Hard Rock International (HRI), a recognizable brand in the US is looking to expand on its global reach and find new ways to generate revenues to offset COVID losses from their brick-and-mortar operations. Entry into the US legal sports betting industry is seen as a great way to do just that. In October alone, the industry took in more than $3 billion in bets in the US with less than half of its states having a legal sports betting platform and less than half of its citizens allowed to place a legal sports wager.
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Hard Rock Digital was launched Monday by the global leader in hospitality and entertainment 'part of its ongoing commitment to innovation and diversification of its portfolio in high-growth markets.' It essentially opens the company up to the world of interactive gaming and sports betting, creating a product that will be the exclusive Hard Rock and Seminole Gaming (SGA), which will be controlled by the Seminole Tribe of Florida.
Sports betting is a huge industry. Some states have legalized certain activities in recent years, but many online betting sites and activities are still unlawful. The International Betting Integrity Association is the leading global voice on integrity for the licensed betting industry. Our Monitoring & Alert Platform is a highly effective anti-corruption tool designed to detect and report suspicious betting activity using detailed consumer data.
The Tennessee Education Lottery Corporation is responsible for the licensing and regulation of online sports wagering in Tennessee. The Tennessee Education Lottery Board of Directors approved on April 15, 2020 the rules and processes to establish and support a responsible and competitive sports wagering program in Tennessee. International Sports Betting – Unregulated Markets Unregulated markets is a term we will define as a country where companies host online sports betting sites and betting online for citizens is either not legal (a gray area) or criminalized in some form. There's also plenty of international sports betting options available including Aussie Rules football, soccer, darts, cricket, handball, snooker, and rugby. There's plenty of other gambling options including e-sports, casino games, poker and horse racing.
'We are honored to join forces with Hard Rock International on this new venture,' said Marlon Goldstein, Executive Managing Director and CEO for Hard Rock Digital. 'Hard Rock International is consistently at the forefront of innovation and vision in the gaming industry and the ‘Hard Rock' gaming, hospitality and entertainment venues are iconic worldwide. We look forward to providing an authentic, digital experience for Hard Rock's global fan base within a comprehensive, omni-channel offering.'
Taking Advantage of What They Already Have
Hard Rock is an iconic brand not only in the US but also globally and will be looking to take advantage of what they already have. In the US, Hard Rock has active casinos in five legal sports betting states – all of which they hope to use as part of their launch into the industry. Those locations include Nevada, New Jersey, Illinois, Iowa, and Mississippi, all of which currently have their own mobile sports betting platform with the exception of Mississippi.
Hard Rock also has an existing relationship with Scientific Games for iGaming and sports betting. It is unclear at this time whether or not that relationship will continue with the launch of Hard Rock Digital.
The Joint Venture
Hard Rock International and Seminole Gaming have joined forces and are hoping to get the ground running fast on their sports betting dreams. There is no reason to think that the combination won't be able to achieve their goal of offering top-tier interactive online gaming and sports betting.
Presently HRI and SGA boas an extensive database of more than 130 million customers and footprint of nearly 250 land-based venues across 76 countries. Each company has their own slate of backers with deep pockets and big dreams – something the joint venture will be looking to seize upon going forward.
'With the launch of Hard Rock Digital, we are broadening our digital business which enhances consumer experiences and offerings across our interactive gaming and sportsbook offerings,' said Jim Allen, Chairman of HRI. 'Hard Rock Digital also intends to pursue strategic branding and distribution opportunities both within the U.S. and globally. In the U.S. alone, the potential future market size is estimated at $7 billion for sports betting and $14 billion for online gaming.'
An Impressive Team
Hard Rock International and Seminole Gaming have assembled quite a team to take them into their next phase of development. Included are Rafi Ashkenazi, former CEO of the Stars Group who becomes Hard Rock Digital's new Executive Managing Director and Executive Chair; Marlon Goldstein, former Stars Group Chief Legal Officer who becomes its Executive Managing Director and CEO; Matt Primeaux, former FOX Bet President, who was named Hard Rock Digital Executive Managing Director, and Jim Allen, Chairman of Hard Rock International, will serve as Hard Rock Digital's chair of the Board of Directors.
Each new member of the leadership team has had previous experience in the space. All have served on the leadership teams of major players in the technology and interactive gaming space as Executive Managing Directors and Executive Chairs. That experience will go a long way in the development and the profile of Hard Rock International as they try to make a name for themselves in the Digital Sports betting space.
In the End…
Hard Rock International had to make a strong move to mitigate the losses that continue to pile up due to COVID-19 restrictions in their retail spaces. Travel restrictions, stay-at-home orders and capacity caps at their properties don't appear as though they are going away anytime soon.
An Impressive Team
Hard Rock International and Seminole Gaming have assembled quite a team to take them into their next phase of development. Included are Rafi Ashkenazi, former CEO of the Stars Group who becomes Hard Rock Digital's new Executive Managing Director and Executive Chair; Marlon Goldstein, former Stars Group Chief Legal Officer who becomes its Executive Managing Director and CEO; Matt Primeaux, former FOX Bet President, who was named Hard Rock Digital Executive Managing Director, and Jim Allen, Chairman of Hard Rock International, will serve as Hard Rock Digital's chair of the Board of Directors.
Each new member of the leadership team has had previous experience in the space. All have served on the leadership teams of major players in the technology and interactive gaming space as Executive Managing Directors and Executive Chairs. That experience will go a long way in the development and the profile of Hard Rock International as they try to make a name for themselves in the Digital Sports betting space.
In the End…
Hard Rock International had to make a strong move to mitigate the losses that continue to pile up due to COVID-19 restrictions in their retail spaces. Travel restrictions, stay-at-home orders and capacity caps at their properties don't appear as though they are going away anytime soon.
So, look for Hard Rock Digital to move quickly to establish themselves as a major player in the legal sports betting space. They have the name, the backing, and the team to do so. Only time will tell is their execution meets their desires.
Sports Betting Sites
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The global sports betting market continues to surge in popularity. In fact, it's one of the fastest-growing sectors in the world, offering tremendous potential for both sportsbooks and bettors. With the digital revolution in full swing, the sports betting industry continues to undergo dynamic changes, expanding in established markets and forging its way into new ones.
List Of Sports Betting Sites
In this article, we'll lay out the overall size of the global sports betting market, explore some projections for its future growth, and try to pin down the root causes of this rapid market expansion.
How Massive Is the Sports Betting Market?
Sports Betting Lines
It's important to recognize that the overall size of the sports betting market is difficult to estimate because regulations and record-keeping are inconsistent. There is no definitive resource, from nation to nation, that researchers can solidly rely on. Records are too disparate to paint an entirely accurate picture.
That said, it doesn't mean that there aren't reliable estimates. International sports betting is estimated to have a market capitalization of $250 billion. According to Statista, a highly-reputable data firm, licensed online sportsbooks (like the ones we review) account for upwards of $39.7 billion of this revenue.
The rest of these sports bets are staked at venues like casinos, at horse tracks, or other global conduits.
The Fastest Growing Sports Betting Market: The United States
In 2009, the sports betting market was valued at $20 billion. By 2016, it was valued at $40 billion. With a present market capitalization of (conservatively) between $60-73 billion, the market has conservatively grown at a rate of $10 billion per year. If this pace continues, American sports betting will occupy an increasingly significant share of the world market.
According to a recent Statista survey, over 50% of US citizens admitted to placing a bet on a sporting event at least once in their life. Given the stigma that still hovers around sports betting in the US, it's possible that some of those polled in the survey weren't entirely forthcoming on whether they'd bet on sports.
APAC (Asia-Pacific): The Biggest Sports Betting Market
With a population of more than 4 billion people, it's of little surprise that the APAC region occupies the most significant percentage of market share in the sports betting industry. It's estimated that residents falling in the APAC region are responsible for 47% of the world's sports wagers.
What's Driving This Increase?
The answer is simple: increased wealth and expansion in digital connectivity.
Historically, Macau and Hong Kong (both within APAC) are two of the most prominent sports betting revenue-generating regions in the world.
Economic prosperity throughout the rest of the region, however, provides disposable income for leisure activities, such as sports betting. As real wages continue to increase in the APAC region (as they are projected to) more and more money stands to end up being placed on sporting events.
Furthermore, internet providers in the APAC region report significantly increased penetration in the market. A better internet connection allows people to consume the latest news and information in sporting. It's a lot easier to become a sports fan (and sports bettor) when you're able to keep up with the latest in sports on a weekly, daily, and even hourly basis.
According to Transparency Market Research, APAC forecasts to expand at a CAGR (Compounded Annual Growth Rate) of 12.9% from 2018-2024. Asia's projected growth rate for its sports betting market outpaces any other region in the world.
How Much Will Sports Betting Markets Grow Elsewhere?
Sports betting currently accounts for upwards of 40% of global gambling revenue around the world, which is more than any other section (inclusive of lotteries, casinos, poker, and other forms of gaming.). According to the latest projections from market research firm Technavio, the CAGR (Compounded Annual Growth Rate) is expected to increase by a whopping 8.62% from 2018-2022.
While all eyes are on the US and APAC regions, sports betting is still growing in other areas of the world. Though growth may not seem as aggressive or impressive in Australia and Europe, it's mainly due to a long history of sports betting in these regions. However, sports betting is still growing steadily in these regions.
Africa and Latin America make up a large contingent of the global market, but not as much as APAC or the US. This is primarily linked to broader macroeconomic factors which affect GNP, and limited internet access.
What Are the Most Popular Sports Bets Around the World?
Football (theEuropean kind) has, by far, the greatest betting volume, closely followed by American football. The other big three North American leagues (MLB, NBA, NHL) receive a significant amount of betting volume, too.
Horse racing, while often categorized as a niche market, still receives heavy betting volume in the US, UK, France, Australia, and South Africa, which are all sizeable markets.
The Global Sports Betting Market of eSports
The fastest-growing sports market (in regards to betting volume) is eSports. For those unfamiliar, esports are organized, multiplayer video game competitions which involve profession players. The games may range from Starcraft to Player Unknown Battlegrounds. In 2017, eSports generated over $650 million in revenue, and are projected to create upwards of $1.5 billion by 2020.
According to a senior analyst at the market research firm Technavio, the increased popularity of esports is pushing bookmakers to allow bets on many different esports matches, now including golf, tennis, and rugby. This growing volume is driving revenue generation across the sports betting industry.
As esports transform from a budding industry to a more fully-formed, established one, it will generate a significant revenue stream for the broader sports betting market.
Where Does the Future of Sports Betting Lie?
All market research points to one thing behind the continued popularity of sports betting: the digital revolution. The massive projected growth figures for sports betting are in large part due to the proliferation of internet around the world, and sportsbooks' subsequent investment in their digital platforms, as a response to the demand for online sports betting. It's never been easier for people around the globe to connect to the internet, and subsequently, start betting via sportsbooks.
The penetration of digital sports betting goes beyond laptops and desktops. Globally, 20% of sports betting now takes place via mobile. By the end of 2019, this figure is projected by to upwards of 45%! Sportsbooks, especially the sites we review, have responded to their consumers' demand for increased connectivity. Bettors are seizing new opportunities made available by these advances.
Technology has changed how we work, how we play, and the way we live. It's also transformed how we bet on sports. We're not entirely sure what the next major advance in the digital revolution is going to be, but we're sure that it's going to make betting on sports bigger and better.
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