Interactive Games Technologies Inc. announces corporate strategy to enter US market
TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Interactive Games Technologies Inc (IGT.BET) (“Interactive Games Technologies Inc” or the “Company”) (CSE: BETS) (FRA: F0O3) (OTC: BLITF) – a leading global online and mobile gaming company, is pleased to announce its strategy for entering the US online gambling market.
IGT.BET believes it has identified an opportunity in the U.S. market which is currently underserved, and has signed an agreement to collaborate with a large US facing commercial partner to exploit this gap in the market.
IGT.BET is confident that there are a number of land-based casino operators who have market access (namely the ability to obtain a license) for online gambling in the U.S. states where gambling has recently been legalized but who currently have limited expertise in building and managing a digital gambling platform and offering.
Whilst there are various outsourcing options available to these land-based operators, the Company believes the more aspirational operators want to retain more control of their digital destinies, their brands and their customer databases. They also want to be able to maximize and control a greater share of the economic value creation while diversifying the upfront financial investment, thus reducing their initial risk.
Industry experts estimate that the U.S. online gambling market (sports betting and iGaming) will reach in excess of $20 billion per annum in Gross Gaming Revenue1 The lack of permissive online gambling regulations until recently in the U.S. means that online gambling experience is limited in the U.S. market. Online gambling has, however, been permitted in other countries and regions for over two decades. The Company has assembled a team of online gambling executives, with over 100 years online gambling experience, it believes can provide land-based operators with the knowledge, experience and expertise to capitalise on the growing US online gambling market.
CEO, Chris Neville said: “The Company is hugely excited by this opportunity in the burgeoning U.S. online gambling market. We have a great team and a great partner to add significant value to future potential partners in this space.”