iGaming Keeps On Growing In 2020

The igaming industry is on an impressive rise, and even 2020 and all its problems could do little to hinder its tremendous growth.

While the sports nature of gambling has obviously taken a big hit due to the halt in on-field activities a quarter inside the year, betting has recently found a new home in gambling on esports such as League of Legends and Counterstrike: Global Offensive.

Sports betting is
currently one of the most attractive markets to invest in, and given
the capital, a prospective entrepreneur would be smart to put his
money in a similar venture. This is exactly the reason why Bally’s
Corporation, a big gaming company from Rhode Island, decided to
acquire sports betting provider Bet. Works. Bally’s Corporation has
been in the gaming industry ever since 2011, when the company was
still known as
Twin River Worldwide Holdings
.
Since then onwards, Bally’s has expanded by acquiring different
companies, mainly casinos, in different locations in the United
States to build a portfolio of offerings and strengthen the
organization in the process.

Its most recent
acquisition of Bet. Works is a statement of intent from the company
that it intends to invest all its gambling knowledge and experience
into the world of sport betting, making it a contender for the next
big sports betting company alongside giants like William Hill and
Bet365, just to name a couple. The price of said takeover was around
$125m and is expected to be finalized early into next year. This will
make Bally’s the first US gaming company able to provide a holistic
approach to betting, being able to both bet online on sports and
offline through casinos with the same brand.

While not an acquisition
in and of itself, sports betting supplier Abelson Odds have landed a
massive deal in securing the provision of GPS (goalscorer pricing and
settlement) to Betfair for the remainder of the Copa Libertadores
competition, the elite cup tournament for South American football
clubs. Abelson Odds will also be integrated in the existing CONMEBOL
(South American Federation)

offering from Betfair. This addition will come in effect immediately,
which is just before the round of 16 commences, which is an
incredibly enticing point as most fans of the sport will be following
all the matches from now on, making it the perfect venue for showing
off the name of the brand. Considering the massive revenue that
companies like Betfair have been raking in this past quarter,
outshining even last year in a 2020 as tumultuous as this one, is a
sign of great growth for the betting industry, and Abelson being
associated with it will definitely mean good things for the
GPS-providing company.

Speaking of growth one
cannot ignore the massive strides that iGaming companies have been
making in 2020. Having mentioned Bally’s previously, one can quote
their estimate that the US sports betting and online gaming market
could reach $2.6 billion by the end of this year, to grow to 12
billion by 2025. These figures are staggering for a market that has
only seen its inception mere years ago but is growing at an
incredible pace due to technology and the shrinking distances between
countries, shrinking the gap from customer to a provider and making
betting
with US companies more accessible

to residents of other continents.

That said, current growth
is something else which is incredible for the present. ELYS Game
Technology Corporation, the former Newgioco group company which
changed its name a mere fortnight ago, has recorded a staggering
43.6% rise in revenue compared to last year, while also reducing
losses to below $1 million in the third quarter of 2020. ELYS Game
technology has long been founded, since 1989 in fact, and has always
prided itself of providing multichannel gaming business to both other
businesses and customers alike. As the former name may indicate, ELYS
provides its main local land-based operations in Italy, while it
caters through the online market to multiple countries worldwide.

Seeing all this upwards
movement in the iGaming industry makes any businessman with money
want to invest heavily in these companies, as one cannot deny the
incredible revenue and profits that they are making. Investing in a
gaming company is definitely not a ticket to stardom, as the
thousands of failed sports betting companies will show, but studying
up and making informed decisions will definitely help in making the
best decisions in a similar market.

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