As the US liberalises sports betting by striking down a federal law, two economic giants are set to team up to capitalise on the industry.
– a UK-based brand and owner of Sportingbet, bwin, Foxy Bingo, partypoker, Ladbrokes and Coral – and US resort king – owner of the famous Las Vegas resorts and Casinos – have announced a $200 million partnership in the world of sports betting.
Each party will put in $100 million, half of the overall sum in a 50/50 deal, with the hope of taking advantage of the more relaxed sports betting laws and getting a head start on potential competitors.
The move will see the pair develop a separate headquarters and hand-picked team for the venture, which will involve the development of the real-world and online sports betting platforms, including casino gaming, poker, American football, and other sporting businesses.
With the American Gaming Association estimating that the previously illegal sports betting industry at $150 billion a year, could the pair be set for a huge win? How will their shares react overall?
For many financial enthusiasts, the question under consideration is whether the wider impact of the legislation will have a positive effect of the US economy.
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