Novibet has provided investors with a conclusive update on its North American expansion plans, unveiling two new partnership agreements in the US and Mexico, as well as an update on its Canadian ambitions.
Novibet to expand into New Jersey with Caesars Entertainment
As part of its US growth, the sportsbook and gaming provider has partnered with Caesars Entertainment in a multi-year market access agreement to enter New Jersey.
Under the terms of the agreement, New Jersey will operate a branded online gambling service in the Garden State for the next ten years and will operate similarly to the service it operates in Pennsylvania.
Both deals remain subject to regulatory approval, including Novibet obtaining a license to operate in New Jersey, and both online gambling services are expected to launch in 2023.
Mexico entry secured with Big Bola
Furthermore, the provider confirmed that it has secured market access to the online sports betting and igaming markets in Mexico via a partnership with Big Bola Casino.
In this deal, Novibet will launch its branded online casino site, Novibet.mx, in H2 2022. The firm will be responsible for all player acquisition, engagement, and retention efforts and will share revenues with Big Bola.
Big Bola is one of only 14 operators allowed to offer legal betting and casino services online in the Mexican market, expected to be worth around $1bn by 2026.
George Athanasopoulos, CEO 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.”
In talks to launch in Ontario
Novibet also offered an insight into its Canadian ambitions, revealing that it has engaged with the Alcohol and Gaming Commission of Ontario (AGCO) over obtaining a license to enter the recently regulated province’s online sports betting and igaming market.
Subject to regulatory and legal clearing, Novibet anticipates that it will be ‘on track’ to launch igaming and sports betting in Ontario in Q4 of this year.
Athanasopoulos continued: “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.
“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.”