nteractive Games Technologies (IGT.BET) has announced its strategy for entering the US online gambling market.
The global online and mobile gaming company has signed an agreement to collaborate with a large US facing commercial partner to exploit what it considers an "underserved" gap in the market. IGT.BET said in a news release it is confident that there are a number of land-based casino operators who have market access 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.
Morgan Stanley research estimates show that the U.S. online gambling market will reach in excess of $20 billion per annum in Gross Gaming Revenue. IGT.BET said it has assembled a team of online gambling executives, with over 100 years online gambling experience, which it believes can provide land-based operators with the knowledge, experience and expertise to capitalise on the growing US online gambling market.
IGT.BET CEO Chris Neville stated: “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.”