Benzinga | Jul 19, 2021 12:39PM EDT

FansUnite Positioned to be a Front-Runner in the Global Online Sports Betting Market

Image by Aidan Howe on Unsplash

The only thing many fans in the sports industry were able to celebrate last year was the end of it. But, it only went to show how influential betting is in the world's biggest sports market.

According to a new report by Grand View Research, the global online gambling market size is expected to reach $127.3 billion by 2027, registering a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027.

A Closer Look at the North American Gambling Market

In the U.S., the sports betting market generated $1 billion in revenue in 2020, and that number is projected to grow sixfold by 2023. Ever since the U.S. Supreme Court struck down a federal ban on sports betting in 2018, any state can choose to legalize it. To date, over 2 dozen states have legalized sports betting and if it becomes legalized in all 50 states, estimated revenues will exceed $19 billion per year.

In Canada, the market size of the gambling sector has consistently increased since 2016, reaching its peak in 2019 at $14.72 billion. On June 22, 2021, the Senate passed Bill C-218, the Safe and Regulated Sports Betting Act, which amends the criminal code to allow provincial governments to determine when and how to conduct and manage single-event sports betting offerings within their borders.

This growing global acceptance is a clear indicator that the gambling market is one of the hottest industries to be involved in right now.

One company that is well-positioned to take advantage of the movement on a global level is FansUnite Entertainment Inc. (CSE:FANS) (OTCQX:FUNFF). FansUnite is a global sports and entertainment company focusing on the technology of regulated and lawful online gaming and other related products.

Why FansUnite?

1. One-of-a-Kind Complete iGaming Platform

Unlike many other companies in the sports betting industry, FansUnite has developed its own technology and does not rely on other partners. Its technology includes fixed and parimutuel odds, in-stream betting, live betting, casino-style games, cryptocurrency wallet and news content.

In addition, the company has produced a unique platform with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified random number generator (RNG) to produce casino-style chance games.

2. Global Reach

FansUnite has successfully launched its business-to-consumer (B2C) brands and licensed its business-to-business (B2B) technology in several jurisdictions, including Latin America and Europe.

FansUnite currently holds licenses in Malta and Curacao and has a strategic partnership with GameCo LLC, a Las Vegas-based betting company, allowing the company to gain access to the U.S. betting market.

The company has recently applied for U.K. gambling licenses, which will enable FansUnite to enter the U.K. jurisdiction, one of the largest and most lucrative online gambling markets in the world.

Key International Developments:

* On December 16, 2020, through GameCo's partnership with US Bookmaking and Sky Ute Casino, FansUnite announced that it will supply its B2B technology to establish the first U.S. esports sportsbook.

* On June 22, 2021, FansUnite entered a partnership with top Brazilian streamer, Gaules to secure Exclusive Gaming Partner rights for Brazil in the largest CS:GO event of the year.

3. Diverse and Unique Products

FansUnite offers 4 products that deliver a wide range of online gambling opportunities on a global level.

* McBookie Sportsbook: A leading provider of sports betting services focusing on the Scottish market under a license to operate granted by the U.K. Gambling Commission. With roughly 10,000 active members, McBookie has generated CA$135 million in betting volume over the last 3 years.

* VamosGG: An esports-first sportsbook and casino site created on the Chameleon platform to service the fastest growing esports betting market globally, Brazil.

* Askott Games: Delivers fun, engaging RNG casino games to a new demographic of players, targeting a young demographic. With multiple titles already released, many more in development, and extensive distribution deals in place, Askott Games is building a suite of games ready to be played on hundreds of casinos and sportsbooks worldwide.

* Chameleon: A complete B2B white label iGaming solution for esports, traditional sports and casinos. It is one of the most flexible gaming platforms on the market with a robust client dashboard with tailored reporting and real-time analytics and two distinct offerings -- turnkey and API.

Recent Developments

* On July 8, 2021, FansUnite appointed prominent gaming industry leader Anna Smith as head of compliance.

* On June 23, 2021, FansUnite announced an upsized $21.7 million private placement co-led by Stifel GMP and Gravitas Securities.

* On January 11, 2021, FansUnite announced the closing of an upsized and oversubscribed $13.4 million private placement led by gravitas securities due to strong investor demand.

* The first quarter of 2021 saw a record $28.3 million in betting volume and a 136% increase in revenue for McBookie compared to the same period in 2020.

* The company now accepts currencies such as Bitcoin, Dogecoin and Ethereum after integrating with CoinsPaid, a leading cryptocurrency exchange and payment solutions, into the company's B2B online gambling solutions.

* On March 4, 2021, the company applied for U.K. gambling licenses that will enable it to serve as a B2C gambling operator and a B2B technology provider in the U.K. marketplace.

* The company's common shares are now trading on the OTCQX Best Market, the highest market tier of OTC markets, under the ticker symbol FUNFF.

To learn more about FansUnite, visit its website here.