9:00a ET 3/2/2021 - PR Newswire
Online Gambling Offerings Propagate as Regulations Ease
Mentioned: BRGGF DKNG
More and more states are beginning to launch online betting businesses. In addition to a more favorable legal infrastructure, public opinion has turned in favor of such services. Last year's election helped further reinforce the industry. Three states had measures on the ballot to legalize sports betting: Maryland, Louisiana, and South Dakota. All three voted yes. As the legal infrastructure became friendlier towards online gambling, many companies in the gambling industry began to offer additional betting options. In the United States, for example, there are several states that offer online casino gaming services, including New Jersey, Pennsylvania, West Virginia, and Delaware. Michigan had also just recently passed legislation which will allow it to launch similar services, Shared reports. To illustrate just how popular online sports betting is in states where the market can already operate, according to data from Odds.com, which was published by Forbes, Illinois was poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition. Bragg Gaming Group Inc. (OTC: BRGGF) (TSX-V: BRAG), Caesars Entertainment, Inc. (NASDAQ: CZR), DraftKings Inc. (NASDAQ: DKNG), Score Media and Gaming Inc. (NASDAQ: SCR) (TSX: SCR), FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS)
The most significant boost to the sports betting segment is attributed to the usage of smartphones, which allow bettors to bet at anytime and anywhere. Additionally, innovative technologies such as Blockchain, Internet of Things (IoT) and VR are changing the intricacies in many fields, including gambling in an online casino. Furthermore, eSports have also benefited from these developments. Just like any segment in the online entertainment industry, the number of viewers and direct participants is crucial for success. And, according to a report by Business Insider, eSports viewership is expected to grow at a 9% compound annual growth rate (CAGR) between 2019 and 2023, up from 454 Million in 2019 to 646 Million in 2023, per Insider Intelligence estimates. This segment also features gambling and betting features associated with it, thus resembling the online sports betting segment.
Bragg Gaming Group Inc. (OTCQX: BRGGF) (TSX-V: BRAG) announced last week that, "the Company has been named to the 2021 Venture 50, the TSX Venture Exchange's flagship annual program showcasing the top performing TSXV-listed companies from five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology.
Bragg's strong results in 2020 led to its inclusion in the list of top performers and also led to Bragg's January 27th graduation to the Toronto Stock Exchange. The 2021 Venture 50 winners were selected based on year-over-year performance across three equally-weighted criteria: market capitalization growth, share price appreciation and trading volume for the year ended December 31, 2020.
'We were extremely pleased with our performance over the past year and are honoured to be included within this cohort of successful high-growth companies,' said Adam Arviv, CEO of Bragg Gaming. 'We're continuing the momentum into 2021, with plans for significant global expansion.'"