FinancialNewsMedia.com News Commentary – Sports betting on many different levels is a popular hobby throughout the country but as each state moves forward with its legalization and launch, it becomes clearer just exactly how many Americans bet on sports. Sports betting is seen to be a $150 billion industry, and this is assumed to be a conservative estimate. An article from Legal Sports Betting said that roughly 50% of US residents are projected to live in a state that has launched legal sports betting by the year 2024. As of now, over a quarter of US residents live in a legal sports betting state and this number is expected to rapidly jump if and when one or all of the three most-populated states (California, Texas, Florida) legalize their industry. Another article, this time from Bloomberg added: “Legal sports betting in the U.S. — once confined to Nevada — has gone mainstream. Since the Supreme Court in 2018 ended federal bans on the industry’s expansion, dozens of states have legalized it, and a multibillion-dollar betting boom is afoot. More money is now wagered on sports in New Jersey than in Nevada. California, which may become the biggest market of all, will vote on legalization next year. For decades, sports betting was an add-on at most casinos. It added to the flavor of the place, but the real action (and revenue) was at slot machines, keno, roulette and other table games. Now, sports betting is surging. Goldman Sachs Group Inc. predicts the online market could reach $39 billion in annual revenue by 2033 — up from less than $1 billion today. Digital betting has been behind this surge. Like many online activities, it got a huge boost from the Covid-19 lockdowns.” Active Companies in the markets today include Champion Gaming Group Inc. (OTCPK: WGRFF) (TSXV: WAGR), Genius Sports Limited (NYSE: GENI), DraftKings Inc. (NASDAQ: DKNG), Penn National Gaming, Inc. (NASDAQ: PENN), Roblox (NYSE: RBLX).
The Bloomberg article continued: “As betting expands, the boundaries that once separated gambling from sports media and professional sports leagues are disappearing. Digital apps make sports betting possible on mobile devices, which gives it a foothold across America and threatens the business of brick-and-mortar casinos. And this is only the beginning; the industry is poised for explosive growth.” Legal Sports concluded: “Football is the most popular sport in the United States, and consequently, it sees the largest influx of sports betting fans every year. The Super Bowl and NFL season alone outperform every other sport for sports betting operations each year, with college football events also seeing massive action at online sportsbooks. Those betting on the NFL are typically active week to week, meaning steady action for the sportsbook operators. An estimated $100 billion is wagered at licensed sportsbooks during the NFL season, with billions wagered on the Super Bowl LV alone in the US. While not as popular as the NFL, NCAA College Football games still generate hundreds of millions for sportsbook operators throughout the year. The American Gaming Association predicted more than 45.2 million Americans bet on the 2021 NFL season and expect a further increase in 2022.”
Champion Gaming Group Inc. (TSXV: WAGR) (OTCPK: WGRFF) BREAKING NEWS: UNDERDOG FANTASY TO SPONSOR FOOTBALL OUTSIDERS’ NEW PREMIUM CONTENT – Champion Gaming Group Inc. (formerly, Prime City One Capital Corp.) (“Champion Gaming” or the “Company”), announced today that Football Outsiders, Champion Gaming’s leading football statistics and analytics site and the “Home of DVOA,” has entered into a new strategic partnership with Underdog Fantasy, one of the fastest growing fantasy apps in history. Terms of the partnership were not disclosed.
Underdog will sponsor Football Outsiders’ new premium content focusing on offseason prospect analysis, new weekly editorial columns, podcasts and video content, including the new FO 40 and Fantasy 40 that debuts this week. The FO 40 and Fantasy 40 are moving and living boards of pre-draft prospects evaluated based on the prospects’ potential team and fantasy impact, respectively, using Football Outsiders’ proprietary metrics. Underdog is Football Outsiders’ first fantasy presenting sponsor.
“Underdog Fantasy is the fastest growing fantasy app ever and to connect our world-class brands is incredibly exciting,” said Chris Spagnuolo, Champion Gaming’s vice president of content. “As we create a year-round Home of Football for in-season and offseason data and analysis, Underdog is able to leverage Football Outsiders’ content to inform and entertain its growing and engaged audience.
Underdog understands the demand and thirst for fantasy football information and contests all year and sees Football Outsiders’ vision and new content rollout as a vital value add to expand its user base.”
“Football Outsiders’ information and data is second to none in this industry,” said Andrew Mackens at Underdog Fantasy. “Through this partnership we hope our users can utilize Football Outsiders’ data and information to make the best possible moves and decisions for their Best Ball, daily, weekly, season-long and pick ’em contests.” CONTINUED... For more information about Champion Gaming please visit https://www.championgaming.com
Other recent developments in the markets include:
Genius Sports Limited (NYSE:GENI), the official data, technology and commercial partner powering the ecosystem connecting sports, betting and media, has recently secured a major new official data, live streaming and fan engagement partnership with leading global online sports betting and gaming brand Betway.
The new agreement provides Betway with Genius Sports’ award-winning LiveData and LiveTrading solutions, delivering real-time data and pin-point pricing for the NFL and NCAA Basketball, alongside the English Premier League and Euroleague Basketball from its long-term existing partnership. Licensed in five states across the U.S., Betway will have access to Genius Sports’ full NFL product suite, including access to the league’s real-time statistics, proprietary Next Gen Stats (NGS) and official sports betting data feed.
DraftKings Inc. (NASDAQ: DKNG) recently reported fourth quarter and full-year 2021 financial results. For the three months ended December 31, 2021, DraftKings reported revenue of $473 million, an increase of 47% compared to $322 million during the same period in 2020. Fourth quarter 2021 revenue exceeded the guidance previously provided by the Company during its third quarter earnings conference call on November 5, 2021 by 8%. After giving pro forma effect to the business combination with SBTech (Global) Limited (“SBTech”) and Diamond Eagle Acquisition Corp. which was completed on April 23, 2020, as if it had occurred on January 1, 2019, revenue for the year ended December 31, 2021 grew 101% compared to the year ended December 31, 2020.
“DraftKings’ strong fourth quarter performance exceeded our expectations on the top and bottom line,” said Jason Robins, DraftKings’ co-founder, Chief Executive Officer and Chairman of the Board. “Our excellent quarter capped off a year in which five of our states were Contribution Profit positive, further demonstrating the effectiveness of our state playbook and supporting our positive view of the industry’s TAM. We enter 2022 positioned to grow our market share, further optimize our user experience and continue to strengthen our multi-product suite of offerings.”
Penn National Gaming, Inc. (NASDAQ: PENN) recently announce that its subsidiary, Score Digital Sports Ventures (Canada) Inc. (“theScore Bet”), has achieved registration as an internet gaming operator with the Alcohol and Gaming Commission of Ontario (AGCO).
“We’re thrilled to be one of the first operators to receive an internet gaming operator certificate of registration from the AGCO as we prepare for Ontario’s new regulated market,” said John Levy, CEO, theScore. “We’ve been and will continue to be at the forefront as regulated internet gaming is introduced in Ontario and are beyond excited to be able to bring theScore Bet to our home market on April 4. Finally, the countdown to launch has begun.”
The National Football League and Roblox (NYSE: RBLX), recently announced the launch of NFL Tycoon to engage the next generation of NFL football fans in the Metaverse. The NFL will be the first official major sports league to offer a persistent experience on Roblox, a global platform bringing millions of people together through shared experiences.
“We are beyond thrilled to partner with Roblox as we journey deeper into the Metaverse and continue to learn the value of interactive shared experiences for the NFL,” said Joe Ruggiero, SVP, Consumer Products at the NFL. “We see Roblox as an extension of NFL’s real-life engagement platforms for emerging social connectivity where fans can learn the game and business side of NFL football. This is a new frontier of how fan engagement will evolve for the League, and we are excited to be a part of this dynamic space that will continuously evolve over time with new experiences.”
