Novibet’s North American Expansion: Exploring the Recent Agreement With Caesars Entertainment and Big Bola Casinos
Novibet, a European-based iGaming and Online Sportsbook provider, today provided an update on its progress toward furthering its North America expansion strategy. The company announced a new multi-year market access agreement with Caesars Entertainment, granting Novibet the opportunity to conduct online sports betting (“OSB”) and iGaming operations in New Jersey. Novibet also announced a partnership with Big Bola Casinos to introduce its iGaming and OSB products to players in Mexico later this year.
In addition, Novibet is making progress with its application for a license to enter the Ontario, Canada online market, which opened in April 2022. With regulatory approval, the Company is on track to launch its iGaming and OSB platform in Ontario in the fourth quarter of 2022, with additional provinces in Canada expected to follow.
George Athanasopoulos, Chief Executive Officer of Novibet, commented, “The expansion of our iCasino platform into new regulated markets, including in North America, is a major pillar of our growth strategy. 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.”
Novibet plans to launch its branded online sites, novibet.com, in Pennsylvania and New Jersey in 2023, and its branded online casino site, Novibet.mx, in Mexico in the second half of 2022. Analysts have estimated that the total addressable market for online gaming in Mexico will be approximately U.S. $1 billion in 2026, and the combined iCasino and OSB market in Ontario will be more than U.S. $2 billion in 2026.
On March 30, 2022, Novibet and Artemis Strategic Investment Corporation (Nasdaq: ARTE) (“Artemis”), a publicly traded special purpose acquisition company, announced a proposed business combination transaction. The proposed transaction is expected to close in the second half of 2022, subject to approval by Artemis’ shareholders and other customary closing conditions.