International Game Technology enters Puerto Rico with WinIn Deal
Posted: Nov 1, 2021, 8:47 a.m.
Last update on: November 1, 2021, 01:50 a.m.
International Game Technology (NYSE: IGT) is expanding its global footprint in sports betting, today announcing its entry into Puerto Rico through an agreement with The Stadium LLC.
The Stadium is the parent company of To earn, which has partnerships with esports companies, as well as La Liga de Béisbol Profesional Roberto Clemente, Puerto Rico’s top professional baseball league. WinIn seeks to develop in the still nascent sports betting industry in the United States. Financial terms of the deal were not disclosed.
Under the terms of the agreement, IGT PlaySports technology and trading advisory services will power all of WinIn’s future online and retail sports betting in Puerto Rico, ” according to a statement released by IGT.
WinIn will use IGT’s PlaySports platform.
“The prospect of adding Puerto Rico as a territory with sports betting powered by PlaySports is another exciting step in our efforts to further expand our footprint across North America,” said Joe Asher, president of sports betting. from IGT, in the press release.
Sports betting opportunity in Puerto Rico
Puerto Rico is an unincorporated territory of the United States and potentially offers sports betting operators and platform providers such as IGT a lucrative market in the future.
Puerto Rico passed sports betting, Daily Fantastic Sports (DFS), and eSports legislation in 2019. This paved the way for the Puerto Rico Gaming Commission (PRGC) to establish regulations and standards and issue permits to operators.
Concerning Puerto Rico, the market is potentially attractive for operators. It is home to 3.28 million people, making it larger than several states where sports betting is legal, including Iowa, Arkansas, New Hampshire, and Rhode Island, to name a few. -a.
In September, BetMGM announced its partnership with the Casino del Mar de La Concha Resort in San Juan to bring mobile sports betting to the territory, marking the first access deal outside the 50 states.
Before the coronavirus pandemic, Puerto Rico was a major tourist destination in North America and is home to about two dozen casinos, all of which operate from resorts frequented by travelers.
Additionally, locals love Major League Baseball (MLB) and NBA, indicating that the market may be attractive to sports betting operators and back-end providers like IGT in the future.
IGT investors love the news
In a day of widespread strength among gaming stocks, IGT stocks are profiting from the news from Puerto Rico. The stock is up nearly seven percent and is trading around historic highs. This after jumping 12% in October.
Lottery service provider and maker of the popular Wheel of Fortune slot machine are up 74% year-to-date.