It seems like every week there is a newcomer to the Ontario betting market and this week was no exception.
American heavyweight BallyBet (NYSE:BALY) has been approved for a gaming license by the province’s AGCO (Alcohol and Gaming Commission).
According to the company’s website, the online casino will be available first, followed by the Sportsbook. The site will also offer a range of free sports games, which will give customers the chance to win prizes.
In addition to Ontario, Bally Bet has also been approved to join the New York mobile sports betting market. The company has yet to officially launch, despite launching in the New York market in January. The company shared plans that it was looking for a Q2 2022 launch, but no updated timeline has been set.
An all-out lobbying war has erupted in the state of California now that there are two ballot betting initiatives this fall.
The first volley fired is a 30-second commercial titled “False Attacks” which aims DraftKings (NASDAQ:DKNG) CEO Jason Robins and is funded by California tribes who would like betting restricted to Native American-run racetracks and casinos.
However, not all tribes are against directed industry. Proposal 27, according to a press release this week. The Santa Rosa Rancheria Tachi Yokut Tribe joined the Big Valley Band of Pomo Indians and the Middletown Rancheria of Pomo Indians in supporting the initiative.
With potential revenue estimated at $3 billion, this battle will only intensify.
In other news…
As North American sports leagues continue to embrace the world of sports betting, from naming rights to sponsorship, it seems the UK is headed the other way.
Once a country where gambling shops were on every corner and football clubs had betting companies on their shirts, the tide is turning the other way or so the hope is.
Premier League football has asked its clubs to vote on a voluntary ban on gambling sponsorship on shirts ahead of possible government action.
Top teams may not be phased by the idea of a ban and could easily get sponsorship elsewhere. However, teams in the lower leagues are very worried, with the English Football League, sponsored by Sky Bet, saying it will cost their clubs £40m a year.
Since last season, half of the top teams in the leagues had betting sponsors on their shirts. The government hopes to decide on a ban before July 21.
It’s been a big week for FansUnite (TSX:FANS).
The Vancouver-based global sports and entertainment company announced this week that it will be listed on the TSX.
FansUnite CEO Scott Burton said in a statement that “The Canadian Securities Exchange listing on the TSX is an accomplishment for any public issuer, as evidenced by the number of companies making the transition successfully.”
The move is deserved given the breakdown of TDR Senior Financial Writer Benjamin A Smith last month where the company posted considerable revenue growth while achieving its cash flow positive first quarter of the story.
With the listing of the company on the TSX, the common shares of the company will cease to trade on the CSE. The company explained that “shareholders are not required to exchange their share certificates or take any other action in connection with the listing, as there will be no change in the ticker symbol or CUSIP for the shares. ordinary”.
With market volatility affecting nearly every industry, sports betting stocks have not been immune to the turbulence. There is, however, some good news this week when it comes to the future of the industry and its potential value.
Vantage Market Research a recent analysis of the global sports betting market revealed that revenues are expected to reach a value of US$129.3 billion in 2028.
The research company attributed increasing technological advancements and innovation as the keys to the predicted market growth.
Vantage also highlighted in its report the increased penetration of connected devices as something that would increase the development of the global sports betting market over the projected period.
For context, global market revenue last year was valued at US$74.2 billion.
To read the Top 5 developments in the sports betting industry from the past week, Click here.