The United States betting market is attracting foreign investors. Just a month ago, Playup of Australia got the license to move into the US market as a betting company. With a population of close to 9 million people, New Jersey has proven to be the most profitable market with regard to sports betting in the whole of the United States.
The latest news about a new entrant came through a recent announcement that Fansunite Entertainment Inc, an online sports betting platform licensed in Canada is coming to America. From the announcement which was made this February, the process for entering the US market has begun with the signing up of a law firm to pursue the legalities.
Ifrah Law PLLC is not a newcomer in the gaming industry. For the task they have been hired for, Fansunite is counting on their experience to formulate a licensing strategy to gain entry into the US market. The head of Ifrah Law PLLC, Jeff, has for the longest time been involved in legal matters that concern casino businesses in North America.
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Why does doing business in the US matter to Fansunite?
Quite frankly, the Covid-19 pandemic opened up the eyes of people in different ways. For the casino customer who could no longer walk into their favorite joint for a few rounds of betting, the internet became a huge resource. With Covid-19 measures restricting movement and even encouraging more people to stay indoors, it is only natural that the iGaming sector grows to meet this new demand.
As all this is happening, investors in the betting business are watching, no wonder Fansunite has taken note of this new market. For the US and Canada especially, where a lot of regular life normal were shifted online, gambling can thrive.
Compared to Canada where the roll-out of online betting platforms is rather slow, pace setters such as DraftKings Inc and Penn National Gaming, Inc. are proof that the market can accommodate more players. The year ended 2020 has been quite busy for esports providers in Canada and the United States as they have been spreading out to take over new states and provinces; this has been in-line with move by individual states to legalize sports betting.
About the professionals at Ifrah
When speaking about using the services of a legal team to get licensing to operate in the United States market, the Chief Executive Officer of Fansunite, described Jeff Ifrah, a founding member of the law firm as a prominent attorney. Although Ifrah will spearhead the legal process around acquiring business permits to do business in the United States, Fansunite have assembled lawyers from around the world to aid the process.
His (Jeff) accomplishments as a lawyer have been recognized way beyond Canada – he holds high ranking among law officers in the United States for legal prowess. He does not shy away from taking full legal action to support those who need his services in the iGaming sector.
For Fansunite to easily start operations in the US, they needed someone like Jeff. The US gambling landscape for starters is quite complicated, only someone who knows the laws there can get it right. For Fansunite, a legal expert working for them in this matter is critical because they plan to enter various markets across the country.
The road into the US gambling market
One of the reasons why Ifrah is excited to work for Fansunite on their expansion strategy into New Jersey is the track record of the gaming operator. This is the same narrative of the company that emerged at a recent presentation by Scott Burton, the CEO of Fansunite. In the presentation the CEO explained that they had recently entered into a distribution deal with a games aggregator for online offerings; this in his view is the perfect stage on which to unveil growth opportunities that will enhance company revenue.
Over the course of the next 1 year, Fansunite is targeting an increase to 12 games from the current 3. With multiple aggregators in these games, the outreach is expected to reach millions of casino customers around the world. Working with an estimated income of $500,000 from each online gaming site per month, the desire to be in various markets cannot be downplayed.
It is true that various United States casino operators have been demanding for Fansunite gaming solutions. On January 11 for instance, the Canadian casino business solutions provider, dropped the curtains on investor demands for their offerings. The oversubscription of private placement demand is proof that the market is yearning for its presence in multiple markets.
A month before the upsurge among investors for its iGaming solutions, Fansunite had already gained investor advantage in the US market owing to the fact that a long term business partners had been awarded licenses to start gambling operations in the United States. With these two businesses offering bookmarking and esports sportsbook solutions, Fansunite will cater to their platform needs through a subsidiary company.
Owing to this engagement, it is no doubt that Fansunite will be the first foreign iGaming solutions provider to gain significant ground in the United States esports betting market. EveryMatrix, a foreign company, is already in New Jersey as a gaming content aggregator.
The role of Covid-19 in casino business restructuring
There is no dispute to the benefit that Covid-19 has been to businesses operating at the internet level. Fansunite had been hit by the pandemic hard albeit temporarily; it took Scott and Darius Eghdami to acquire Askott for purposes of using it to drive their iGaming products and solutions to underserved markets. Apart from virtual gaming and esports, Fansunite is also venturing into virtual horse races offerings to try and bridge the gap created by not being able to attend outdoor events in the wake of the pandemic.
Conclusion
Playup, which is a foreign gambling company, was successful in acquiring an operating license to do business in New Jersey. The nature of business, as anyone would guess, is gambling; an indicator that this new market is leveling the playing field for industry players to come in. Fansunite is hopefully just time away from achieving this privilege.
