Regulators and Leagues Alike Embrace Sports Betting
T
he online sports betting market has drastically changed after the landmark Supreme Court ruling in 2018, as any state got the option to pursue legalization.
Two years since, the expansion of the new legal sports betting market has exceeded expectations as the relationship between sports leagues and the gambling industry has changed forever. There is now a growing number of sports organizations investing in marketing and promotional activities that have led to more major betting companies providing sponsorships for sports teams around the globe. Therefore, the rising commercialization of sports events is considered to be a key factor that is expected to positively impact the market growth of online sports betting during the next five years. And according to a research by ResearchAndMarkets, the sports betting market was valued at USD 85.047 Billion in 2019. FansUnite Entertainment Inc. (OTC FUNFF) (CSE FANS), GAN Limited (NASDAQ GAN), DraftKings Inc. (NASDAQ DKNG), Penn National Gaming, Inc. (NASDAQ PENN), Scientific Games Corporation (NASDAQ SGMS)
As the legal infrastructure becomes friendlier towards online gambling and sports betting in particular, the trend of partnerships with various leagues and teams across the country is expected to accelerate. When legislatures return in earnest, we firmly believe the number of states ready to consider accelerating mobile sports betting and online gaming legislation to drive tax revenue will expand substantially, said Matt King, CEO of FanDuel, according to ESPN. And we also see the industry recognizing this is a unique moment in time, and working more collaboratively to set aside minor differences and get bills across the finish line. Across the board, it's a time for pragmatism, and we see that producing a real opportunity for significantly expanding the map.
FansUnite Entertainment Inc. (OTC FUNFF) (CSE FANS) announced yesterday breaking news that, Askott Entertainment (Malta) Ltd. and E.G.G Limited, wholly owned subsidiaries of FansUnite Entertainment, have received approval from the Malta Gaming Authority (MGA). The Gaming Service License and Critical Gaming Supply license were received on December 4th, 2020. Both licenses are effective for a term of 10 years from the date of grant.
FansUnite will now be able to offer a full spectrum of online gambling services in Europe, covering Casino, Fixed Odds Betting, Pool Betting and Controlled Skilled Games.
With MGA approval received, FansUnite will be joining other highly respected gambling companies such as PokerStars, Betfair and Unibet in operating their business within MGA regulations.
The Malta Gaming Authority is a gambling regulatory organization that provides top-tier industry standard gaming licenses that are in line with EU laws and regulations. With the MGA licenses, FansUnite will receive full credibility as a trusted betting platform supplier and casino operator in Europe, which will result in the company gaining significant recognition in the online gambling market. The company will also obtain accessibility to new markets as operators registered under EU legislation can utilize FansUnite's B2B and B2C products, respectively. Other benefits of the MGA licenses include a variety of payment methods that will result in smoother transactions and a corporate-friendly tax system.
Overview of Gaming Licenses Acquired by FansUnite
The Critical Gaming Supply License has been received by Askott Entertainment (Malta) Ltd. This B2B license enables FansUnite to sell its proprietary software to a broad spectrum of licensed sports betting and iGaming operators throughout Europe.
The Gaming Service License has been granted to E.G.G. Limited (Malta). This B2C license allows FansUnite to operate its own brands and game offerings within the EU market. In addition, FansUnite will gain full rights to provide full white label services to partners, eliminating the need for them to undergo the licensing process, software testing procedures, payment processing configurations and banking requirements.
According to the EU Gaming and Betting Association, the EU online gambling market is growing at about 10% per year and the gross gaming revenue of the EU sector is expected to rise to €29.3 billion by 20221.
'The Malta Gaming Authority license is widely considered one of the most prestigious gambling licenses in the industry and receiving it represents a major milestone in our development as a betting and iGaming company,' said Scott Burton, CEO of FansUnite Entertainment. 'Having spent years building our technology to a global standard that is desirable by international regulatory bodies, we were able to meet Malta's extremely stringent and rigorous technical, software, and corporate audits and qualify for two separate licenses. With the approval in hand, we will look to continue executing on our growth strategy, by collaborating with new partners in Europe in order to distribute our sports and esports betting platform along with our RNG casino game titles to an expanded customer base.'
FansUnite will immediately commence extensive business development to promote iGaming and sports betting services to both end customers and online casino and sportsbook operators in Europe.
✔️ Regulators and Leagues Alike Embrace Sports Betting
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