Scientific Games (NASDAQ:SGMS) is benefiting from contract wins driven by its efforts to deliver customizable products and services.
Recently the company’s joint venture (JV) Sans Girisim (Sans Digital) secured a 10-year sports betting contract in Turkey.
Per the contract, the company will provide its sports betting solutions to Turkish bettors at retail shops and via mobile. Notably, the solutions will include Scientific Games’ central system hardware and software, terminals, maintenance, and risk management among others.
To strengthen its presence in the betting market, Sans Digital will be deploying the solutions across 5,300 retail points-of-sale in Turkey.
Scientific Games Corp Price and Consensus
Scientific Games Corp Price and Consensus | Scientific Games Corp Quote
Turkey Holds Promise in Sports Betting
The sports betting market has been gaining significant traction in recent times. Per reports from Research and Markets, globally, this market is expected to witness compound annual growth rate (CAGR) of 8.62% during the period 2018-2022.
Turkey is benefiting from this growing momentum. It is regarded as Europe's largest state-sponsored sports betting market and is among the top three in the world in terms of sales.
Per reports, Turkey’s illegal gambling industry used to generate as much as $11.4 billion a year that reflects strong demand. This presents significant growth opportunity for company in the betting market backed by its robust solutions.
However, the political turmoil in the country coupled with deteriorating U.S.-Turkey relations does not bode well for Scientific Games.
Sports Betting Portfolio: Key Catalyst
Scientific Games continues to bolster its sports betting portfolio supported by OpenBet technology. This technology is the market leader in providing services to the betting and gaming industry and helps the company in securing new contracts.
The company announced the acquisition of Don Best Sports Corporation and DBS Canada Corporation in November 2018. Notably, this acquisition has enabled the company to provide an unmatched comprehensive library of sportsbook technology.
Further, Scientific Games enhanced its partnership with Caesars with the recent launch of sports betting at Caesars’ Harrah’s Philadelphia Casino and Racetrack. Moreover, online and mobile sports betting is expected to be rolled out in the first quarter of 2019.
Scientific Games also launched New Zealand Racing Board’s (NZRB) sportsbook powered by its OpenBet technology. Notably, NZRB will leverage the company’s technology to provide customers with a sportsbook, rich with betting opportunities.
Additionally, Scientific Games has been selected to provide the Oneida Indian Nation's three leading casinos in upstate New York with its unrivaled sports betting solutions through OpenBet technology.
Zacks Rank & Stocks to Consider
Currently, Scientific Games has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector include Symantec Corporation (NASDAQ:SYMC) , eGain Corporation (NASDAQ:EGAN) and Synopsys, Inc. (NASDAQ:SNPS) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Long-term earnings growth rate for Symantec, eGain and Synopsys is projected to be 7.9%, 30% and 10%, respectively.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
eGain Corporation (EGAN): Free Stock Analysis Report
Scientific Games Corp (SGMS): Free Stock Analysis Report
Synopsys, Inc. (SNPS): Free Stock Analysis Report
Symantec Corporation (SYMC): Free Stock Analysis Report
Original post