Sports betting and online casino are in a promising stage in the US. The online casino and sports betting industry is thriving. The growth is expected to soar, and already mergers and acquisitions transactions are taking place at a quick pace.
Sports betting became a reality in 2018 after the Supreme Court ruling in favor of the Professional and Amateur Sports Protection Act (PASPA). Recent deals have been motivated by the need for cross-border expansion.
Gaming analyst speculates that merging and acquisitions will continue until operators realize profitability in online sports betting. DraftKings provided the first draft in 2020 following a reverse merger with a black-check firm.
Other firms followed that include Caesars Interactive, FanDuel, Wynn Resorts, and William Hill. Betway merged with Sports Entertainment Acquisition Corp in April.
Internet casino and online sports betting operator Codere Online announced its merger with the special purpose acquisition company (SPAC). Scientific Games (NASDAQ: SGMS) is also considering divesting its lottery.
Other expected mergers include that of Caesars Entertainment and William Hill’s non-US assets. Entain (OTC: GMVHY) is also among bidders for the Australia-based Tabcorp media and sports wagering unit.