- FinancialBuzz.com News Commentary
NEW YORK, March 1, 2021 /PRNewswire/ -- Online gambling is a diverse market and includes such businesses as casinos, virtual poker, sports betting and more. Online gambling has also been growing over the past two decades, owing to the rise of the internet, various technological advancements related to fintech and easy to use mobile interfaces. Last year however, the demand for online gambling grew exponentially, as the pandemic created a friendlier environment for online businesses. In fact, the progress made last year in regards to the regulatory rollback of online gambling and sports betting is now expected to continue in 2021. In states where such businesses were allowed to legally operate, strong demand was observed and the states benefited from a new source of tax revenue. For example, according to recent data from PlayPennsylvania, Pennsylvania's sportsbooks and online casinos set new records in January with more than USD 600 Million in monthly sports wagers for the first time. Trident Acquisitions Corp. (NASDAQ:TDAC), DraftKings Inc. (NASDAQ:DKNG), Penn National Gaming (NASDAQ:PENN), Scientific Games Corporation (NASDAQ:SGMS), MGM Resorts International (NYSE:MGM)
The swing to a more favorable attitude towards online gambling businesses is noticeable across the board. According to data published by the American Gaming Association (AGC), Americans' views of the casino gaming industry improved in 2020 as voters increasingly recognize the industry's economic benefits and commitment to local communities. Nearly 7 in 10 (69%) Americans say that gaming provides a positive benefit to the U.S. economy and 63% agree that the industry provides high-quality jobs. At the local level, 69% say that the industry behaves responsibly in the communities. "Voters are also aware of the importance that gaming tax money plays in funding vital public services, as 76% of voters believe that the industry's tax payments to state and local governments will become even more important in the future due to COVID-related budget shortfalls," the report indicates.
Trident Acquisitions Corp. (NASDAQ:TDAC) and Lottery.com, which entered into a definitive agreement with Trident Acquisitions Corp. on February 22, 2021, just announced breaking news that, "Luc Vanhal has been appointed as the Company's chief financial officer.
Since 1990, Vanhal has been providing executive leadership in the roles of chief financial officer, chief operating officer and president. In addition to being the chairman of several boards, he has also been a member of the compensation & audit committees for Interplay Entertainment Corp., a video game developer and publisher, and ViewSonic, a multinational electronics company.
As chief financial officer of the $3 billion consumer products division of The Walt Disney Company from 1990 to 1999, Vanhal led over 500 team members in planning, business development, financial reporting, accounting and acquisitions. Among many other highlights, from 2001 to 2004, he managed the development of World of Warcraft, which still has over five million paying subscribers, at Vivendi Universal Games.
Vanhal brings to Lottery.com years of experience in global executive management with an expertise in financial leadership. Not only does he have experience working in the gaming sector, Vanhal also brings his skills of navigating through highly regulated industries.
'I'm thrilled to attract such a talented and proven veteran in finance and accounting with great industry experience,' said Lottery.com CEO Tony DiMatteo. 'We needed a strong candidate leading us through the upcoming transition to becoming a public company. Combine this with our aggressive expansion into new states and countries, which brings all new financial regulations to consider, and it was clear to us that Luc was the obvious choice.'
As CFO, Vanhal will lead Lottery.com's global finance organization and will be responsible for accounting, treasury, financial planning and analysis. He will also play a crucial role in Lottery.com's global expansion plans, in both regulatory matters and acquisitions.
'I am very excited to join Lottery.com just as they are about to execute on their blue ocean strategy,' said Vanhal. 'Lottery.com has recently seen significant and compelling growth trends and, based on the market share availability, they are just beginning. As we look towards the next few years of growth in store for Lottery.com, I can't express how thrilled I am to be working with such great team members that are working diligently to ensure pristine execution. Working directly alongside such dedicated and driven leaders, I am confident we will accomplish tremendous growth and enhance value for our shareholders.'
On February 22, 2021, the Company entered into a definitive agreement with Trident Acquisitions Corp. (Nasdaq: TDACU, TDAC, TDACW) to become a publicly traded company on The Nasdaq Stock Market. Trident and the Company intend to publish an investor presentation relating to the proposed business combination in the coming weeks."
DraftKings Inc. (NASDAQ:DKNG) reported last week fourth quarter and full-year 2020 financial results. For the three months ended December 31st, 2020, DraftKings reported revenue of USD 322 Million, an increase of 146% compared to USD 131 Million during the same period in 2019. "With a favorable fourth quarter sports calendar and strong marketing execution, DraftKings was able to generate tremendous customer acquisition and engagement that propelled us to USD 322 Million in fourth quarter revenue, a 98% year over year increase," said Jason Robins, DraftKings' co-founder, CEO and Chairman of the Board. "In the fourth quarter of 2020, we saw MUPs increase 44% to 1.5 million and ARPMUP increase 55% to USD 65. We are raising our revenue outlook for 2021 due to our expectation for continued growth, the outperformance of our core business and newly launched states that were not included in our previous guidance."
Penn National Gaming (NASDAQ:PENN) announced last month that it has entered into a 20-year strategic partnership with Capital Region Gaming, LLC d/b/a Rivers Casino & Resort that will provide Penn Interactive, a wholly owned subsidiary of Penn National, with "second skin" access to the New York mobile sports betting and iCasino market, subject to legislation being enacted and regulatory approvals. "Gaining potential access to what could become one of the nation's most lucrative sports betting markets has been a major priority for our Company," said Jon Kaplowitz, Penn National's Sr. Vice President of Interactive Gaming. "We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach," said Mr. Kaplowitz.
Scientific Games Corporation (NASDAQ:SGMS) reported last year that it was was selected by long-term partner Hard Rock International to deliver its OpenSports and OpenGamingTM solutions across regulated markets in the U.S. Scientific Games' OpenGaming solution will deliver the player account platform across all Hard Rock International digital solutions in the two states. Jordan Levin, Group CEO, Digital for Scientific Games said: "The Hard Rock brand is instantly recognizable on a global scale and to extend our partnership with them once again is testament to our product development capabilities across iGaming and Sports in the US. As the digital team of Scientific Games, we have deep expertise across igaming and sports and we're looking forward to working with the great team at Hard Rock."
MGM Resorts International (NYSE:MGM) announced last month a new partnership centered around an integrated sports betting and entertainment experience. The two companies will collaborate on marketing and promotional offers through the BetMGM platform at select Topgolf venues and within WGT by Topgolf, the leading online golf game which has been part of the Topgolf family since 2016. "We look forward to introducing Topgolf guests to the immersive sports betting experience that only BetMGM can provide," said BetMGM's Chief Revenue Officer Matt Prevost. "Topgolf is known for offering unique and interactive entertainment options, which our loyal BetMGM users can now access through a variety of exclusive and customized packages."
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