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New York, NY – February 23, 2022 – The Rams are not the only ones celebrating following the Super Bowl. Gaming companies are also celebrating after massive betting during the Super Bowl weekend. In Nevada, bettors wagered an astounding $179.8 million, according to numbers released by the Nevada Gaming Control Board on Monday breaking the previous record of $158.6 million set in 2018. At the same time, DraftKings paid out more than $175 million in bets, about half of the company’s handle in New York over three weeks. Following the legalization of mobile sports wagering, gaming companies saw an increase in new users, making this Super Bowl the most bet on yet. Online betting companies like Bragg Gaming Group (NASDAQ: BRAG) (TSX:BRAG), International Game Technology PLC. (NYSE: IGT), Rush Street Interactive (NYSE: RSI), GAN Limited (NASDAQ: GAN), and DraftKings Inc. (NASDAQ: DKNG) expect growth in these numbers over the coming years as more states legalize gambling.
Global iGaming technology and content provider Bragg Gaming Group (NASDAQ: BRAG) (TSX:BRAG) is continuing to expand its reach across the globe. Since January 2021, Bragg Gaming’s player-popular content has gone live in Switzerland, Germany, Greece, the Netherlands, the United Kingdom and most recently, the Czech Republic.
Bragg Gaming is also in the final stages of acquiring Spin Games, which would provide the company with a strong distribution presence in the US thanks to Spin’s existing relationships with the leading US iGaming operators. Spin Games not only launched one of the first certified RGS products in the US, it is licensed in New Jersey, Pennsylvania, Michigan, Connecticut, and British Columbia, Canada.
Bragg Gaming’s new market strategy and the success of its ongoing iGaming content and platform expansion has led the company to increase its Q4 and full year 2021 revenue and adjusted EBITDA projections. The company expects to report FY 2021 revenue of approximately US$66.1 million and Adjusted EBITDA of approximately US$8 million, representing growth of 25% and 26%, respectively.
Bragg Gaming also increased its guidance for full year 2022 revenue to a range of US$78-82 million and expects to see its total addressable market (TAM) grow from approximately US$12.5 billion to more than US$18 billion by the end of 2022.
To learn more about Bragg Gaming Group (NASDAQ: BRAG) (TSX:BRAG), click here.
Legalized Gaming Markets a Boom for iGaming Companies
International Game Technology PLC. (NYSE: IGT) announced that its Wheel of Fortune Slots awarded two massive jackpots in January. In one of the jackpots, a Wheel of Fortune slots player won $1,452,664 at Wynn Las Vegas playing the Wheel of Fortune Gold Spin Triple Red Hot 7s game on January 10th. Another player won the second jackpot on January 21. The player played the Wheel of Fortune Gold Spin Deluxe Super Times Pay fame at Fremont Hotel and Casino in Las Vegas. The player won $1,100,986. These latest jackpots bring the total amount awarded on the Wheel of Fortune jackpots to more than $3.3 Billion since it was launched in 1996.
Rush Street Interactive (NYSE: RSI) will release its Q4 and year-end 2021 financial results after market close on March 2, 2022, and hold a conference call at 5:00 pm Eastern Time to discuss the results. Rush Street’s Sportsbook BetRivers is now an official partner of the New Orleans Pelicans. This partnership comes shortly after Rush Street launched BetRivers in Louisiana. With the partnership, the company reinforces its commitment to sports in Louisiana in addition to enhancing fans’ watching and wagering experiences in the Smoothie King Center.
GAN Limited (NASDAQ: GAN) acquired Silverback Gaming, earning exclusive rights to all current and future Silverback online games which will include 50 new and unique slot games over the next three years. GAN expects to launch its SuperRGS content suite starting in the first half of 2022. The company has an acquisition strategy in place for Gross Operator Revenue from iGaming and growing its overall revenue for B2C operators in the US. Towards expanding its revenue with B2C clients, GAN signed an agreement with a leading U.S. B2C operator for iGaming to deploy the company’s GAN platform.
DraftKings Inc. (NASDAQ: DKNG) launched its online sportsbook in Louisiana bringing the company’s presence in the US to 18 states, including retail jurisdictions. The company first launched its retail sportsbook in the state in November 2021. DraftKings will hold a virtual investor day on March 3, where the company will discuss issues such as the Total Addressable Market, growth initiatives, and market growth.
The legalization of iGaming in European and US markets is opening up opportunities for iGaming companies such as BRAGG Gaming to bring their exclusive content and offerings to new consumers.
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