FN Media Group Presents Microsmallcap.com Market Commentary
New York, NY – December 18, 2020 -Canada’s largest province may be headed for an online gaming revolution. The Ontario provincial government has signalled an openness to legalizing online gambling as part of the province’s 2020 budget. Currently, online betting in Ontario is a monopoly controlled by the province, but legislation early next year could change that, opening the door to this huge market to companies like Bragg Gaming Group (TSX-V: BRAG) (OTCQX: BRGGF), DraftKings Inc (NASDAQ: DKNG), Scientific Games Corp (NASDAQ: SGMS), MGM Resorts International (NYSE: MGM) and GVC Holdings (OTCPK: GMVHF).
Ontario legalizing online betting could also spur other Canadian provinces to follow suit, providing an even bigger opportunity for companies like Bragg Gaming Group to gain first-mover advantage in the country’s largest market. From there, it will be easy to expand into new Canadian markets as they open up. The Canadian Federal government has already proposed nation-wide legalization of single-event sports betting, adding to the Canadian opportunity.
Bragg Gaming Group Sees Opportunity in Ontario
Bragg Gaming Group is a provider of turnkey, digital solutions for online casino operators. The company’s flagship product is its ORYX Gaming platform, an omni-channel retail, online, and mobile iGaming platform. The company also offers advanced casino content through its partnerships with dozens of specialty game developers and publishers, as well as sportsbook, lottery, marketing, and operational services. Essentially, Bragg provides licensed operators with everything they need to get their online casinos and sportsbooks up and running.
As part of the company’s strategy, Bragg Gaming Group is prioritizing jurisdictions where sportsbooks are legal, which puts the Ontario gaming market squarely in the company’s sights as Bragg provides technology to i-gaming operators. Should Ontario open up to the wider world of online betting, the province will likely see an influx of online casino operators in need of Bragg’s technology.
On November 27, Bragg celebrated the Canadian federal government’s move towards legalizing single-event betting as a key step forward for the online betting industry in the country. Moves like these by the federal and provincial governments are indicators of a changing legislative landscape and signs of a rising opportunity in the country.
“We’re very supportive of the move to legalizing single-event betting,” Bragg Gaming Board Member Rob Godfrey said in the company’s release. “Jurisdictions around the world are modernizing their gaming regulations to reflect today’s global gaming market, and Canadians – and the country’s operators – should have the same ability to place bets as their international peers. The reality is that many Canadians are already placing single-event bets today, but through illegal black-market channels that make them vulnerable. This proposed legislation will move a significant portion of these activities to a safer, more regulated environment that better protects Canadians’ interests while also ensuring a level playing field for Canadian operators.”
Major Gaming Companies Look to Ontario
Scientific Games Corp (NASDAQ:SGMS), a major provider of digital betting services and physical gambling machines, is already well involved with the Canadian gambling market. The company has been the instant game provider to the Ontario Lottery and Gaming Corporation since 2010 and recently extended that contract through to 2022. In November, the company sold 600 game terminals to the Western Canada Lottery Corporation. Scientific Games would likely move to serve third-party casino operators in the province as they move into a newly opened Ontario gaming market.
MGM Resorts International (NYSE:MGM) has stepped into the online gaming market with the introduction of its BetMGM, a joint venture with GVC Holdings (OTC:GMVHF) that seeks to be a North American leader in sports betting and iGaming. In a recent interview, BetMGM CEO Adam Greenblatt said that the company is “paying close attention to Canada, as Ontario is in the process of legalizing sports betting.”
Industry leading sports betting site DraftKings Inc (NASDAQ:DKNG) will likely show significant interest in the Ontario market as well. The company has been quickly moving into new online gaming markets as they open up and analysts have noted that Ontario could be the company’s next big opportunity if the province does, in fact, end its monopoly on online casinos.
Ontario represents a huge opportunity for companies like Bragg Gaming Group, and that opportunity is only likely to get bigger as Canada’s largest province looks likely to move forward with online gaming legalization.
Disclaimer: Microsmallcap.com (MSC) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Bragg Gaming Group
FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.
Media Contact:
FN Media Group, LLC
info@financialnewsmedia.com
+1(561)325-8757
Source: Microsmallcap.com
