Leading gaming supplier International Game Technology is ready to jump into the legal sports betting market in the wake of the U.S. Supreme Court decision removing the federal ban on sports wagering.
In an investor call last week, IGT CEO Marco Sala said IGT will be competing in the newly emerging U.S. betting market with a new, end-to-end sports betting system.
“Our offering is in pretty good shape,” Sala said, noting that the company already has such a system in place in Italy which includes distribution and mobile solutions that have been tested and licensed in the U.S. The platform was developed for MGM Resorts International in Nevada. The operator already has indicated it will use the system or expansions in Michigan, Mississippi, Massachusetts and Maryland.
“Ultimately, the opportunity will depend on how many states choose to allow it, how quickly they do so, and how the regulations will shape the offer,” Sala said. “Having said that, we have a longstanding deep relationship with the U.S. casino operators and state lotteries.
“The timing and size of sports betting in the United States is an open question,” Sala added, noting that IGT has submitted the only bid to provide sports betting in Rhode Island through the state-operated lottery.
Deutsche Bank gaming analyst Carlo Santarelli said in a separate investor call that IGT’s experience in Italy and with MGM might give the company a leg up as sports betting evolves in the U.S.
“While IGT has been less vocal, relative to peers, as it pertains to the sports betting opportunity, we believe the customer relationships and broad offering suite position IGT well for incremental gains from the evolving sports betting environment,” Santarelli told investors.
IGT managed more than $12 billion in sports bets in 2017.
