Good morning. The opening of the U.S. sports betting market has triggered a boom in so-called convergence deals as companies capitalize on the potential of teaming up with media outlets and sports teams. KPMG estimates that the new eco-system is worth some $135 billion across gambling, media rights and advertising.
What you need to know
- Star Entertainment has been informed that the review of its Sydney license will include a public hearing component focused on its internal AML controls.
- Macau operators are set to report their worst quarter so far this year, with 3Q21 profits falling to $62 million in EBITDA, according to a Bloomberg survey.
- Tabcorp announced its executive and board line up for its Lotteries & Keno and it’s Wagering & Gaming businesses, should a demerger between the two go ahead in June 2022.
On the radar
- Macau is requiring all outbound travellers via civil aircraft or vessel to present proof of a negative Covid-19 test at least 48 hours prior to departure.
- A Jeju workers union reportedly held a press conference urging the Shinhwa World Casino to stop the mass layoff of its casino workers.
The opening of the U.S. sports betting market has triggered a boom in so-called convergence deals as sports betting companies seek to capitalize on the potential of teaming up with media outlets and sports teams. For the sports betting companies, the main appeal of such ties ups is to expand audience reach and to improve player engagement in a more effective way than straightforward advertising or sponsorship. New technologies are helping to drive this convergence between media, entertainment and online gaming and the Covid lockdowns may have accelerated this trend.
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