Sports Betting Market Poised For An Even Bigger Boom In 2021
In 2020, the online sports betting industry experienced significant growth, and 2021 is expected to be crucial for its expansion. Key markets in the US and Europe are seeing legalization, which coincides with a rise in consumer interest. Companies like Bragg Gaming Group (TSXV:BRAG), DraftKings (NASDAQ:DKNG), Penn National Gaming (NASDAQ:PENN), and Esports Entertainment Group (NASDAQ:GMBL) are capitalizing on these opportunities. Bragg's recent partnership in the Netherlands and DraftKings' 98% revenue increase to $133 million underscore the industry's potential as it adapts to emerging markets.
- DraftKings reported Q3 2020 revenue of $133 million, a 98% increase compared to $67 million in Q3 2019.
- Bragg Gaming Group is expanding into the Netherlands, partnering with JVH and Kambi to enter a new market.
- Penn National Gaming's Barstool Sportsbook has experienced strong market reception since its launch.
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NEW YORK, Jan. 13, 2021 /PRNewswire/ -- 2020 was a huge year for online sportsbooks, and 2021 might just go down as the most important year in the industry's history. Over the course of the last year, we saw sports betting legalization in key US states, as well as several European markets. This is happening as consumer adoption of online sports betting is accelerating amid a growing demand for at-home entertainment. Heading into 2021, the online sports betting industry has a broader reach and a larger user base than ever before, all as major league sports are returning to action. Major legislative breakthroughs in key markets are expected to continue into 2021, and companies like Bragg Gaming Group (TSXV:BRAG) (OTCQX:BRGGF), DraftKings Inc (NASDAQ:DKNG), Penn National Gaming (NASDAQ:PENN), Esports Entertainment Group (NASDAQ:GMBL) and FansUnite Entertainment Inc. (CSE:FANS) (OTCQB:FUNFF) are seizing the opportunities that are already here.
Bragg Gaming Group Partnering With Sportsbooks in New Markets
Bragg Gaming Group (TSXV:BRAG) (OTCQX:BRGGF) is an industry-leading provider of technology for online casino and sportsbook operators. As sports betting expands into new markets in 2021, few companies are going to see greater opportunities than Bragg. The company's ORYX Gaming platform provides licensed operators with everything they need to get an online sportsbook or online casino up and running, including sportsbook, lottery, marketing, and operational services, all in one omni-channel retail, online, and mobile iGaming platform. As new sportsbook operators look to move into newly opened online betting markets in time to capitalize on the excitement generated by major leagues returning to play, Bragg Gaming Group is ready to get these companies started.
On January 5, Bragg Gaming Group announced the company's latest sports betting partnership. Through its ORYX Gaming Subsidiary, Bragg has partnered with Dutch casino operator JVH gaming & entertainment group and global sports betting provider Kambi Group to integrate ORYX's technology with Kambi's sportsbook and take JVH's business online for the first time. This deal marks Bragg's first move into the Netherlands' online betting market at a time when the company is rapidly expanding its reach into new markets all over the world with partnerships like this one.
"This partnership with JVH and Kambi will be a model for bringing the latest in iGaming and sportsbook technologies to leading land-based casino operators everywhere," Bragg Gaming Group CEO Adam Arviv said in the company's release. "Our cutting-edge technologies, combined with JVH's market expertise, will create an unmatched experience for players looking for the latest in an online gaming experience."
Sports Betting Companies Growing in Surging Market
Fantasy sports and sports betting company DraftKings Inc (NASDAQ:DKNG) has seen phenomenal growth throughout the past year. In its 2020 third quarter results, the company reported revenue of
Penn National Gaming (NASDAQ:PENN) made the move into online sports betting in early 2020 when the company finalised its acquisition of sports media company Barstool Sports, with plans to launch a Barstool-branded sportsbook app. Barstool Sportsbook launched to overwhelming success in mid-2020 and on January 5 this year, the company announced that it would be expanding the sportsbook into Indiana and Michigan.
Sports betting is not only surging for traditional sports. Esports is the fastest growing sector in the sports entertainment industry, and so it makes sense that esports betting is surging as well. Esports Entertainment Group (NASDAQ:GMBL) is one of the early sports betting platforms dedicated exclusively to esports. In December, the company finalized an agreement to acquire B2B-centric live and online events and tournaments platform Esports Gaming League.
Esports betting technology company FansUnite Entertainment Inc. (CSE:FANS) (OTCQB:FUNFF) announced in December that the company intends to create the first esports-focused sportsbook in the state of Colorado in partnership with GameCo LLC and Sky Ute Casino.
The online betting industry is expanding and creating new and exciting opportunities for companies like Bragg Gaming Group with each new market that opens up, and nowhere in the online gaming industry is that excitement more apparent than in sports betting.
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