After decades of pushing for reform of the laws banning single-event gambling, the Canadian gaming industry seems to be on its way to expansion. Gambling associations and companies are preparing themselves for the proposed changes, which, if enacted in the current legislative session, would leave the responsibility of implementing and regulating single-events sports wagering on provincial regulators. Gambling companies are already strategizing on ways to capitalize on the potential that the proposed changes bring. Some of the companies taking proactive steps towards expanding the Canadian gaming industry include Real Luck Group Ltd. “Luckbox” (TSXV:LUCK) (OTCQB:LUKEF), DraftKings (NASDAQ:DKNG), Elys Game Technology Corp (NASDAQ:ELYS), Esports Entertainment Group (NASDAQ:GMBL), and International Game Technology PLC (NYSE:IGT).
Luckbox Becomes a Member of the Canadian Gaming Association
In a March 4 press release, Real Luck Group Ltd. “Luckbox” (TSXV:LUCK) (OTCQB:LUKEF), a leading provider of legal, real money sports betting announced its membership to the Canadian Gaming Association. Luckbox officially became a member of the Canadian national trade association of the Canadian gaming industry on February 18, 2021.
“Joining the CGA is an important step for us and our iGaming experience has shown that a unified voice across the industry is key to driving and evolving public policy that is fair to all stakeholders,” Quentin Martin, Luckbox’s CEO, said. “We are joining CGA at a key inflection point in the Canadian betting industry and we are optimistic that the legalization of single-event wagering in Canada is on the horizon to give esports and gaming fans in Canada the option to bet on their favorite events in a safe and regulated environment. We know that esports is a large and growing market in Canada, and fans are demanding betting on matches. Luckbox’s proprietary award-winning platform is that platform for Canada, offering wagering on 13 major esports as well as sports betting. With CGA member support, legislation, regulation, and working with responsible operators is the best means to keep fans safe and offer them the best possible experience.”
Paul Burns, the President and CEO of the CGA, welcomed Luckbox into the association, adding that, “we are excited that a Canadian played sports betting and iGaming Technology Company that is poised to take advantage of the anticipated changes to the Canadian gaming landscape has joined the association. They have shown that they can operate in highly regulated markets globally and Canada presents a great opportunity for their business here at home. We look forward to working together and to assisting the growth of this new segment in any way we can.”
Luckbox offers legal, real-money betting, and statistics on major esports and sports on mobile and desktop platforms. The company has a B2C platform that provides shared technology data and resources to offer extensive betting opportunities for esports.
The Canadian Gaming Association is Canada’s trade association that works to advance the evolution of the country’s gaming industry through research, innovation, and productive dialogue among stakeholders.
Luckbox recently closed its upsized and oversubscribed private placement for $17.8 million.
Gaming Companies Hopeful for Better Opportunities in the Canadian Gaming Industry
DraftKings (NASDAQ:DKNG) is a Boston-based company looking to expand its presence in Canada. DraftKings has already taken steps to expand its daily fantasy football sports into Canada by signing a deal with the National Football League. DraftKings is also excited about further expansion opportunities presented by the near-legalization of single-event sports betting in Canada. DraftKings‘ CEO, Jason Robins, said, “Canada is going to be a really exciting opportunity, should it open up. We’ve seen really good progress there, both at the federal and provincial level in the Ontario legislature.”
Elys Game Technology Corp (NASDAQ:ELYS), interactive gaming and sports betting technology company, commented on the status of the legalization of single-event sports betting in Canada. Michele Ciavarella, Elys Game Technology Corp Executive Chairman said, “Although there are a number of steps to be cleared before laws are enacted and an active open market can develop, this vote is another significant step towards being able to offer a safe and regulated product to the millions of sports and esports fans in Canada… While this legislative process develops in Canada, Elys expects to continue to play an important role in assisting current Canadian operators and businesses to prepare their iGaming and sports betting offerings through a well-established industry experience.”
Esports Entertainment Group (NASDAQ:GMBL) is an esports and online gambling company focusing on esports wagering, esports entertainment, esports infrastructure, and iGaming. Esports Entertainment Group started the year by finalizing its agreement to acquire Esports Gaming League. Esports Entertainment Group’s CEO Grant Johnson said, “We are excited to finalize this acquisition and continue to expand EGL’s presence here in North America.” Glen Elliot, Esports Gaming League’s CEO said about the acquisition, “We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology, and resources to further grow our client roster.”
International Game Technology PLC (NYSE:IGT) announced a cross-licensing deal with Scientific Games, which would allow the companies to offer patented cashless gaming technologies from their combined portfolios. The agreement will allow immediate access to each other’s cashless gaming patents. Renato Ascoli, IGT’s CEO, said, “Cashless gaming is here to stay, and this strong portfolio of cashless IP can help casino operators ensure the safety of players by reducing cash handling points of contact with slot games, while considerably improving casino operating efficiencies.”
As the North American gaming industry continues to open up with changing legislation, gaming companies like Luckbox are forming beneficial relationships that will be key to their expansion into the promising sports betting market.
For more information on Real Luck Group, “Luckbox“, click here.
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