#5 Weekly Digest – Latest News in US Gambling World
Gambling is an exciting landscape where there is no dearth of exciting news. Even amidst the challenges of coronavirus, the betting industry has managed to maintain its popularity across the globe. Companies are coming with more and more innovative ways to make the betting landscape more advanced and lucrative. And, here is the top news of this week that you should not miss out on.
Bally’s Corporation All Set To Acquire Bet.Works
Bally’s Corporation plans to acquire a sports betting technology organization for $125 million and also finalized the acquisition of a casino located in Atlantic City. Both the transactions were announced on Wednesday, and this gave the Rhode Island organization, formerly known as the Twin River Worldwide Holdings, a strong position in the sports betting as well as physical casino markets.
Bally’s will acquire Bet.Works, a popular sports betting site to operate in states including Colorado, Indiana, New Jersey, and Iowa. This purchase represents the company’s latest growth, unification, and development strategy. Over the course of two years, Bally’s has been involved in a strategic expansion of its gaming as well as entertainment properties that will encompass 14 casinos spawned across ten states. Additionally, the company also bought its iconic brand, which resembles the US gaming and entertainment and integrated with advanced amenities that define the vision of the company.
As per investment research by reckoned Wall Street analysts and management estimated, the US sports betting and iGaming market is speculated to value $12 million by the year 2025 and hit $50 billion at the maturity. According to the estimate of Bally’s, the industry will reach $2.6 billion by the end of this year.
Chairman of the company, Soo Kim said that it is a revolutionary step in the company’s journey. By expanding the national footprint of casinos, the company has evolved impressively in a short time period. The company is committed to offering customers an extensive omnichannel approach that envisions to provide an enhanced betting experience in both retail and online casinos.
After the acquisition, the company will create two unique operating segments. One will be Bally’s Casinos, which will include physical gaming and entertainment units. The second one will be Bally’s Interactive, which will focus on a new and existing contract for iGaming and sports betting.
USA Casinos Are Slowly Recovering Amidst The Challenges Of Pandemic
Casinos in America are recovering after a month of closure due to the coronavirus outbreak. The sector already regained 81% of its betting revenue that it witnessed in the third quarter last year. This report was released by the casinos’ trade association. However, with the continued spread of the virus across the country, the recovery comes with a threat. On Sunday, the governor of Michigan ordered various businesses, including casinos, to be closed for three weeks. Top casino of Atlantic City either cut off the hours or laid off around 422 workers in response to the restriction by the governor of New Jersey.
Additionally, the governor of Washington also banned indoor services at bars and restaurants.
The American Gaming Association released a gambling revenue report for the quarter. This was the time when casinos opened again after being shut down for over four months during the first wave of the virus. According to the reports, the industry collected more than $9 million in the third quarter of 2020. This is equivalent to 81% of the amount it collected the same tie during 2019 when there was a threat of the virus. All casinos in the counter are virtually operating with certain restrictions. There are restrictions on the number of people that a casino can accommodate and the type of operations that they can conduct with the ongoing pandemic.
Furthermore, the report also revealed that the gambling revenue throughout the country is down by 36.5% in the first nine months of the year in comparison to 2019.
Association’s president and CEO, Bill Miller, said that the sector would prioritize the health and safety of the employees, customers, and communities. Although the third-quarter revenue was promising, the full recovery relies on public health measures to curb the spread of the virus.
Wind Creek Bethlehem Launches Sportsbook Backed by Betfred Sports
Wind Creek has rolled out its first sportsbook in the US supported by Betfred Sports; it would be the third sport betting platform for Betfred. The company has also opened the sportsbook at Saratoga Casino in Black Hawk, CO, and Grand Falls Casino & Golf Resort in Larchwood,
The sportsbook that is situated in the place previously owned by Buddy V’s Ristorante, is a part of the deal made in January. It has two advanced video walls, three gambling windows, 31 TVs, and eight gambling kiosks. There are also various viewing areas along with a sports pub that offer food and beverages.
The President and CEO of Wind Creek Hospitality, Jay Dorris, said that launching the sportsbook at Wind Creek Bethlehem offers another prolific gaming opportunity to the guests. Moreover, joining hands with Betfresh USA sports enables us to extend state-of-the-art sports betting in an adrenaline pumping environment.
Furthermore, the Betfred USA Sports’s COO, Bryan Bennett, said that the team is very excited about this collaboration with Wind Creek Hospitality. And they are very happy about rolling out their third sportsbook in the US within the one-year timespan. Additionally, Pennsylvania has a huge sports betting landscape, and the company is eager to make the sportsbook a popular destination for people who are looking for a seamless sports betting experience.
Wind Creek Hospitality as well as Betfred USA Sports will host a launch party for limited guests on 21st, November, 2020, to make a formal announcement of the sportsbook. After the retail launch, the company also plans to introduce an online sportsbook backed by Betfred Sports in the Wind Creek Casino app in the near future.
Although the gambling industry is recovering, the complete recovery process is going to be challenging amidst the constantly growing coronavirus cases. These were the top news, and we will be back soon with more exciting and informative news of the industry.