FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) reported that it will partner with compliance and licensing solution provider OneComply Inc to advise FansUnite on protocol and strategy as it enters additional North American legalized gaming jurisdictions, especially in the US.
FansUnite said the move follows its June 2020 announced amalgamation with Vancouver-based Askott Entertainment Inc to create one of Canada's leading online gaming companies, focused on sports betting, esports wagering, and casino games.
“We are pleased to be partnering with OneComply as we look to tackle the North American gaming market,” FansUnite Entertainment CEO Scott Burton said in a statement.
He added: “As a licensed betting and iGaming company, we understand how difficult and nuanced the licensing process can be. With the help of OneComply, we will be able to streamline the process to enter new North American markets and showcase our suite of gaming solutions to a broader audience.”
OneComply CEO Cameron Conn also weighed in on the partnership, stating: “The amount of opportunity in North America for new-to-market companies can be overwhelming, given the various licensing processes and jurisdictional requirements, with companies no longer trying to enter one jurisdiction, but multiple jurisdictions simultaneously.
He added: “This creates a tremendous amount of lag in productivity even with the most seasoned of compliance and legal teams.”
“We understand the importance FansUnite places on regulation, and we look forward to supporting them scale in the North American market.”
FansUnite noted that the repeal of the Professional and Amateur Sports Protection Act (PASPA) has created several, newly-regulated US States across the US gaming market.
Companies seeking to gain market entry into these States face massive regulatory processes to obtain operational licenses.
Since each US State regulates its own legal gaming, it means gaming companies need to file for each jurisdiction independently, resulting in substantial internal and external expenses.
FansUnite Entertainment is a sports and entertainment company, focused on its technology related to online sports betting and related products. It also provides technological solutions and services in the global gaming and entertainment industries.
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