Bragg Gaming Group Inc and Elys Game Technology Corp Hope New York Will Legalize Online Sports Betting
Elys Game CEO Matteo Monteverdi said the industry clearly sees New York City as having the potential to be “one of the biggest sports betting markets” in the United States.
After seeing neighboring New Jersey generate $ 930 million in legal sports betting in November, with the lion’s share of online betting, New York Gov. Andrew Cuomo is reportedly willing to give it his all.
“New York has the potential to be the largest sports betting market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in tax revenue here at home, which will only strengthen our ability to rebuild ourselves from the COVID-19 crisis, ”Cuomo told the New York Daily News.
Elys Game Technology Corp (NASDAQ: ELYS) (FRA: 3UW) has welcomed Cuomo’s proposal to legalize online betting in New York City.
“Elys was delighted to hear Governor Cuomo’s plan to include mobile sports betting in New York City in his 2021 policy proposals. The industry clearly sees New York City as one of the biggest markets. sports betting in the United States, ”Matteo Monteverdi, CEO of Elys Game, told Proactive.
READ: Elys’ new US sports betting platform is a powerful gaming offering in the North American market
Elys, formerly known as Newgioco Group, is launching its new Elys Sportsbook platform with sports bar operators in Washington DC. The Elys platform helps authorized operators to analyze risk quickly using risk management based on sophisticated technologies, processing technology and adaptive business intelligence.
Elys says mobile betting in the Empire State could become the country’s crown jewel in the nascent sports betting market in the United States.
“We estimate that about 20% of New Jersey sports betting comes from New York City. Given the increase in sports betting in New Jersey from 2019 ($ 4.5 billion) to 2020 ($ 5 billion in the first 11 months), New Jersey is expected to is approaching $ 6 billion for 2020 – keep in mind that in 2020 more than four months have passed without major professional or college sport. Taking that into consideration, imagining a legal mobile option for the 8.4 million New Yorkers living in the greater New York area, New York’s potential is pretty obvious, ”Monteverdi added.
According to Cuomo’s proposal, the New York State Gaming Commission will seek proposals to select and license a sports operator or platform to offer mobile sports betting in New York City. This operator or platform must have a partnership with one of the existing licensed commercial casinos. The Commission will also require any entity operating mobile betting applications to have guarantees against gambling addiction.
“While this is certainly a step in the right direction, we are seeing some issues with Cuomo’s ambitions to launch a lottery-run mobile sports betting market: legal hurdles that may require an amendment to the Constitution of the State to pass; resistance from tribal gaming interests who will want to sit down at the table; and many stakeholders who have supported the efforts of Senator Joseph Addabbo and MP Gary Pretlow in recent years to foster a market led by multiple operators, ”said Monteverdi.
In the meantime, New York-based Seneca Gaming Corporation’s online casiono partner Bragg Gaming Group Inc (CVE: BRAG) (OTCMKTS: BRGGF) has noted that Cuomo is poised to bring New York sports betting into the game. modern era.
“Jurisdictions around the world are modernizing their gaming regulations to reflect today’s global gaming market, and New Yorkers stand to benefit from a regulated and legalized online gaming system that keeps revenues in line.” State, ”Yaniv Spielberg, chief strategy officer at Bragg Gaming, told Proactive.
“We believe that the move to legalize online gambling will be beneficial for the state, players and operators. We see a bright future for legalized online gambling in New York State. “
In November of last year, Bragg Gaming signed an agreement with Seneca Gaming Corporation to provide casino services and player account management (PAM) to three casinos in western New York. The deal, entered into through Bragg’s subsidiary ORYX Gaming and in partnership with global sports betting provider Kambi Group PLC, is the company’s first involvement in the US gaming market.
The Bragg-Kambi partnership will provide Seneca Gaming’s facilities with ORYX’s online gaming platform, including a PAM system, a gaming portal for desktop and mobile and casino services, all integrated into the portfolio of sports betting products owned by Kambi. The US casino and sports betting market is booming, and ORYX’s expertise in PAM, casino, marketing and operations services, as well as integrations between land-based and online sites enable Bragg Gaming to take advantage of this growth.
“We have an agreement with Seneca and would like more and more New York operators to choose Bragg Gaming as their gaming technology partner,” added Spielberg.
Investors responded well, pushing shares up nearly 2.54% for Elys Game Technology to $ 5.65, while Bragg Gaming closed at $ 1.22.
Contact author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive