NEW YORK, May 19, 2021 /PRNewswire/ -- Another state moves closer to legalizing sports betting, as the governor of Maryland, Larry Hogan, plans to sign a bill establishing the industry in the state. According to a report by the Baltimore Sun, the Republican governor will sign off on a plan worked out by state lawmakers that features in-person licenses for sports betting granted to casinos, the Laurel Park and Pimlico Race Course thoroughbred racing tracks, and the stadiums for the Baltimore Orioles, the Baltimore Ravens and the Washington Football Team. This is a new development for the state after, last year, Maryland, together with Louisiana and South Dakota, voted in favor of legalizing sports betting. FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), Score Media and Gaming Inc. (NASDAQ: SCR), International Game Technology PLC (NYSE: IGT), Penn National Gaming, Inc. (NASDAQ: PENN), Bally's Corporation (NYSE: BALY)
According to a report from the Associated Press, Keith Gormley, Head of U.S. Marketing for Tipico, explained that this young market is very competitive, with dozens of sportsbooks and casino brands all spending across TV, radio, digital and sponsorships to attract the same customer. "You've got dozens of sportsbooks and casino brands all spending across TV, radio, digital and sponsorships to attract the same customer. Expensive bonus promotions and mass advertising certainly work to get them in the door, but a great mobile product and customer care is what will keep them playing with your book long-term," he said.
FansUnite Entertainment Inc. (OTCQB: FUNFF) (CSE: FANS) announced yesterday breaking news that, "the Company has entered a licensing agreement with Money Line Sports Inc. ("Money Line") to launch the online sports betting portal, www.MoneyLineSports.tv before the upcoming professional football season.
Founded in 2019 and launching in 2021, Money Line Sports, is an Ontario-based company that is uniquely positioned within the European markets to provide premium streaming sports content and wagering technology. Under the agreement, Money Line will be an approved white-label partner and operator of FansUnite's proprietary licensed online gambling solutions. FansUnite will integrate the Money Line proprietary streaming media OTT platform and content into the Company's sportsbook and casino offerings within legal jurisdictions. By utilizing FansUnite's gaming applications, Money Line's media platform will provide an enhanced experience for its users through original live streaming content, premium insights, live odds feeds and proprietary betting tools and data for sports betting.
The Money Line platform will implement a diverse revenue model to include a subscription-based pay-for-view framework for premium sports content, a syndicated television show, a rapidly-growing affiliate marketing business focused on customer acquisition for sports betting in Europe and additional jurisdictions. Cryptocurrencies will be accepted on FansUnite's wagering system as a payment option alongside fiat, providing loyalty and rewards for conversion from PayPal and fiat currency on the Money Line Network.
'The new digital betting portal will showcase FansUnite's advanced gaming applications that will be equipped with Money Line's top-tier streaming media solutions and robust sports content, resulting in a synergy that can capitalize on the betting interests of football fans and bettors,' said Scott Burton, CEO of FansUnite. 'Given the rising popularity of online sports betting, we are pleased to be working with the Money Line team on creating the ultimate betting experience for sports enthusiasts through the new joint wagering platform.'
'We are extremely excited to partner with FansUnite and benefit from their proprietary, best-in-class gaming technology platform, digital customer acquisition expertise, and approved operating gaming licenses in multiple jurisdictions,' stated B. Michael Friedman, Founder of Money Line Sports Inc. 'Together, we expect to create a one-of-a-kind wagering platform that we expect will raise the bar for the international sports betting market through a truly interactive and engaging sports betting experience. This move will quickly solidify Money Line's unique value proposition within the gaming sector providing subscription based live streaming sports, wagering in legal jurisdictions and the use of our licensed Blockchain digital currency, 'Bettor COIN' and the rewards coin 'BOOKIE' ($BOOK) to improve KYC, AML and reduce credit card chargebacks as a soon to be publicly traded company,' added Friedman.
The licensing agreement will significantly increase the speed to market for the multi-functional gaming platform for both parties and create a first-mover advantage for streaming sports content, interactive odds, and sports betting with virtual currency acceptance."
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Score Media and Gaming Inc. (NASDAQ: SCR) announced on March 29th, that it has secured market access to offer mobile sports betting in Illinois via an agreement with Harrah's Joliet Hotel & Casino, a Caesars Entertainment, Inc., resort. Subject to receiving all relevant licenses and approvals from the Illinois Gaming Board, the Company anticipates launching its mobile sportsbook, theScore Bet, in Illinois in the second half of calendar 2021. "Gaining market access to Illinois is a significant development that will bring our award-winning mobile sportsbook to one of the most populous states," said John Levy, Chairman and CEO, theScore. "Caesars is a giant in the casino-entertainment industry and we're thrilled to have reached this agreement to extend theScore Bet's footprint into another key new market."
International Game Technology PLC (NYSE: IGT) announced on May 11th, that on May 10, 2021 its wholly-owned subsidiary, IGT Lottery S.p.A. (formerly Lottomatica Holding S.r.l.) (the "Seller"), completed the sale of 100% of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian B2C gaming machine, sports betting, and digital gaming businesses (the "Subsidiaries"), to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo") (NYSE:APO), a leading global alternative investment manager, for a cash purchase price of €950 million (€725 million of which was paid at closing, €100 million of which is payable on December 31, 2021, and the remaining €125 million of which is payable on September 30, 2022). IGT will use the funds received at closing net of approximately €94 million (representing the aggregate cash held by the Subsidiaries) to pay transaction expenses and reduce debt.
Penn National Gaming, Inc. (NASDAQ: PENN) announced on May 14th, that the Indiana Gaming Commission ("IGC") has approved the Company's application to offer online sports wagering in Indiana. Penn National plans to launch its Barstool Sportsbook mobile app on iOS and android, as well as for desktop users, at 10:00 a.m. CST on May 18, 2021, pending any final regulatory approvals. Once live, Indiana will become the Company's fourth online sports betting market, following previously successful launches in Pennsylvania, Michigan, and Illinois. "We are thrilled to be launching our online Barstool Sportsbook in Indiana at the start of the NBA's new playoff format," said Jay Snowden, President and CEO of Penn National. "Our retail Barstool Sportsbooks at Ameristar Casino East Chicago and Hollywood Casino Lawrenceburg have been very well received by our customers since opening this past December, and now Hoosiers from across the state will be able to engage with Dave Portnoy, Dan 'Big Cat' Katz, and all of the Barstool personalities through the Barstool Sportsbook app."
Bally's Corporation (NYSE: BALY) announced on November 18th, that it has entered into a definitive agreement to acquire Bet.Works, a U.S. based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125 million, subject to adjustment. Upon acquiring Bet.Works' proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management and compliance, Bally's will become the premier, full-service, vertically integrated sports betting and iGaming company in the U.S. with physical casinos and online gaming solutions united under a single, preeminent brand, thus enabling it to launch its B2B2C business model. CEO and Founder of Bet.Works, David Wang stated, "We are pleased to be joining the Bally's family, which has demonstrated a remarkable track record of growth and diversification with a proven management team. We remain committed to creating the world's best sports entertainment products, as well as delivering innovative and exciting solutions for sports betting and iGaming consumers across Bally's national footprint. Bet.Works will continue to offer our best in class solutions to our existing B2B clients and our future partners in the U.S. market as we expand our reach into newly regulated states. Our turnkey solutions, which include Marketing, Operations, Customer Service, Risk Management and Compliance, combined with our dedicated launch teams, will ensure we maintain a leading position in the B2B sector while powering Bally's Interactive. Bally's is the perfect home for Bet.Works as it will allow us to continue to grow and innovate."
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