FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “FansUnite Entertainment Inc. Subsidiary McBookie Ltd Shows Strong Betting Growth During Pandemic.”
FansUnite Entertainment Inc. (OTC: FUNFF) (CSE: FANS), a technology company providing leading online gaming solutions, is pleased to announce that their acquisition of McBookie Ltd (“McBookie”) has emerged from the Coronavirus Pandemic with a strong set of results.
FansUnite is a sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. The principal business is operating the FansUnite Sportsbook and the website of its wholly-owned subsidiary, McBookie Limited, offering online gaming services to the UK market. FansUnite is also a provider of technology solutions, products and services in the gaming and entertainment industry and looks to acquire technology platforms and assets with high-growth potential in new or developing markets.
Casinos and gambling have been large markets for many years, but sports betting has a been a slow growing segment; until recently. In large part, the slow growth of sports betting in years past is attributed to numerous legal restrictions across most states as well as a lack of access due to insufficient technological infrastructure. Now, the sports betting market is changing and growing rapidly. It started with the landmark Supreme Court ruling in 2018, in which the Court struck down the ban on sports betting. As a result, all states got the option to pursue legalization of sports betting. Overall, as the legal infrastructure becomes more friendly towards sports betting, specifically in the online space, many companies in the gambling industry are beginning to invest in a wider variety of sports betting options. According to a report by the Associated Press, companies like DraftKings are making serious strides in developing easy-to-use systems available to the public through partnerships with sports leagues.
Recently, the advancement of sports betting in Illinois took place, vastly expanding the mobile wagering options available to the state’s 12.7 million residents. Furthermore, data from Odds.com and published by Forbes showed that Illinois is poised to generate upwards of USD 73 Million in taxable revenue if the estimates of a USD 488 Million annual market come to fruition. The 15% tax levied on gaming revenue could see this number rapidly increase once measures to allow online and mobile offerings are put in place.
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