Novibet Provides Update on North America Expansion Strategy
Including Recent Agreement with Caesars Entertainment Granting Company New Jersey Market Access for iGaming and Online Sports Betting.
- Partners with Big Bola Casinos to Address Mexican iGaming and OSB Opportunity.
- Progress with Entry into Ontario Market Continues.
VALLETTA, Malta & PHOENIX–(BUSINESS WIRE)– Logflex MT Holding Limited (doing business as Novibet) (“Novibet” or the “Company”), an established, profitable, iGaming and Online Sportsbook provider operating in several countries across Europe, today provided an update on its progress toward furthering its North America expansion strategy.
Novibet today announced a new multi-year market access agreement with Caesars Entertainment, providing Novibet the opportunity to conduct online sports betting (“OSB”) and iGaming operations in New Jersey. Pursuant to the terms of the agreement, Novibet will operate a branded online gambling service (including OSB and iGaming) in New Jersey for ten years. The New Jersey agreement follows a similar ten-year agreement Novibet entered into earlier this year to operate a Novibet-branded online gambling service in Pennsylvania (excluding an online sportsbook or online poker). Both agreements are subject to Novibet obtaining the necessary operating licenses, service licenses, and other governmental approvals. Novibet plans to launch its branded online sites, novibet.com, in Pennsylvania and New Jersey in 2023.
In addition, Novibet announced that is has secured market access in Mexico for iGaming and online sports betting (“OSB”) through a partnership with Big Bola Casinos, an operator of 20 casinos throughout the country. Big Bola is one of only 14 operators authorized to offer legal betting and online casino services in Mexico. Pursuant to the new partnership with Big Bola, Novibet plans to launch its branded online casino site, Novibet.mx, in Mexico in the second half of 2022. Novibet will be responsible for all player acquisition, promotion, and retention, and will share revenue generated by Novibet.mx with Big Bola. Analysts have estimated that the total addressable market for online gaming in Mexico will be the approximately U.S. $1 billion in 2026.
Novibet also provided an update on its efforts to enter the Ontario, Canada online market which opened in April 2022. The Company recently commenced a license application with the Alcohol and Gaming Commission of Ontario (“AGCO”). Contingent on regulatory approval, the Company is on track to launch its iGaming and OSB platform in Ontario in the fourth quarter of 2022, with additional provinces in Canada expected to follow. Ontario is widely expected to become one of the largest iGaming markets in North America, with analysts estimating that the combined iCasino and OSB market will be more than the U.S. $2 billion in 2026.
George Athanasopoulos, Chief Executive Officer of Novibet, commented, “The expansion of our iCasino platform into new regulated markets, including in North America, is a major pillar of our growth strategy. We’re pleased with our progress against this initiative as evidenced by our expanded partnership with Caesars Entertainment that now provides us with market access to New Jersey and Pennsylvania to address the significant OSB and iGaming opportunities in those states, as well as our new partnership with Big Bola to introduce our highly regarded iGaming and OSB products to players in Mexico later this year.
Our focus on ensuring our technology platform, product offerings and customer engagement and retention initiatives are fully aligned and in synch with local player, preferences have allowed us to enter new markets through our differentiated, engaging online gaming experience. We expect to replicate this success in the new North American markets we enter by remaining true to our operating disciplines and leveraging the proven popularity of our product offerings that feature more than 5,000 video slots, 220 live table games, and 180 progressive jackpot games from over 120 online content providers, as well as an innovative sports, betting offering following the receipt of required respective regulatory approvals.”
On March 30, 2022, Novibet and Artemis Strategic Investment Corporation (Nasdaq: ARTE) (“Artemis”), a publicly traded special purpose acquisition company, announced a proposed business combination transaction. The proposed transaction is expected to close in the second half of 2022, subject to approval by Artemis’ shareholders and other customary closing conditions.
Novibet is an established GameTech company operating in several countries across Europe through its headquarters in Malta, offices in Greece, and employees in the Isle of Man and Italy. Licensed and regulated by HGC, MGA, ADM, and Irish Revenue Commissioners, Novibet is committed to delivering the best sports betting and gaming experience to an expanding customer base. Since 2010, Novibet has offered online sports betting and casino entertainment in several competitive European markets.
The exciting online gaming experience begins with providing the most popular online casino games and, to that end, Novibet has teamed up with some of the world’s leading online casino content providers. With over 5,000 online casino games available to its experienced Casino Management Team, Novibet delivers slots, casino tables, live-action, and many more game types across desktop, mobile, and tablet devices.
Novibet has its own proprietary betting platform that integrates world-leading official data providers; with its own algorithms generating an extensive Betting Offer that includes In Play and Minute markets, in-house developed Automatic and Hybrid Cash-Out, quick settlement of bets, and unparalleled excitement to sports enthusiasts.
As an innovative and adaptable operator, Novibet has a product offering that is constantly interacting with demand to meet and exceed existing and upcoming trends. In close partnership with Microsoft, Novibet is fully hosted in the Azure Cloud, providing scalability, high availability, redundancy, and economies of scale that are unrivaled in the industry.
For more information: https://investor.novibet.com/.
SOURCE: Novibet.Tags: New Jersey, Mexico, Novibet, Pennsylvania, online sports betting, Caesars Entertainment