Global Online Betting Market Is Expected To Reach $93 Billion By 2023, Growing At Roughly 11.5% Per Year

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Oct 01, 2021, 08:30 ET

PALM BEACH, Fla., Oct. 1, 2021 /PRNewswire/ -- The online gambling industry is undergoing seismic change. Loosing regulations in the U.S. ad increasing digitization are 2 pillars behind its growth. The world of online betting is undergoing tremendous change, setting it up to flourish in the years to come. The market is worth $67 billion today and estimated to reach about $93 billion by 2023—growing at roughly 11.5% per annum, according to an article in Visual Capitalist. The article said: "There are two trends that are bringing about this growth. First, more of our activities are taking place online, a trend that extends to betting as well. Second, is loosening regulation. The U.S. Supreme Court uplifted the Professional and Amateur Sports Protection Act in May of 2018 to legalize sports betting on a federal level. Since then, over two dozen (plus Nevada) have followed through, taking the state tally to 25. Online betting activity breaks up into a few unique categories. Casino is a big one, making up 32% of all online betting activity. It appears traditional casino games like blackjack carry the same thrill online. Bingo's popularity is a lot more modest at 4.5%. But the most popular activity by far is sports betting, which makes up over 40% of the total online betting market—and the $66 billion in value it encapsulates." Active gaming and tech companies in the markets today include: Esports Technologies (NASDAQ: EBET), Wynn Resorts, Limited (NASDAQ: WYNN), Skilz (NYSE: SKLZ), DraftKings Inc. (NASDAQ: DKNG), Caesars Entertainment, Inc. (NASDAQ: CZR).

Visual Capitalist added: "The numbers behind sports betting are truly staggering. Since the Supreme Court's decision, $57 billion in legal sports bets have been made, $4.1 billion in revenues have been generated, and $571 million has been collected in tax or jurisdiction revenues. And these numbers reflect activity in some 20 states. The total count is expected to reach some 40 states in the years to come, brewing optimism towards the industry. The surge in betting has trickled into the world of investing. The BETZ ETF, one of only two betting ETFs, has over doubled the performance of the S&P 500 since its inception. It appears investors are now betting on betting."

Esports Technologies (NASDAQ: EBET) – BREAKING NEWS - Esports Technologies Announces Definitive Agreement for the Acquisition of Aspire Global's B2C Business that Recorded $1.8 Billion in Wagering and $73.9 Million in Revenue in the Previous 12 Months - Esports Technologies, a leading global provider of advanced esports wagering products and technology, announced today the execution of a definitive agreement for the acquisition of Aspire Global's (STO: ASPIRE) B2C business in a $75.9 million transaction, including $58.3 million in cash, $11.7 million in a promissory note and approximately $5.9 million worth of common stock. The closing of the acquisition is subject to Esports Technologies' receipt of financing, as well as other closing requirements. The transaction is expected to close by November 30, 2021.

Under the terms of the deal, Esports Technologies will acquire Aspire's portfolio of B2C proprietary online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP. Strategically, Esports Technologies intends to utilize the multiple-brand acquisition to cross-sell esports wagering opportunities to increase its esports revenue, player bet transactions, and customers.

In the most recent 12-month period ending June 2021, Aspire Global's B2C revenue was $73.9 million and its EBITDA was $8.2 million. During the same period, the B2C business recorded wagering of $1.8 billion and over 1.3 billion bets.

Upon completion of the acquisition, Aspire and Esports Technologies will enter into an agreement where Aspire will provide four years of managed services for the acquired brands, ensuring operational continuity while allowing Esports Technologies to scale its operations in key markets.

Aaron Speach, CEO, Esports Technologies, said, "The acquisition of Aspire's B2C business will give us an opportunity to accelerate growth by offering esports wagering to 1.25 million new deposited customers. Our company is in a strong position to benefit from the heightened popularity and growing interest in esports."

Tsachi Maimon, CEO of Aspire Global, said: "Esports Technologies is a strong company with high growth ambitions and is a perfect match for our B2C brands. With Aspire Global's B2C brands, Esports Technologies gains leading, well-established brands, an excellent base for further growth and a very talented team that contributed to the B2C's growth. We are confident that Esports Technologies will take our B2C brands to the next level, and we welcome Karamba and the other B2C brands as our new partners." CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/

In other entertainment and gaming recent news of interest:

Wynn Resorts, Limited (NASDAQ: WYNN) WynnBET, the premier online sports betting and iGaming app from the global leader in luxury hospitality, Wynn Resorts, recently announced that the comprehensive Wynn Rewards program is being integrated into its online platforms.

Through this customer experience driven program, WynnBET and Wynn Resorts patrons will be able to earn rewards through mobile, desktop and on-property play. WynnBET players can choose whether they prefer to redeem rewards for online play or hotel room stays, meals and in-person experiences as well as on-property play at Wynn & Encore Las Vegas and Encore Boston Harbor. To thank early adopters of the WynnBET platform, current WynnBET players whose historical play qualifies them for a higher tier will be rewarded with an automatic upgrade ahead of the NFL season.

Skilz (NYSE: SKLZ), the leading mobile games platform bringing fair and fun competition to players worldwide, recently announced it has formed a strategic partnership with Exit Games, global developer of Photon, the world's most advanced synchronous multiplayer gaming technology.

Headquartered in Hamburg, Germany, Exit Games allows developers to create and host real-time, synchronous multiplayer games. Its nearly 600,000 trusted partners include some of the most well-respected game publishers and developers in the world, such as EA, Square Enix, and Ubisoft, among others, powering gameplay in over 700,000 applications.

Skillz's investment in Exit Games will give the Company permanent access to Exit's technology to power its esports tournaments and platform exclusively. The partnership will dramatically accelerate Skillz's timeline to support multiplayer synchronous content on the platform, while also enabling Skillz to build unrivaled features in tandem with Exit's gaming technology. Publishers and developers worldwide will now have the ability to build games on the Skillz platform in entirely new genres, such as battle royale, while continuing to provide gamers with the confidence that their contests will always live up to the Skillz promise of fairness.

DraftKings Inc. (NASDAQ: DKNG) and The Mashantucket Pequot Tribal Nation recently announced retail sports betting in Connecticut will begin on September 30 at Foxwoods Resort Casino. Players will be able to place bets at the temporary DraftKings Sportsbook at Foxwoods – located at the Ultimate Race Book in Rainmaker Casino – in addition to betting kiosks located across the resort. Statewide, off-reservation online sports betting and iGaming is expected to launch in early October pending regulatory approvals.

The DraftKings Sportsbook at Foxwoods gives players the opportunity to place wagers on a variety of betting markets across professional and collegiate sports via kiosks and in-person. In the coming weeks, DraftKings and Foxwoods will announce the opening of their permanent retail sportsbook, currently in the final stages of construction.

Caesars Entertainment, Inc. (NASDAQ: CZR) and The Indianapolis Colts recently announced a partnership making Caesars Sportsbook a premier sports betting partner and the only official casino partner of the team.

The new multi-year agreement expands upon the existing Colts-Caesars partnerships with Harrah's Hoosier Park Racing & Casino and Indiana Grand Racing & Casino. As part of the expansion, the newly-launched Caesars Sportsbook will receive additional marketing and sponsorship assets, including: Naming rights for Lucas Oil Stadium's South Gate, now becoming Caesars South Gate; The opening of a Caesars Sportsbook Lounge at the former Blue Room at Lucas Oil Stadium, an entertainment space open to fans 21 and older. Live odds will be displayed on LED screens and Caesars ambassadors will be available to help fans download the Caesars Sportsbook App and place bets; Caesars Sportsbook's sponsorship of the free-to-play "Pick 6" predictor game on the Colts Mobile App. The Pick 6 Predictor generates a series of six questions about an upcoming game, and fans have the chance to predict the outcome. Correct picks are rewarded with weekly prizes, and all participants are entered into a chance to win a trip to Las Vegas to stay at a Caesars Entertainment Resort.

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