Novibet iGaming recently gave an update on its North American expansion efforts following the success of its European operations, according to a press release.
The company recently secured a multi-year market access agreement with Caesars Entertainment to gain access to additional online sports betting (“OSB”) and iGaming operations in New Jersey.
“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 has allowed us to enter new markets through our differentiated, engaging online gaming experience,” George Athanasopoulos, CEO of Novibet, said. “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.”
Under the terms of the agreement, Novibet will manage a branded online gambling service (including OSB and iGaming) in New Jersey for 10 years. Similar to an already existing 10-year deal requiring Novibet to manage a branded online gambling service in Pennsylvania, excluding online services, the new agreement will be subjected to all operational license and service license requirements, as well as other governmental approval forms. Novibet’s branded online sites are scheduled to launch in Pennsylvania and New Jersey in 2023.
The company has also entered a partnership with major casino company, Big Bola Casinos to introduce its iGaming and online sports betting creations across Mexico. Novibet.mx is scheduled to go live during the second half of 2022. According to data analysts, the online gaming sector in Mexico is projected to reach $1 billion in 2026.
Its Ontario-based operations, which launched in April 2022, recently made an advancement with the start of a license application with the Alcohol and Gaming Commission of Ontario. Its iGaming and OSB platform is scheduled to launch during the last financial quarter of the year.
“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 $2 billion in 2026,” a recent press release reveals.
The extension of the collaboration also follows a proposed business combination transaction between Novibet and Artemis Strategic Investment Corporation. The deal, subject to approval by Artemis’ shareholders, among other conditions, is projected to close sometime this year.
“The expansion of our iCasino platform into new regulated markets, including in North America, is a major pillar of our growth strategy,” Athanasopoulos said. “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.”