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Gambling in the USA

Gambling and Tech Companies Charge Into American Sports Betting Market

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NetworkNewsWire Editorial Coverage

A recent change in United States law has led to a gold rush in the gaming industry as numerous companies scramble to set up sports gambling operations.

  • The U.S. Supreme Court’s overruling of 1992 gambling legislation essentially makes sports betting widely legal throughout the country.
  • Casinos are moving to make the most of this by opening sports books.
  • Technology companies are also exploring possible revenue avenues through online gambling apps.
  • The United States is set to see a $3$5 billion take in the global sports betting market within a few years – a market already worth an estimated $40 billion.

One of the new players in the sports gambling space is SinglePoint, Inc. (OTC: SING) (SING Profile), a tech company focused on innovation that has invested in gambling app StakeHaul. In the world of big gambling, casino companies such as Caesars Entertainment Corp. (NASDAQ: CZR) are exploring ways to add sports gambling to their existing entertainment rosters. MGM Resorts International (NYSE: MGM) already provides sports gaming alongside traditional betting options. Following suit, Penn National Gaming, Inc. (NASDAQ: PENN) has started offering sports betting at some of its casinos, as has Boyd Gaming Corp. (NYSE: BYD), which is also entering the online gambling space.

To view an infographic of this editorial, click here.

The Race to Benefit from Sports Betting

From soccer in Europe to cricket in India, people enjoy betting on the outcome of sports competitions. In fact, sports betting is one of the most popular forms of gambling in the world, producing an estimated $40 billion global industry that includes local bookmakers to national brands to international betting websites.

In the United States, this type of betting has been extremely limited since the early 1990s. Legislation designed to protect people from the harmful effects of gambling effectively made betting on sports illegal across the country, with limited exceptions in a handful of states.

The recent overturning of this law has suddenly created a new market. Because that market hasn’t existed for the past 25 years, the renewed interest has revealed an infrastructural void in the American gaming industry. Technological innovations have not been applied to sports gambling, so companies are now playing catch up. The results will shape an industry estimated to be worth billions of dollars every year.

The Death and Life of U.S. Sports Gambling

This year is seeing a number of gambling companies expand their operations to include sports betting while tech companies such as SinglePoint, Inc. (OTCQB:SING) are looking at what they can do to fill a commercial void. But how did this gap in the gambling market come about in the first place?

The Professional and Amateur Sports Protection Act (PASPA) was passed by the U.S. Congress in 1992. It effectively outlawed betting on sports across the United States, with limited exceptions, including specific forms of racing; sports lotteries in DelawareMontana and Oregon; and licensed pools in Nevada.

The law quickly became an unpopular one. By 2017, a majority of Americans reportedly wanted to see sports betting legalized so they could join in a pastime enjoyed by millions around the world. Several attempts were made to overturn the law, eventually resulting in a legal case being heard before the Supreme Court. In May, the court overturned PASPA, declaring that the law violated the 10thConstitutional Amendment.

The sports betting market was already growing around the world. Because of the nature of the business and the lack of centrally collected figures, it’s impossible to accurately measure its worth, but it was estimated at around $40 billion in 2016. And now, America is expected to become a significant growth area, worth an estimated $3 billion to $5 billion within the next five years .

That’s a lot of money. So how does a company such as SinglePoint go about getting a piece of the acton?

Gambling on Technology

The key to this market, like so many others, lies in online interactions and mobile technology in particular. By bringing gambling first into customers’ homes and then into their pockets, tech-savvy gambling companies have vastly increased the opportunity to make small, casual bets.

One of the products that has sprung from this is StakeHaul. A mobile gambling platform, StakeHaul allows users to bet on anything. Whether it’s a traditional test of machismo such as who can do the most pull-ups, a motivational bet on who will complete a chore first, or even a gamble on the outcome of world events, StakeHaul can make it happen. And with sports betting now apparently legal in the United States, StakeHaul can include that too.

StakeHaul makes it easy to carry out the sort of casual bets traditionally placed in person. The stakes need be nothing more than the honor of knowing who won, although they can just as easily be financial. The company is currently finalizing a peer-to-peer payment model that can pay out in either U.S. dollars or cryptocurrency. With internet native currencies on the rise, it makes sense for an online gambling system to recognize those types of transactions.

With more than 70,000 downloads, StakeHaul is currently the top-ranked app for making bets with friends – and those numbers are steadily increasing. Each month has seen a double-digit percentage rise in active users and bets placed through the platform.

With more than a third of Americans betting on at least one sports event every year, there are plenty of people looking to make the most of the newly loosened laws, and StakeHaul provides a way to do that. “All in all, our unique features, our ease of use, and the legal momentum behind betting in the U.S. makes our opportunity not just a home run but a grand slam,” stated Jeffery Lippert, founder of StakeHaul.

Investing in the Future of Gambling

It’s not surprising then that tech company SinglePoint has made an investment in StakeHaul.

Originally a full-service mobile technology provider, SinglePoint has evolved into a company with an interest in a wide range of technologies. The organization focuses on companies that have great potential and proven assets currently believed to be undervalued on the market. By investing in such companies, SinglePoint has developed a diverse portfolio of up-and-coming tech companies.

Payment systems play a large part in SinglePoint’s holdings. The global payment market is changing, with finance increasingly transacted online or with smartphones. SinglePoint’s payment processing systems are designed to deal with this new world. It is also working to provide cryptocurrency payment systems using Bitcoin and Ethereum, the leading global cryptocurrencies. These are technologies that will fit well with the financial side of the company’s investment in StakeHaul.

But it’s not all about electronic payment. SinglePoint has teamed up with New Sun Energies to provide cost effective solar power in six states. With interests in blockchain, renewable energy and the sports betting market, the company has investments in several sectors that are due to see considerable growth over the next decade.

The Bigger Game Market

History shows that gambling can lead to big wins for a business. Caesars Entertainment Corp.(NASDAQ:CZR) started off as a single bingo parlor in 1930s Nevada. Over the decades, it’s become the most famous name in gaming, with 47 casinos in five countries. Its buildings play host to conventions, meetings and hundreds of thousands of tourists. The thrill of betting keeps the customers coming through the doors of those casinos and has helped to build up a legendary reputation as a place of decadence and entertainment, a reputation that also helps explain the success of over 600 bars, restaurants and clubs across the United States.

With its string of hotels and casinos, MGM Resorts International (NYSE:MGM) has done a job similar to Caesars’ in turning the pleasure of gambling into a multimillion-dollar entertainment empire. Even before PASPA was struck down, MGM was profiting from sports betting as well as traditional gambling, thanks to the popularity of its venues. Hosting events such as world-class boxing matches means not just ticket receipts but also a flood of fans using the hotels and their facilities.

Penn National Gaming, Inc. (NASDAQ: PENN) might not have the glamor of the big names, but the company is still a very successful operator in the American gambling sector. It has gaming, racing and video gaming terminals spread across 29 facilities in the United States and Canada, with a focus on slot machines. The recent legal change is creating more options, and the company recently started offering sports betting at Hollywood Casino at Charles Town Races in West Virginia.

One of the largest casino companies in the United StatesBoyd Gaming Corp. (NYSE:BYD) has 24 gaming properties spread across seven states. The company runs 10 sports betting operations across Nevada and has recently opened sports books at two of its Mississippi properties. It has also teamed up with FanDuel Group to engage in online betting and sports gaming opportunities across the country.

The overturning of PASPA is set to transform the American gambling industry. Both online and in casinos, sports gambling is taking off in a big way. Early adopter companies are set to benefit enormously from this change.

For more information about SinglePoint, please visit SinglePoint, Inc. (OTCQB:SING).

Source: networknewswire.com

 

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Gambling in the USA

Gaming Americas Weekly Roundup – February 19-25

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Mohegan, a globally recognised leader in entertainment and gaming, has announced the appointment of Kurt Shotzberger as the Vice President of Financial Planning & Analysis. In this role, Shotzberger will spearhead budgeting, financial modeling, forecasting and financial and operational analysis, as well as strategic planning.

Sportradar announced the appointment of Felippe Marchetti as Integrity Partnerships Manager in Brazil, as the global sports technology company continues to scale its integrity services team in Latin America. In this role, Marchetti will lead the strategic development of Sportradar’s Integrity Services in Brazil, identifying business opportunities to increase the company’s integrity partnerships in the market and work closely with Sportradar’s Brazil-based integrity analysts.

Lottery.com Inc., a leading online lottery services provider, announced the strategic acquisition of S&MI Ltd. (SportLocker). As part of the acquisition, SportLocker, rebranded as Sports.com, will immediately launch as a premier platform for sports fans worldwide, marking a pivotal leap in Sports.com’s evolution as the next-gen digital sports entertainment space.

GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that Seamus McGill has recently been named the Company’s Chief Executive Officer. Mr. McGill had previously been serving in an interim capacity. Mr. McGill’s will remain on the Company’s board of directors and will be focused on guiding the Company towards a timely closing with Sega Sammy Creation Inc.

Aruze Gaming Global (AG2) has announced that it has secured approvals from 14 tribal entities in the US and has obtained licenses from the Louisiana Gaming Control Board, South Dakota, the West Virginia Lottery and the Wisconsin Division of Gaming.

Partnerships

Scientific Games has added two more partners to the new SG Content Hub and Partner Programme. In addition to games from its own SG Studios, the company will now offer curated iLottery games from Bwloto and Random State to its 30+ iLottery customers globally. Currently, a total of seven lottery-focused game studios have signed on as partners.

Gen.G and the University of Kentucky (UK) are bringing back their award winning collegiate esports industry conference, Campus Takeover, on March 30 and April 6. This two-day event will bring together esports professionals with students and administrators from different universities.

Light & Wonder Inc. announced the expansion of its integration services through a collaboration with SHR Group’s Allora CRS booking engine. SHR’s Allora CRS software enhances the capabilities of hotel operators by offering advanced booking features that effortlessly integrate with Light & Wonder’s system-independent global loyalty platform, L&W ENGAGE.

SCCG Management has announced the extension of its strategic partnership with AWARE, a world leader in biometric verification software solutions. This renewed commitment builds upon the successful collaboration initiated between the two companies, aiming to further establish AWARE’s advanced biometric software solutions across the gambling sector worldwide.

Hard Rock International has partnered with Major Food Group (MFG) to develop and curate dining experiences at Hard Rock Hotel & Casino properties around the globe. MFG’s support of Hard Rock will extend to proposed projects as well.

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Gambling in the USA

Gaming Americas Weekly Roundup – February 12-18

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

The Michigan Gaming Control Board (MGCB) announced new efforts to streamline access to help by promoting 1-800-GAMBLER as the state’s primary problem gambling helpline. Operated by the National Council on Problem Gambling (NCPG), the National Problem Gambling Helpline (1-800-GAMBLER) is the largest problem gambling helpline network in the world by call volume, population served and geographic area covered.

The Pokagon Band of Potawatomi’s Four Winds Casinos announced that Mary Smith has been named Chief Operating Officer (COO). Mrs. Smith, who most recently served as Executive Vice President of Casino Operations, assumes the role which was being fulfilled on an interim basis by Clayton Mason, who also serves as Chief Financial Officer for Four Winds Casinos.

Mohegan Sun Arena was named “Best Casino/Resort Venue of the Year” at the 35th Annual Pollstar Awards. The Pollstar Awards recognise and support the live entertainment business’ most innovative companies, venues, artists, tours and executives. “Best Casino/Resort Venue of the Year” is an inaugural category for the award ceremony, making Mohegan Sun Arena the first to receive the prestigious recognition.

GAN Limited announced that at a special general meeting of its shareholders held on February 13, 2024, GAN shareholders overwhelmingly approved the previously announced merger agreement and merger of GAN and a subsidiary of Sega Sammy Creation (SSC), an affiliate of Sega Sammy Holdings.

Snail Inc., a leading global independent developer and publisher of interactive digital entertainment, announced significant strides with the launch of West Hunt on Nintendo Switch and the introduction of ASA Premium Mods for ARK Survival Ascended. These initiatives underscore Snail Games’ unwavering commitment to continuously improving and enhancing its current portfolio of game titles.

New Partnerships

BetMGM, a leading sports betting and iGaming operator, announced a strategic partnership with X, becoming the social media platform’s exclusive Live Odds Sports Betting partner. The first-of-its-kind partnership between a premier social media brand and a sports betting operator will integrate BetMGM’s odds and branding into X, with each game linking to BetMGM’s website and app.

Ocean Casino Resort announced its partnership with celebrated chef and restaurateur, Michael Schulson to bring two fine-casual concepts to Ocean’s culinary roster. Opening later this year, Pearl & Mary oyster bar and Samuel’s at Ocean will be located on the lobby level across from The Park.

Churchill Downs Incorporated announced a multi-year agreement naming SAP America Inc. an official signature partner of Churchill Downs Racetrack. SAP, a global market leader in enterprise application software, will be the first official technology partner serving Churchill Downs Racetrack, the Kentucky Derby and Kentucky Oaks.

PlayAGS Inc. announced a partnership with EQL Games, a leading iLottery supplier and content aggregator. AGSi, AGS’ Interactive division, will partner with EQL Games to provide its robust library of unique and engaging real-money online games to U.S. and Canadian iLottery players.

Jackpot Digital Inc. has announced that the Company has signed a licensing agreement with the Saskatchewan Indian Gaming Authority (SIGA) to install the Company’s Jackpot Blitz dealerless poker ETGs. The installations are subject to Jackpot obtaining the customary regulatory and licensing approvals.

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Gambling in the USA

Gaming Americas Weekly Roundup – February 5-11

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

JCM Global (JCM) and the International Centre for Responsible Gaming (ICRG) announced that the highly anticipated 25th annual AGEM & AGA Golf Classic will take place on May 8, 2024, at the internationally acclaimed Shadow Creek Golf Course in North Las Vegas.

OddsSeeker.com has unveiled a new sweepstakes casino rating system, which will quantifiably rank operators by several key factors. On February first week, the company launched a new 6-point rating system, a complete reimagining of sweepstakes casino reviews. It will offer insight into the way these casinos work, providing players with invaluable information so they can easily understand which gaming site is right for them. This enables a weighting of sweepstakes casinos that have unique offerings such as PayPal cashier options, live dealer games, sports predictions and so on.

Wynn Resorts Limited reported financial results for the fourth quarter ended December 31, 2023. Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US.

New Partnerships

Global sports and entertainment company Endeavor has announced the integration of its global sports betting and data businesses, OpenBet and IMG ARENA, under the OpenBet banner.

PAGODA Snacks has entered into a partnership with Riot Games, the company behind the leading global esports property League of Legends. PAGODA Snacks will be featured as the “Official Egg Roll” of LCS and offer fans the perfect game-time snack through special activations, product drops and giveaways throughout the LCS season.

New Appointments

Global Gaming Women, the gaming industry non-profit dedicated to supporting, inspiring and influencing the development of professional women, announced the appointment of Lauren Bates to President of the Board of Directors.

Rabona, the leading sportsbook brand and online casino, has announced the addition of former boxing champion Mike Tyson as its brand ambassador. Through this partnership, players will be offered exclusive Tyson-branded bonuses and streams that blend the boxing legend and casino thrills. As Rabona’s new brand ambassador, Mike Tyson brings his unparalleled charisma and passion to Rabona’s players.

International Gaming Standards Association has appointed Mark Pace as the new President, following Peter DeRaedt’s departure. Mark has been in the gaming industry for over 35 years and has been part of IGSA for over 20 years, acting as Committee Chair, Board Member, Treasurer and Vice-Chairman of the Board, before joining IGSA as the Managing Director of GSA Europe and Vice President of IGSA. Mark will also retain his responsibilities as Managing Director of GSA Europe.

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