Online Betting Continues to Grow as Regulators Reappraise Their Efforts
FinancialBuzz.com News Commentary
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NEW YORK, Dec. 21, 2020 /PRNewswire/ More and more states are launching online betting businesses as the legal infrastructure and public opinion have turned in favor of such services. Next year, major markets such as Michigan will join numerous others as online sports betting becomes legal. However, all operators and platform providers, including popular ones like DraftKings and FanDuel, must still earn final licensing approval from the state before launching services. To illustrate just how popular the online sports betting is in states where the market can already operate, New Jersey recorded USD 803.1 Million in bets on sports in the month of October, setting the national record for the third month in a row, according to the state s Division of Gambling Enforcement. Furthermore, according to a report by Mlive, Michigan s commercial c
Penn National Gaming (NASDAQ:PENN) pulled off the seemingly impossible in 2020.
Image source: Getty Images.
Casino operator
Bally s (NYSE:BALY) might not be the first name you think of when you think of travel stocks. Of course, that could be because the company just changed its name in November after acquiring the Bally s Atlantic Casino from
Caesar s Entertainment (NASDAQ:CZR). Before that, Bally s was called Twin River holdings, a company that has changed not only its name, but also its asset base dramatically just in 2020 alone.
Not only did Twin River buy Bally s, but it also bought four more casinos this year from El Dorado Resorts, which itself merged with Caesar s earlier this year. As a condition of the merger, the two companies had to divest some casinos, and Twin River now Bally s was there ready to pounce. But Bally s wasn t done yet. In October, Bally s acquired two more casinos one in Delaware, and its first in Illinois. Once all the deals close, Bally s w
more than half of US states. The result of all this activity has been a flurry of new partnerships, mergers, and acquisitions in the industry, including from
Bragg Gaming Group (TSX-V:BRAG) (OTCQX:BRGGF), Penn National Gaming (NASDAQ:PENN),
Landcadia Holdings II (NASDAQ:LCA),
Caesars Entertainment (NASDAQ:CZR), and
GAN Limited (NASDAQ:GAN).
But not all of the activity is taking place in the United States, as European markets such as Switzerland continue through the stages of opening up to online casino gaming. Bragg Gaming Group (TSX.V:BRAG) (OTC:BRGGF) just recently announced a strategic content deal between its subsidiary
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Provides Company with Access to Upcoming Sports Betting Market in Maryland
Penn National Gaming, Inc. (PENN: Nasdaq) ( Penn National or the Company ) announced today that it entered into a definitive agreement with Gaming and Leisure Properties, Inc. (GLPI: Nasdaq) ( GLPI ) to acquire the operations of Hollywood Casino Perryville in Maryland for $31.1 million in cash, subject to certain customary working capital adjustments. Simultaneous with the closing of the transaction, Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility with annual rent of approximately $7.77 million. Penn National is excited to acquire the operations of Hollywood Casino Perryville, a property we developed in 2010, which will allow us to re-enter the strong Maryland gaming market and add a twentieth gaming jurisdiction to our leading nationwide footprint, said Jay Snowden, President and CEO of Penn National.