The UAE’s only licensed operator of lotteries, sports betting and iGaming, Momentum Group, has revealed it will transfer its licenses to a new entity formed through a strategic joint venture with Fanatics – a digital sports platform that runs licensed sportsbook and iGaming products across multiple US states.
Momentum said all of its existing UAE commercial gaming licenses and operations will form part of this joint venture; combining its “regional expertise, regulatory standing and proven operational depth” with Fanatics’ product knowledge, technology and speed-to-scale capability.
The joint venture aims to operate and grow the commercial gaming activities currently licensed to Momentum in the UAE with a focus on customer experience, technology and sustainable long-term growth.
According to Momentum, the General Commercial Gaming Regulatory Authority (GCGRA) has already approved the change in control of Momentum’s existing licensed entities. It added that the joint venture represents Fanatics’ strategic entry into the UAE commercial gaming market through partnership with the country’s leading regional operator.
Scott Burton, Chief Operating Officer of Momentum Group, said, “The UAE has built one of the world’s most carefully regulated commercial gaming markets and this joint venture is a reflection of the confidence that brings. Combining Momentum’s regional experience with Fanatics’ global product capability creates a partnership well placed to grow alongside this market for the long term.”
Conor Grant, President of Fanatics Gaming, added, “The UAE is establishing one of the most thoughtfully regulated commercial gaming markets in the world, and Momentum has demonstrated what a responsible, credible operation within it looks like. We are entering this market for the long term, committed to building something genuinely category-defining together.”
The two companies said they intend to invest in technology, product and customer experience; advance industry standards for responsible gaming and player protection; expand access to world-class regulated gaming products in the UAE; and contribute to the wider development of the UAE’s digital economy.
Momentum currently operates lotteries in the UAE through The Game LLC, and sports betting and online casino via Coin Technology Projects LLC.
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