Novibet strengthens US expansion plan with 10-year market-access deal via Caesars in New Jersey
Malta-headquartered online gambling operator Novibet expects to enter at least four North American territories in 2022 and 2023 after signing a new market-access deal with Caesars Entertainment in New Jersey.
The multi-year agreement with Caesars will provide Novibet the opportunity to conduct online sports betting and iGaming operations in the Garden State for a period of 10 years.
The contract follows a similar deal struck by the operator earlier this year to operate a Novibet-branded online gambling operation in Pennsylvania for 10 years – though that agreement excludes online sportsbook and poker.
Both deals are subject to Novibet obtaining the necessary operating licences, service licences and other government approvals. The operator plans to launch its novibet.com domain in New Jersey and Pennsylvania in 2023.
In addition to its planned US entries, Novibet also intends to enter both the Mexican and Canadian markets in 2022.
The operator has secured market access for iGaming and online sports betting in Mexico through a partnership with land-based operator Big Bola Casinos. Big Bola is one of just 14 operators authorised to offer legal sports betting and online casino services in the country.
Under that agreement, Novibet will be responsible for all player acquisition, promotion and retention, and will share any revenue generated by its Novibet.mx brand with Big Bola.
The brand is expected to go live in Mexico during the second half of 2022.
Novibet is also in the process of securing approval to enter Ontario’s regulated sports betting and iGaming market, having submitted a licence application to the Alcohol and Gaming Commission of Ontario (AGCO).
The operator said it is on track to launch its iGaming and sports betting platform in the province – pending regulatory approval – in Q4 of this year, with additional provinces to follow.
Novibet CEO George Athanasopoulos said: “The expansion of our iCasino platform into new regulated markets, including in North America, is a major pillar of our growth strategy.
“Our focus on ensuring our technology platform, product offerings and customer engagement and retention initiatives are fully aligned and in sync 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,” he added.
In a deal first announced in March this year, Novibet is expected to go public on the Nasdaq through a business combination with special purpose acquisition company (SPAC) Artemis Strategic Investment Corporation.
The listing, which would value the business at $696m, is expected to take place during the second half of 2022 subject to approval by Artemis shareholders and other customary closing conditions.