportsbook space

Richard Brown, Chief Executive Officer of GiG says, I am very pleased to expand our partnership with K.A.K, they have secured a local sports betting license and have exciting growth plans which are highly complementary to their existing premier retail casino presence in the country. By adding our online and OTC sportsbook technology offering to the online casino also powered by GiG, K.A.Ks end users will have a seamless end-to-end experience. We are very much looking forward to working with them to deliver a great product to the local market.

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EGT Extends its Partnership with Maxbet into Bosnia and Montenegro - European Gaming Industry News

Pennsylvania now has a 13th retail sportsbook with Wind Creek Bethlehem adding one this week, and its partner Betfred USA Sports will soon provide the 11th online/mobile option in the state.

Wind Creek quietly had a test period for the physical sportsbook Monday and Tuesday, and it announced Wednesday morning that it had received Pennsylvania Gaming Control Board approval for permanent operations.

Opening the sportsbook at Wind Creek Bethlehem provides yet another exciting gaming opportunity for our guests, Jay Dorris, Wind Creek Hospitality president and CEO, said in a press release. Partnering with Betfred USA Sports will allow us to bring a first-class sports betting experience in a high energy environment to the property.

Wind Creek is the last of Pennsylvanias large casinos to enter the sports betting market, which requires paying a $10 million licensing fee. Only Lady Luck Nemacolin in Fayette County, the states smallest casino, lacks a retail sportsbook or online partner.

The gaming board reported Tuesday that the states sports betting handle in the month of October amounted to a record $525.8 million, with gross taxable revenue from it (the amount lost by bettors) of $36.8 million.

When Wind Creek won sports betting licensure approval from the gaming board in June, its general manager said it expected Betfreds digital operation to start before the retail sportsbook opened. That has turned out not to be the case.

Wednesdays press release said to expect the launch of the online sportsbook powered by Betfred Sports in the Wind Creek Casino mobile applications in the coming weeks.

Betfred is a longtime British-based sportsbook that created a U.S. subsidiary and is already operating in tandem with casinos in Iowa and Colorado. It operates more than 1,500 betting shops in Great Britain.

Pennsylvania is a massive sports betting market, and we look forward to making Wind Creek Bethlehem a go-to destination for sports bettors, Betfred USA Sports COO Bryan Bennett said in the press release. He added in an interview, I dont think weve reached the apex of how big Pennsylvania can be, in terms of future growth now that the statewide monthly handle has surpassed a half-billion dollars.

The sportsbook occupies space in the casino that was formerly Buddy Vs Ristorante. It has two video walls, 31 individual TVs, three betting windows, eight self-service kiosks, and a pub for dining and drinking.

While the casino is hosting a grand opening for invited guests at the sportsbook Saturday, Betfreds soon-to-launch mobile component will see far more betting action. About 90% of Pennsylvanias betting handle comes digitally instead of in person.

Bennett told Penn Bets that the company would have liked to launch online by now, but with COVID, everything has just taken a little longer than originally anticipated. He said he is hoping Betfred will be available digitally by years end sharing the play.windcreekcasino.com website that provides the casinos iGaming component, but the timing will depend on the state approval process.

The British operator will face a crowded market of better-known online operators. The Barstool Sportsbook of Penn National Gaming just arrived in September as the newest site, placing third in betting volume behind national titans FanDuel and DraftKings. The seven other digital sites combined claim less than one-fourth of the market.

Bennett said Betfred has always relied on an image of providing the best value to the bettor, and it is counting on its path into the Pennsylvania market being greased by the association with Wind Creek, the second-largest revenue generator among the states casinos.

Well start out by leveraging the retail sportsbook space and converting players over to the online book, he said. Im sure a number of them are already betting online with competitors, and our first order of business is to convert them over.

In addition, BetMGM recently won licensing approval to provide sports betting in Pennsylvania, although it is unclear when and how it will do so. It would need to form a partnership with an existing Pennsylvania casino as its sports betting provider, and the casinos with sports betting licenses all already have relationships.

While Wind Creek is the newest retail sportsbook in the state, it will not be the last.

The new Live! Pittsburgh mini-casino opening to the public next Tuesday in Westmoreland County has a FanDuel sportsbook, and the Live! Philadelphia property to open in early 2021 will also have one.

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Wind Creek And Betfred Debut Retail Sportsbook, With New Online Option Weeks Away - Penn Bets