Palm Beach, FL – December 7, 2021 – FinancialNewsMedia.com News Commentary – Gambling experts have long contended that the industry is not recession-proof, and data has recently supported this claim. The COVID-19 pandemic has turned the entire world upside down, and the gambling industry is no exception. Financial information is starting to trickle in that will give us a clearer snapshot of just how massive of an impact the pandemic had on the industry — although it can be tricky to determine whether this data is primarily influenced by a once-in-a-lifetime epidemic or if it’s indicative of broader trends in the way the public prefers to gamble. Take the UK, for example. A report from Statista said that: “There are various forms of legal gambling in the United Kingdom. These can include casinos, betting, lotteries, bingo, scratchcards, online (or remote) gambling, and more. The industry is regulated by the Gambling Commission (GC) which represents the government’s Department for Digital, Culture, Media, and Sport (DCMS). In 2020, the gross gambling yield (GGY) in Great Britain was 5.89 billion British pounds, down from the previous year’s GGY of 14.12 billion pounds. This drop can be attributed to the coronavirus pandemic which drastically impacted the gambling industry due to the closure of brick-and-mortar establishments and the pausing of major sports leagues.” Active companies in the markets today include: Esports Technologies (NASDAQ: EBET), Las Vegas Sands Corp. (NYSE: LVS), Melco Resorts & Entertainment Limited (NASDAQ: MLCO), SharpLink Gaming Ltd. (NASDAQ: SBET), Wynn Resorts, Limited (NASDAQ: WYNN).
A recent report from Leanback Player discussing the GC report, said that, for the most part, gambling across all settings within the UK, from arcades and betting to bingo, casinos, and lotteries has seen a steady increase. Statista continued: “Due in part to the coronavirus pandemic, the share of the public who gambled online in Great Britain increased in 2021. Approximately 28.8 percent of adults between the ages of 45 to 54 stated that they took part in some form of online gambling four weeks prior to being surveyed, by 2021 this figure had grown to 32.8 percent.” The Leanback Report added: “The fact that lockdowns have prevented many land-based casinos from servicing players at all has driven those same players towards online alternatives. According to data from Google Trends, more people in the UK searched online for the term “casino” in May 2020 than at any other time on record. Slots are, by far, the most popular game in online establishments in the UK. Slots account for as much as 69.3% of all the money wagered on internet sites, which makes up as much as £2.2 billion of the total GGY.”
Esports Technologies (NASDAQ: EBET) – BREAKING NEWS – Esports Technologies Secures Access to UK Gaming License – Recently Completed Aspire Global B2C Acquisition Includes UK-Focused Brands Karamba, Hopa, and Griffon Casino – Esports Technologies, a leading global provider of award-winning advanced esports wagering products and technologies, announced today that it secured access to a UK gaming license through an operator services agreement signed along with the $75.9 million acquisition of Aspire Global’s (STO: ASPIRE) B2C assets.
Through the deal, Esports Technologies gained 1.25 million deposited customers, the majority of them from UK-focused online sportsbook and casino brands Karamba, Hopa, and Griffon Casino. Other brands acquired include BetTarget, Dansk777, and GenerationVIP. The brands recorded wagering of $1.86 billion and $183 million in cash deposits in the most recent 12-month period ending September 2021.
The UK offers one of the world’s largest gaming markets. According to the UK Gambling Commission, Great Britain’s gaming revenue from April 2019 to March 2020 was approximately $19.2 billion. Online gaming has become the largest sector, accounting for roughly 40% of that total revenue.
Bart Barden, COO, Esports Technologies, said, “Gaining access to this UK gaming license is a massive strategic milestone for Esports Technologies. We’re thrilled about this highly lucrative gaming market, and we look forward to bringing our portfolio of esports products to the UK.” CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/
In other technology recent news of interest:
Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of convention-based Integrated Resorts, recently reported financial results for the quarter ended September 30, 2021.
“While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore,” said Robert G. Goldstein, chairman and chief executive officer. “We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic.”
Melco Resorts & Entertainment Limited (NASDAQ: MLCO), a developer, owner, and operator of integrated resort facilities in Asia and Europe, recently reported its unaudited financial results for the third quarter of 2021.
Total operating revenues for the third quarter of 2021 were US$446.4 million, representing an increase of approximately 110% from US$212.9 million for the comparable period in 2020. The increase in total operating revenues was primarily attributable to improved performance in all gaming segments and non-gaming operations as a result of a year-over-year increase in inbound tourism in Macau. Operating loss for the third quarter of 2021 was US$182.2 million, compared with operating loss of US$275.0 million in the third quarter of 2020.
Melco generated Adjusted Property EBITDA of US$31.9 million in the third quarter of 2021, compared with negative Adjusted Property EBITDA of US$76.7 million in the third quarter of 2020. Net loss attributable to Melco Resorts & Entertainment Limited for the third quarter of 2021 was US$233.2 million, or US$0.49 per ADS, compared with net loss attributable to Melco Resorts & Entertainment Limited of US$331.6 million, or US$0.70 per ADS, in the third quarter of 2020. The net loss attributable to noncontrolling interests was US$35.3 million and US$55.3 million during the third quarters of 2021 and 2020, respectively, all of which were related to Studio City, City of Dreams Manila, and the Cyprus Operations.
SharpLink Gaming Ltd. (NASDAQ: SBET), a pioneer of game-changing technological solutions and experienced-based services for the U.S. online sports betting industry, and Quintar, Inc., the developer of the world’s first Augmented Reality (AR) centered sport fan technology platform, recently jointly announced that the companies have agreed to partner to integrate their respective technologies to produce an AR experience that combines live sporting events with real-time sports betting for sports fans – whether they are at the event or viewing live game action from home on the television.
Quintar was founded by former Intel Sports executives, Sankar “Jay” Jayaram and Jeff Jonas. Among other impressive career accomplishments, the pair previously founded virtual reality firm Voke, which was acquired by Intel in 2017 and became a foundational aspect of the technology titan’s sports division. Developed by Quintar’s team of industry veterans from NBA Digital, Turner Sports, Sportvision and Magic Leap, among other iconic companies, Quintar’s proprietary “Q.reality” is a device-agnostic platform designed to deliver sports fans with new, highly dynamic interactive experiences. Using a combination of long range registration to place accurate, dynamic AR content on the field, court or course, and live stereoscopic streaming, Q.reality allows content creators and rights holders to deliver personalized, social and gamification experiences for fans on mobile phones, televisions and AR wearables.
Wynn Resorts, Limited (NASDAQ: WYNN) and Austerlitz Acquisition Corporation recently announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger, which contemplated the combination of Austerlitz I and Wynn Interactive Ltd. (“Wynn Interactive”), a subsidiary of Wynn Resorts. The termination is effective immediately.
Craig Billings, CEO of Wynn Interactive, stated, “With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future. As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us.”
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