Nevada Sportsbooks Shatter State Record for Super Bowl Handle
The Rams are not the only ones celebrating following the Super Bowl. Gaming companies are also celebrating after massive betting during the Super Bowl weekend. In Nevada, bettors wagered an astounding $179.8 million, according to numbers released by the Nevada Gaming Control Board on Monday breaking the previous record of $158.6 million set in 2018. At the same time, DraftKings paid out more than $175 million in bets, about half of the company’s handle in New York over three weeks. Following the legalization of mobile sports wagering, gaming companies saw an increase in new users, making this Super Bowl the most bet on yet. Online betting companies like Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG), International Game Technology PLC. (NYSE:IGT), Rush Street Interactive (NYSE:RSI), GAN Limited (NASDAQ:GAN), and DraftKings Inc. (NASDAQ:DKNG)expect growth in these numbers over the coming years as more states legalize gambling.
Global iGaming technology and content provider Bragg Gaming Group (NASDAQ:BRAG) (TSX:BRAG) is continuing to expand its reach across the globe. Since January 2021, Bragg Gaming‘s player-popular content has gone live in Switzerland, Germany, Greece, the Netherlands, the United Kingdom and most recently, the Czech Republic.
Bragg Gaming is also in the final stages of acquiring Spin Games, which would provide the company with a strong distribution presence in the US thanks to Spin’s existing relationships with the leading US iGaming operators. Spin Games not only launched one of the first certified RGS products in the US, it is licensed in New Jersey, Pennsylvania, Michigan, Connecticut, and British Columbia, Canada.
Bragg Gaming‘s new market strategy and the success of its ongoing iGaming content and platform expansion has led the company to increase its Q4 and full year 2021 revenue and adjusted EBITDA projections. The company expects to report FY 2021 revenue of approximately US$66.1 million and Adjusted EBITDA of approximately US$8 million, representing growth of 25% and 26%, respectively.
Bragg Gaming also increased its guidance for full year 2022 revenue to a range of US$78-82 million and expects to see its total addressable market (TAM) grow from approximately US$12.5 billion to more than US$18 billion by the end of 2022.
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