Gambling on the American Sports Betting Market
Ever since the Federal Sports Betting Ban was lifted, the gambling market in the U.S. has been working overtime. This is because as states are scrambling to legalize sports betting, gambling companies are also working towards opening their operation. In fact, several U.S. and foreign companies have been making the news about entering the American Sports Betting Market.
It is currently the Wild West in the American Sports Betting Market with businesses hoping that early means bigger profits. Fantasy Sports companies have been a surprise by entering the sports betting market early with help from Pay Per Head Sportsbook solution.
European investors are however at the forefront of this gold rush and hold an advantage over several American companies. This is because they have decades of industry while the U.S. is still playing the catch-up game.
European Gambling Companies Coming in Strong
The most popular way European Gambling Companies are gaining a foothold in the U.S. Sports betting market is through partnerships. This is because by partnering with a U.S. based company, they are able to by-pass a lot of red tape. Thus, they get an immediate foothold in the American Gambling Market while gaining a strategic partner at the same time.
The latest such deal to take place occurred on Monday between MGM Resorts International and GVC Holdings PLC. The partnership will have GVC will set up U.S. online betting platform with MGM Resorts International.
GVC is one of the largest sports betting and gaming group in the industry located in the Isle of Man. In addition, they recently acquired Ladbrokes Coral Group PLC to become the largest UK street bookmaker.
Another way European Gambling companies are entering the U.S. market is by purchasing already existing companies. One such example is when Paddy Power Betfair purchased FanDuel.com last month. Thus, it enabled Paddy Power Betfair to enter the West Virginia sports betting market with less bureaucratic hassle.