The latest movements in the global betting and gambling industry have seen a contrast between forward and backward steps, depending on where changes have taken place.
First, a positive, in the shape of Betsson debuting their first venture into the US market. This is their launching the Betsafe sportsbook app in the state of Colorado.
This isn’t a random development, rather their arrival in the US market revolves around creating a US-customized sportsbook designed to support Betsafe’s partnership with Colorado’s Dostal Alley Casino. The result is the opening of an office in Denver for the Stockholm listed group, with a MD put in place to facilitate regional B2B operations. Betsson announced that it was reviewing further state launches, and it is significant that Betsafe will be the ninth online sportsbook to be licensed by the State of Colorado.
Ever since what most consider the draconian Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), which decimated online gambling in the US and, in turn, saw the rest of the world have to adjust accordingly, the whole set-up has seen pockets of attempted recovery thanks to the efforts of various States. But by bit, the sheer scale of the potential income that would be derived from legitimate, licensed online betting and gambling has led to foundations being rebuilt and, in recent years, a more healthy outlook for the industry in a country which not only fared rather well with gambling but embraced it. Colorado is certainly doing its bit, having championed the cause with considerable success since putting the legal wheels in motion in May 2020.
Pontus Lindwall, CEO and President of Betsson AB certainly sees sunny horizons across the pond: “The launch of our proprietary sportsbook in the US is an important milestone. We are entering a new continent, expanding Betsson’s global reach and further solidifying our B2B and B2C ambitions, thanks to many months of hard work by our product and technology teams to craft a product customised for the U.S. market.”
Meanwhile, one of the many consequences of Russia’s military invasion of Ukraine has been various manifestations of financial bans and other means of undermining Russia’s monetary means with which to fund its military, as well as global companies in general choosing to close down or withdraw their custom from Russia. One such is Parimatch Tech, which ‘fully unplugged’ its Russian brand on March 26, having begun the withdrawal process at the beginning of the month. The company also ended its partnership with the Team Spirit esports franchise.
Coincidentally, given the current situation, the firm is based in Cyprus but was founded in Kyiv. In addition to severing business ties with Russia, Parimatch, having already condemned the invasion of its founding country, has also contributed in the form of financial aid and defence spending, recently doubling its contributions to $2 million.
Roman Syrotian, Co-CEO at Parimatch Tech: “The war that Russia started against the Ukrainian people and state made it unacceptable for us to use the brand and tech solutions in Russia… From now on, we will not be working or partnering with any Russian companies.”