Global Online Gambling Market Could Exceed $125 Billion By 2027
PALM BEACH, Fla., Dec. 17, 2020 /PRNewswire/ -- Most would agree that it would be a safe bet to say that casinos have been losing money due to the global pandemic… Don't take that bet! Actually, the spread of COVID19 has accelerated the demand for online gambling. Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth. The market is further expected to gain momentum over the forecast period attributed to the rising use of digital currency and websites provided by companies for betting and gambling. Earlier this year, Grand View Research reported that in 2019 the global online gambling market size was valued at USD 53.7 billion and that they expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. Later they projected the revenues in 2027 to reach $127.3 billion by 2027. The report said that the market is expected to gain traction over the forecast period. Growing popularity of betting across the globe and freemium model in online gambling are among the potential opportunities likely to unfold in the next few years. Active companies in the markets this week include DraftKings Inc. (NASDAQ: DKNG), Playgon Games Inc. (OTCQB: PLGNF) (TSX-V: DEAL), Scientific Games Corporation (NASDAQ: SGMS), Landcadia Holdings II, Inc. (NASDAQ: LCA), Penn National Gaming, Inc. (NASDAQ: PENN).
Grand View continued: "Increasing adoption of smartphones and easy access to casino gaming platforms are currently driving the market. Factors such as increasing internet penetration and availability of cost-effective mobile applications for betting are also expected to contribute to market growth over the forecast period… The high internet penetration and increasing use of mobile phones among individuals for playing online games from their homes and public places are driving the market. In addition, factors such as easy access to online gambling, legalization and cultural approval, corporate sponsorships, and celebrity endorsements are also contributing to market growth. The growing availability of cost-effective mobile applications across the globe is further expected to fuel market growth."
Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) BREAKING NEWS: PLAYGON GAMES SIGNS DISTRIBUTION DEAL WITH SWINTT MALTA LTD - Playgon Games Inc. (TSX-V: DEAL) (OTCQB: PLGNF) (Frankfurt: 7CR), and/or its subsidiaries ("Playgon" or the "Company") is pleased to announce that, as part of its global rollout strategy, it has executed a Software Licensing & Distribution Agreement ("SLDA") with SWINTT Malta Ltd., ("Swintt") a subsidiary of Malta based Glitnor Group. The SLDA grants Swintt rights to license and market Playgon's proprietary mobile first Live Dealer and E-Table Casino Games to its iGaming clients.
The Glitnor Group has rapidly become one of the fastest growing names in the iGaming industry through its experienced management team and extensive presence in Europe and Asia. Malta-based Swintt was established as the Glitnor Groups B2B business. It has since become a leading provider of content and Gamification tools to some of the largest gaming brands. They are an award-winning industry provider with a combination of proprietary and third-party content servicing many tier one clients in regulated markets. The addition of Playgon's suite of Live Dealer table games will complement Swintt's games portfolio and through a single point of integration provide their gaming customers access to the Company's innovative Live Dealer mobile product.
"We are delighted to work with the team at Swintt says Darcy Krogh CEO at Playgon." "They are an experienced management group in our industry with a significant and rapidly growing presence in several countries across Europe. This relationship will see us greatly expand the reach of our Live Dealer product and we look forward to introducing our games to their wide base of customers."
David Mann, Chief Commercial Officer for Swintt, added, "Live dealer is a staple need for our growing client base at Swintt. Playgon's mobile-first approach and unique offering is well aligned with our strategy to bring innovative content to the market. As we launch our live dealer offering under the SwinttLive® brand in the coming weeks, I am certain it's addition will be a huge success. Read the first entire release and more news for Playgon Games at: https://www.financialnewsmedia.com/news-deal/
Additional recent developments include:
DraftKings Inc. (NASDAQ: DKNG), a leader in the digital sports entertainment and gaming industry known for its top-rated daily fantasy sports and mobile sports betting apps, recently announced an agreement with InComm Payments, a global leading payments technology company, to launch an industry-first retail gift card. The launch will expand DraftKings' presence in convenience stores like 7-Eleven, Speedway, Dollar General, and Sheetz, and also enable consumers to gift the DraftKings experience to others in $25 and $50 denominations.
"Just in time for the upcoming holiday season, we are proud to work with InComm Payments to get DraftKings gift cards on the shelves at several popular retailers," said Matt Kalish, Co-Founder and President of DraftKings North America. "We are thrilled to provide our customers with another way to fund their accounts and engage with our real money products through this first-of-its-kind offering." By leveraging InComm Payments' retail network, DraftKings is expanding its reach with physical distribution and brand presence to the most frequently visited retail chains across the country, spanning convenience, pharmacy and general merchandise partners.
Scientific Games Corporation (NASDAQ: SGMS) recently announced the Company has partnered with FanDuel Group, a Flutter Entertainment subsidiary, marking the U.S. operator's first online sportsbook launch in West Virginia with the Company's world-class sports betting engine. While the online FanDuel Sportsbook has been live in West Virginia since 2019, FanDuel Group debuted its new global sportsbook solution developed in partnership with Scientific Games, utilizing the OpenBet betting engine from the Company's OpenSports platform.
Going live with FanDuel Group in West Virginia marks the next chapter of Scientific Games' long-standing sports betting partnership, which stretches over 20 years, with Flutter Entertainment. Alongside FanDuel, OpenBet is a key component powering Flutter Entertainment's global sports betting platform for iconic brands like Betfair, Sky Bet and Paddy Power in Europe and Sportsbet in Australia.
Landcadia Holdings II, Inc. (NASDAQ: LCA) recently announced that regulatory approval has been obtained from the New Jersey Casino Control Commission to acquire Golden Nugget Online Gaming, Inc. ("GNOG"). "We are appreciative of the efforts of both the New Jersey Division of Gaming Enforcement and the Casino Control Commission in approving our transaction," said Tilman J. Fertitta, Co-Chairman and CEO of Landcadia II.
"With this regulatory approval, we are one step closer to completing our acquisition of GNOG," said Landcadia II's General Counsel, Steven L. Scheinthal. Further, according to Scheinthal, "we are now waiting on the SEC to approve our definitive proxy statement for mailing to our stockholders and approval from our stockholders of the transaction, which we hope will happen in the near future." Golden Nugget Online Gaming, Inc. is a leading online gaming company that is owned by a company wholly owned by Tilman J. Fertitta. It is considered a market leader by its peers and was first to bring Live Dealer and Live Casino Floor to the United States online gaming market. GNOG was the recipient of 15 eGaming Review North America Awards, including the coveted "Operator of the Year" award in 2017, 2018, 2019 and 2020.
Penn National Gaming, Inc. (NASDAQ: PENN) recently announced today that it entered into a definitive agreement with Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI") to acquire the operations of Hollywood Casino Perryville in Maryland for $31.1 million in cash, subject to certain customary working capital adjustments. Simultaneous with the closing of the transaction, Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility with annual rent of approximately $7.77 million.
"Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010, which will allow us to re-enter the strong Maryland gaming market and add a twentieth gaming jurisdiction to our leading nationwide footprint," said Jay Snowden, President and CEO of Penn National.
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