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Hacksaw Gaming and DraftKings hook up in Ontario

Hacksaw Gaming and DraftKings already have a good thing going in North America and they have now extended their partnership to Ontario.

More than 300 of Hacksaw’s titles will be available for Ontarians to play on the DraftKings Casino app in the province. The available games include Hacksaw’s popular titles such as Chaos Crew, Mines, Omnom and Boxes.

The companies had previously linked up in West Virginia and then in New Jersey in December 2023 in a deal that also gave DraftKings users exclusive access to Hacksaw’s first 10 games in the market for the two weeks following the deal.

In the U.S., Hacksaw also has alliances with other operators such as Rush Street Interactive and BetMGM and it extended its partnership with the latter in West Virginia earlier this month by supplying its raft of games for RSI’s BetRivers brand.

“The benchmarks we have set as a partnership are remarkable, and we are ready to take on more challenges continuing into 2024,” said Marcus Cordes, CEO of Hacksaw Gaming.

Hacksaw cuts further into Ontario market

Hacksaw Gaming first entered Ontario in 2022 and has already laid down roots with DraftKings and other partners in the province.

It launched with Mobinc‘s white-label solution in the province’s regulated online gaming market in March 2023 and struck agreements that are similar to its new DraftKings deal with BetMGM in May 2023 and Caesars Digital in December.

Meanwhile, DraftKings has also bolstered its responsible gaming efforts by deepening its partnership with Kindbridge Behavioral Health.

The two companies had a pilot program in Colorado aimed at providing readily accessible treatment for problem gambling and they have now extended that initiative to cover all of DraftKings’ jurisdictions including Ontario.

IGT leads Pragmatic Play as top online game supplier in Canada: Eilers-Fantini

IGT and Pragmatic Play were the most popular online gaming suppliers in Canada last month.

Eilers-Fantini’s latest edition of their Canadian market analysis rated IGT as the top-performing operator in Canada with its overall GGR of 15.9% half a percentage point ahead of Pragmatic’s 15.4%. Evolution, the U.S. leader, and Light & Wonder made up the big four with 13.5% and 11.2%, respectively.

Other suppliers held a much smaller slice of the pie. No other company reached 4% of online gaming GGR in Canada as Playtech, a new supplier in the data starting from February, went straight in at fifth with 3.6%, ahead of the likes of AGS, Games Global, Greentube, and Everi, the latter of which will merge with IGT’s PlayDigital and Global Gaming divisions.

IGT also leads the slot segment in terms of GGR and is ranked second in both table games and video poker. Evolution leads all other suppliers in GGR in live casino and table games, with 67.3% and 37.7% of those verticals’ total GGR, respectively.

When it comes to the platform of use, desktop led overall performance at 54% but mobile led the way in the bingo, lottery, and video poker categories.

Canada’s favourite online games

Pragmatic Play’s Sweet Bonanza topped the overall game ranking charts across all categories tracked, ahead of the top-ranking live casino game Evolution‘s Live Dealer Roulette, Pragmatic’s Sugar Rush, and IGT’s Cash Eruption.

The live casino, table games and slot categories were all represented in the list of top 10 games.

In the slots-specific ranking, Pragmatic games occupied six of the top 10 spots. IGT’s Blackjack reigned supreme in the table games chart ahead of Evolution’s version of the game.

In terms of GGR, IGT’s Cash Eruption title was the overall leader followed by two Pragmatic Play slots in Sweet Bonanza and Sugar Rush. IGT’s Cleopatra title was the only other game to capture more than 1% of that market while last month’s highest-grossing game, Evolution‘s Live Dealer Roulette, dropped to fifth place with 0.91%. Cash Eruption was also the GGR leader in Eilers-Fantini’s U.S. report.

Fortune Factory‘s Gold Blitz Extreme was ranked as the best new game in the Canadian market.

The ever-expanding Eilers-Fantini report analyses 10 online casino sites and tracks more than 10,000 games across five provinces in Canada.

Evolution leads the way in U.S. report

Meanwhile, in the U.S., the top 10 in the gaming charts remained largely the same.

Evolution topped the supplier chart in the U.S. with 19.5% of GGR, with IGT and Light & Wonder sitting second and third ahead of Games Global.

IGT’s Blackjack continued as the top-performing game overall ahead of the company’s Cash Eruption in second. That pair were the other way around in terms of GGR share, with Cash Eruption ranking first.

In the U.S., all of the top 25 games were slot titles and 91.6% of all games tracked were slots.

SBC names six new Sports Betting Hall of Fame inductees

Six sports betting industry individuals have been named as the Sports Betting Hall of Fame‘s class of 2024 by SBC, recognizing their position as people who have made significant contributions to the North American industry throughout their careers.

“We are honoured to welcome the newest inductees,” said Sue Schneider, SBC’s Vice President of Growth and Strategy, Americas, said. “Their dedication, innovation, and unwavering commitment to the industry have not only shaped its trajectory but have left an indelible mark on the world of sports betting. I’d like to congratulate everyone on their well-deserved recognition and look forward to celebrating their enduring legacies.”

The Sports Betting Hall of Fame class of 2024 comprises: 

  • Staci Alonso: Former Commissioner and EVP/CMO, Nevada State Athletic Commission
  • Richie BaccelIieri: Race and Sports Industry Expert
  • Christian Genetski: President, FanDuel
  • Jay Kornegay: Vice President Race & Sports Operations, Westgate Las Vegas
  • Mike Tobin: Founder and CEO, Continent8 Technologies

This year’s ceremony, which will take place on May 8 as part of the SBC Summit North America, will also honour the memory of past inductee John English, who passed away on February 17.

“He is widely credited as the visionary behind modern sports betting kiosks and played a pivotal role in reinvigorating Vegas’ Bet Leroy’s brand as the company’s Chief Innovation Officer before his passing,” added Schneider. “John’s family and friends will attend the ceremony to accept the award on his behalf, and we are honored to recognize his impactful contributions.”

Inductees into SBC’s Sports Betting Hall of Fame are industry personnel who have displayed extensive experience within the industry and pioneered innovative products or strategies that have made a notable impact. Candidates are also evaluated based on their substantial contributions towards raising public awareness of sports betting, whether through educational programs, advocacy endeavours, or alternative methods. Emphasis is also placed on individuals who actively advocate for responsible sports betting practices by emphasizing ethical behaviour and fostering community engagement.

SBC’s Sports Betting Hall of Fame has recognized 22 industry professionals from North America thus far. Canadian Gaming Association President Paul Burns was inducted in 2022 while last year saw the likes of Nick Bogdanovich (Sportsbook Manager/Oddsmaker, Circa Sports), Michael Gaughan (Owner, South Point Hotel Casino Spa), Trish Lewandowski (Sportsbook Manager, Caesars Digital), and David L. Rebuck (Director, NJ Department of Gaming Enforcement) named.

Get set for SBC Summit North America

The Sports Betting Hall of Fame Ceremony will take place on Wednesday, May 8, at Red Bull Arena in Harrison, NJ.

It falls on the second night of the summit, which will take place from May 7 – 9 at the Meadowlands Exposition Center, Secaucus, NJ. From 6:30 p.m. ET on second night, coaches will transport guests from Meadowlands to Red Bull Arena, where the Hall of Fame ceremony will be held from 7:30 to 8:00 p.m.

The following night, Thursday, May 9, the SBC Awards North America will be held at the Hilton Hotel, Midtown, New York. Check out the full list of nominees.

There’s still time to purchase your Early Bird ticket at the discounted price of $795 and gain access to all three days of SBC Summit North America (and the Player Protection Symposium), including the exhibition, the conference, and exclusive networking parties.

Additionally, operators and affiliates can apply for a free pass to the event. 

You can keep up-to-date with the latest news, speakers & exhibitor additions, and conference content by subscribing to the bi-weekly SBC Summit North America LinkedIn newsletter. 

Bragg Gaming to review strategic alternatives including potential sale after Q4 dip

At its earnings call on Tuesday, Bragg Gaming revealed it is forming a new ad hoc special committee to determine its best path forward after a mixed set of results for Q4 clouded an otherwise promising year.

In the fourth quarter of 2023, Bragg reported dips in both revenue and profit. Overall revenue dropped slightly by 1.4% to €23.4 million ($34. 5 million CSD) and adjusted EBITDA fell 23.7% to a total of €2.8 million ($4.1 million CAD). Gross profit slipped 7.3% to €12 million ($17.7 million CAD) during the quarter and is also down 3.4% year-over-year.

The biggest bright spot in Q4 for the Toronto-based global B2B gaming technology and content provider came from wagering revenue, which rose 18.1% to €6.1 billion ($9.0 billion).

Meanwhile, the company’s full-year figures painted a rosier picture as revenue rose 10.4% YOY to €93.5 million ($137.6 million CAD) and adjusted EBITDA jumped 26.3% to €15.2 million ($22.4 million CAD) last year. Again, wagering revenue led the way by recording the best results for the full year, a climb of 26.6% to €22.4 billion ($33.4 billion CAD).

In 2023, Bragg launched 29 new proprietary online titles worldwide, including 26 newly introduced to online European casino markets and 15 rolled out in North American markets. Bragg CEO Matevž Mazij said on Tuesday that the company expects to “maintain or exceed this pace” in 2024.

In particular, Bragg signed content distribution agreements with brands including Betsson, 888/William Hill, and PokerStars, as well as launching content in new regulated European markets and rolling out with multiple U.S. operators such as BetMGM in New Jersey. In the U.S., revenue increased by 17.5%, which Bragg attributed to launching with new partners and therefore growing its overall presence on the continent.

Bragg reviewing strategic alternatives

After the Q4 dip, Bragg has formed a special committee, chaired by independent board member Don Robertson, to be utilized when the company deems it required or necessary to undertake a review of its strategic alternatives.

Potential actions include the sale of the company or its assets, a merger, financing, further acquisitions, or other strategic alternatives. Bragg gave no timetable to complete the strategic review process and stressed that no decisions have been made and there’s no guarantee that any transaction will be completed.

Recent months have seen a spate of sales in the North American online gaming market and just last week, reports broke that Rush Street Interactive, the operator of the BetRivers brand, is considering selling to a giant like DraftKings.

Back in late November, key Bragg investor Jeremy Raper of Raper Capital wrote an open letter to Mazij urging that an imminent sale of Bragg’s “highly desirable, unique suite of iGaming content and distribution assets” would deliver “a gargantuan premium” to investors.

Forecasting the future

Looking ahead to 2024, Bragg projected that it expects to report midpoint growth of 12.8% in revenue and 10.9% in adjusted EBITDA.

“Our strategic actions have positioned Bragg as an essential content source for leading international iGaming operators, strengthening our groundwork for consistent and profitable development,” added Mazij. “With confidence, we affirm our readiness with the appropriate strategies, financial strength, and infrastructure to maintain our business momentum while executing initiatives that foster cash flow growth and generate added value for our shareholders.”

The company has already taken steps towards further expansion recently.

Last week, Bragg announced it has been approved to provide casino game aggregation in Peru as it looks to establish a presence in the Latin American regulated market.

NBA investigating Toronto Raptors’ Porter for betting irregularities

The NBA is investigating Toronto Raptors forward Jontay Porter for potential betting irregularities related to his own performances in games.

ESPN reported on Thursday that multiple instances are being explored by the league, including the possibility that Porter bet the under on his own performances.

For the Raptors’ Jan. 26 game against the LA Clippers, prop bets on the number of 3-pointers Porter would make were “the biggest money winner for bettors of any NBA player props from games that evening” at DraftKings, ESPN reports. The over/under on Porter’s 3-pointers for that game was 0.5. In four minutes of action, he didn’t attempt a shot from outside the arc and failed to score before exiting the game with what was reported as an eye injury.

Two days later, Porter played 19 minutes and scored 12 points with seven rebounds and three assists.

Earlier this month, a second instance deemed suspicious by the NBA, Porter went scoreless with two rebounds in three minutes against the Sacramento Kings before leaving with an illness. Those points and rebound totals were both below the prop bets over/unders for that game. Again, prop bets on Porter that night were the No. 1 moneymaker in the NBA, DraftKings said.

ESPN reported that DraftKings is not the only U.S. sportsbook to have detected unusual betting interest on those particular Porter props in those particular games. An industry source claims that multiple betting accounts attempted to bet large amounts, upward of $10,000 and $20,000, on Porter unders in the January Clippers game and that “people were trying to do whatever they could to bet Jontay Porter props” for that game. And then, just a few days ago, the same thing. We had a bunch of people trying to bet under for more.”

An NBA spokesman told ESPN that the league is “looking into it.”

Major sports leagues in North America prohibit players, coaches and other officials from betting on that league’s events and can fine, suspend or terminate the contract of anyone found guilty.

Porter has missed the last two games for what the Raptors called personal reasons.

Prop bets a primary concern for sports leagues

The issue that sports leagues have with prop bets is that their outcomes often don’t affect the overall result or score of a game, meaning that microbetting irregularities can theoretically go undiscovered.

Major sports leagues in North America rely not just on their own officials but also external integrity experts to attempt identify such suspect activities.

Porter report follows Ohtani incident

This report about Jontay Porter follows the high-profile news last week that LA Dodgers star Shohei Ohtani’s interpreter Ippei Mizuhara was fired by the Dodgers and is accused of stealing millions of dollars from the player for the purposes of illegal gambling in the closed jurisdiction of California.

Again uncovered by ESPN, at least $4.5 million was sent via wire transfers from Ohtani’s bank account to an associate of an illegal sportsbook operator in the state. Ohtani’s name was seen on two wire transfers worth $500,000 each.

MLB has opened an investigation into the incident surrounding the highest-paid athlete in North American sports history. Ohtani himself gave a statement a Monday saying he has never gambled on sports, didn’t tell Mizuhara to wire money from his account to pay a bookmaker, and was “shocked” to discover that Mizuhara “has been stealing money from us and has told lies.”

Bragg Gaming revenue rose 10.4% in 2023

Bragg Gaming Group announced on Monday that its full-year 2023 revenue rose 10.4% year over year to €93.5 million ($137.6 million CAD).

In a pre-announcement ahead of its full earnings call on Tuesday, the global B2B gaming technology and content provider also revealed that its adjusted EBITDA rose by 26.3% to €15.2 million ($22.4 million CAD) last year.

The Toronto-based company will release its full fourth quarter and full year 2023 financial results prior to the opening of the financial markets on Tuesday, March 26, 2024, followed by a conference call at 8:30 a.m. ET hosted by Bragg Chief Executive Officer Matevž Mazij, Chief Financial Officer Ronen Kannor, and Chief Strategy Officer Yaniv Spielberg, to provide a business update.

Bragg Studios‘ in-house brands include the likes of Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic and Oryx Gaming.

North and Latin American expansion

Bragg’s remote gaming server (RGS) is authorized to deliver casino games to more than 25 global regulated gaming markets, including Ontario, New Jersey, Pennsylvania, and Michigan in North America and the United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, and Malta in Europe.

The company also announced last week that it has received a license to distribute online casino games in Peru, making the country its second Latin American jurisdiction after Colombia. According to H2 Gambling Capital, Peru’s online casino market is projected to generate at least $200 million USD ($272million CAD) in gross win in 2024. Over the next three years, the Peruvian market is projected to grow by 10% annually.

That announcement came after Bragg recently struck a deal to provide games and RGS technology to Golden Nugget in the state, adding to deals it already had in the jurisdiction with BetMGM and PokerStars.

In Ontario, Bragg has numerous partners including bet365 after a partnership forged last year.

SBC Awards North America 2024 shortlist revealed

Ahead of May’s SBC Summit North America in New Jersey, SBC has unveiled the shortlist for the 2024 SBC Awards North America.

The shortlist recognizes the achievements and contributions of both regional and globally recognized gaming industry operators, affiliates, suppliers, and tribes, who are driving innovation and pushing the industry forward in the North American market.

The awards ceremony will be held on Thursday, May 9, the closing day of the summit, at the Hilton Hotel in Midtown, New York City.

Who’s nominated?

The 2024 edition of the annual industry ceremony received a record number of nominations across 29 categories.

OpenBet leads the way with eight nominations this year after it won the Land-Based Betting & Gaming Product and Platform Provider of the Year awards last year. Betting Hero and Sportradar both have five nominations, while FanDuel, Better Collective and FeedConstruct each have four nods.

In the Affiliate categories, Better Collective will aim to continue its reign as Sports Affiliate of the Year and also compete for the Sports Media Company of the Year award. Meanwhile, Gambling.com will be hoping to maintain the title of Casino Affiliate of the Year amid tough competition from the likes of Key Affiliates, Game Lounge Limited and 2023 runner-up MediaTroopers Inc.

The Operator categories include multi-award winner FanDuel returning to defend its title as Sportsbook Operator of the Year and Marketing Campaign & Sponsorship of the Year. Additionally, FanDuel will compete with 2023 winner BetMGM for the Casino Operator of the Year award.

Hard Rock Games, Choctaw Casinos Resorts and Rush Street Interactive, among others, will attempt to dethrone SciPlay and claim the Social Gaming Operator of the Year award.

In the Operator & Supplier categories, Ontario Lottery & Gaming Corporation (OLG), IGT, Entain Foundation and EPIC Global Solutions will battle for the Socially Responsible Initiative of the Year award.

The Supplier categories include Low6, Evolution, Bragg Gaming, OpenBet, Sportradar, Scientific Games, Chalkline, EPIC Global Solutions and IGT PlaySports, who will all seek to uphold their respective titles. In the supplier categories, Oddin.gg, Genius Sports, Optimove, BetConstruct and SUZOHAPP have been nominated in multiple award categories.

In the Payment & Compliance categories, contenders like Radar, Mindway AI, and Vixio, among others, will compete against reigning champions Gaming Laboratories International (GLI) for the title of Compliance Solution & Partner of the Year. Additionally, nominees such as Paramount Commerce, Trustly, and Nuvei are up for the Payment Solution & Innovation of the Year award.

The ceremony will also hand out three Rising Star Awards that honour the accomplishments of emerging and innovative brands that are making significant strides in their respective verticals. These categories are Rising Star in Casino, Rising Star in Sports Betting, and the distinguished Rising Star of the Year award.

The Tribal categories, a staple of the SBC Summit North America Awards, will see the likes of Notawaseppi Huron Band of the Potawatomi Gaming Commission, Comanche Nation, Seminole Tribal Gaming Commission, and Snoqualmie Casino battle for the Tribal Gaming Operator of the Year and Tribal Regulator of the Year awards.

The Leader of the Year award, recognizing inspiring, industry-defining leadership, will be contested by 14 nominated leaders from organizations such as Fast Track, Playtech, Wazdan, Light & Wonder, and Entain. Additionally, 13 industry heavyweights will seek to lift the esteemed Employer of the Year award.

The complete list of shortlisted companies is available on the SBC Summit North America Website.

About SBC Summit North America

SBC Summit North America will take place between May 7 – 9, at the Meadowlands Exposition Centre, New Jersey.

Keep up-to-date with the latest news, speakers and exhibitor additions and conference content by subscribing to the bi-weekly SBC Summit North America LinkedIn Newsletter.

For groups of three or more, you can purchase your full-access event pass for the discounted price of $895 per ticket here.

Please note that a separate ticket is required for attending the SBC Awards North America ceremony. Details regarding available table and ticket options can be found here.

Bragg Gaming secures Peru license to deepen Latin American footprint

Bragg Gaming has received a license to distribute online casino games in Peru after being approved by the Peruvian Ministry of Foreign Trade and Tourism (MINCETUR) to operate in the region.

The Toronto-based gaming company’s approval comes ahead of the pending launch of Latin America’s iGaming market. Bragg already has a LatAm footprint in Colombia.

Bragg said that it is “fully compliant with Peruvian regulations and will allow local operator partners to manage their entire product suite.”

Peruvian players can soon access titles from Bragg’s proprietary and exclusive games portfolio through the company’s HUB aggregation platform. Bragg Studios‘ in-house brands include the likes of Wild Streak Gaming, Spin Games, Atomic Slot Lab, Indigo Magic and Oryx Gaming.

Bragg said in a statement that “the award of a B2B license reinforces Bragg’s position as a leading supplier and content aggregator in the Latin American region which is known for passionate fans and customers alike.”

Bragg Gaming Head of Aggregation Ivica Jovanovski said “Peru has great potential as a new market, and we look forward to assisting our operator partners through the process of launching competitive offerings online, including a portfolio of premium games that can be enjoyed by Peruvian players.”

According to H2 Gambling Capital, Peru’s online gambling market is projected to generate $390 million USD ($531 million CAD) in gross win in 2024, with over 50% of that figure attributed to the online casino vertical. Over the next three years, the Peruvian market is projected to grow by 10% annually.

Another new market for Bragg

Bragg’s remote gaming server (RGS) is authorized to deliver casino games to more than 25 global regulated gaming markets, with Peru joining the likes of Ontario, New Jersey, Pennsylvania, and Michigan in North America and the United Kingdom, Italy, the Netherlands, Germany, Sweden, Spain, and Malta in Europe.

It strengthened its presence in Michigan last month with the announcement that it would provide games and RGS technology to Golden Nugget in the state, adding to deals it already had in the jurisdiction with BetMGM and PokerStars.

In Ontario, Bragg has numerous partners including bet365 after a deal struck last year.

IGT reshuffles executives ahead of Everi spinoff merger

IGT has reshuffled its C-suite and board of directors as it prepares for its PlayDigital and Global Gaming divisions to spin off and merge with gaming and payments specialist Everi.

Current IGT CEO Vince Sandusky is leaving to take up the same role in the new business. On Thursday, IGT announced that Board Non-Executive Director Marco Drago will be replaced on the board by his son Enrico Drago, who is stepping down from his role as PlayDigital CEO. Those changes will come into effect from April 1 while Drago Sr. will officially leave following IGT’s Annual General Meeting on May 14.

Drago Jr. will be replaced at PlayDigital by Gil Rotem, whose current job as IGT PlayDigital President of iGaming will be expanded to IGT PlayDigital President under Sandusky.

“As Marco Drago prepares to step down from his position on the IGT Board of Directors, I’d like to thank him for his many years of service and his unwavering commitment to driving results and creating value for all IGT stakeholders,” said IGT Executive Chair of the Board Marco Sala.

“Watching and guiding IGT through its evolution from a collection of companies that started with Lottomatica and GTECH growing into a unified global gaming leader has been very gratifying,” said Marco Drago. “We have been fortunate to have a great group of board members and business unit leaders that have helped drive IGT’s growth during this time. I thank them for their contributions and am certain that IGT is positioned for continued growth as we go forward with the bold initiatives we have undertaken.”

Meanwhile, Sala added that Enrico Drago joining the Board and leaving his executive leadership position at IGT “is a natural evolution that supports the company’s vision for its next era of growth and transformation.”

IGT prepares for $6.2B Everi deal

The reshuffle comes ahead of the seismic shift in IGT’s operations.

Last month, the gaming tech provider unveiled an agreement to combine its Global Gaming and PlayDigital businesses with casino technology supplier Everi. The deal, subject to regulatory approval, is set to close by early 2025 and values the combined businesses at $6.2 billion USD ($8.4 billion CAD).

As part of the transaction, IGT will separate its Global Gaming and PlayDigital segments into a taxable spin-off to its shareholders, who are expected to own roughly 54% of the combined company, while Everi stockholders will own roughly 46% of shares.

That will leave IGT’s Global Lottery business, which will change its name and continue trading on the NYSE led by Renato Ascoli as CEO. Global Lottery revenue fell 2.4% year-over-year in 2023 but at $2.5 billion USD ($3.4 billion CAD) was still IGT’s primary revenue source around the world. It also has a sizable Canadian presence and in January struck a deal with Loto-Québec to supply Video Lottery Terminals across La Belle Province.

Rush Street Interactive talking to potential buyers including DraftKings

Rush Street Interactive is exploring a number of realignment options including a potential sale, sources have told Bloomberg.

Company representatives are believed to have approached multiple potential buyers including DraftKings.

Rush Street would not comment on the rumours but a spokesperson from DraftKings told Bloomberg that the company “speaks to a variety of companies regarding various matters in the normal course of business, and it is our general policy not to comment on the specifics of any of those discussions.”

Rush Street, led by CEO Richard Schwartz, went public in December 2020 via a merger with a special purpose acquisition company.

The company, which runs several brands including BetRivers, RushBet, and PlaySugarHouse.com, offers online betting in 15 U.S. states and the province of Ontario as well as having a sizeable footprint in Colombia and Mexico. Most recently it launched BetRivers in Delaware, taking up an agreement to replace 888 as the provider of sports betting and iGaming to the state lottery. It also has eyes on Latin American expansion.

In Ontario, RSI launched BetRivers as a day-one operator in the province’s legal sports betting market in spring 2022.

Rush Street Interactive reported revenue of $691 million USD last year, marking a 17% growth year-on-year.

News of the interest in a sale and the links with DraftKings pushed Rush Street shares up by 12% at one stage on Thursday. By day’s end, they had settled at a 4% jump, while DraftKings was up over 3%. RSI’s stock is up 42.3% year-to-date and 96% over the past year, making it one of the best-performing gaming equities.

Rush Street ended Thursday valued at $1.42 billion USD ($1.93 billion CAD).

Takeover talk about Rush Street Interactive isn’t new. Back in 2021, ESPN was credited as an interested potential buyer and Schwartz said at last May’s SBC Summit North America that he would keep an open mind if prospective buyers emerged.

iCasino offerings attractive to buyers

RSI isn’t a major player in the North American sports betting market despite BetRivers’ presence.

According to Eilers & Krejcik Gaming, Rush Street ranks sixth in market share in the U.S., holding less than 2% of the online sports betting market in the 12 months through January. The online betting market is dominated by DraftKings, FanDuel, and other major players, and a number of less impactful companies have exited the U.S. sports betting market through sales in recent years.

However, RSI has robust internet casino offerings with a deeper footprint in the U.S. market, which could make it attractive to numerous buyers looking to stay ahead of the curve in that space. DraftKings is one of a number of companies that would seem to fit that bill.

Rush Street wouldn’t be the only company to exit the U.S. sports betting market through a sale to a larger competitor. Last year, PointsBet sold its U.S. branch to Fanatics while in 2022, DraftKings acquired Golden Nugget Online Gaming.

Meanwhile, DraftKings made a big recent move when it announced in February that it had reached an agreement to acquire Jackpocket, a leading U.S. digital lottery app, for a total consideration of approximately $750 million. DK Chief Financial Officer Jason Park has transitioned into the role of Chief Transformation Officer in part to oversee that acquisition.