Macau Slots’ Monopoly Shuts down Cantor Fitzgerald Sports Betting License
Cantor Fitzgerald hopes of acquiring a sports betting license in Macau last week denied. According to the Macau business daily, Macau Slot’s monopoly on the market was approved to be extended last month for another three years.
The monopoly applies to betting markets for all non-racing sports, including football and basketball. The annual revenue for Macau Slot sport betting is estimated at more than $100 million.
Currently, Cantor operates sport betting with a strong foothold in the Las Vegas market. Last week the company’s executives expressed a strong desire to tap into the Macau market, but were later thwarted by Macau Slot’s current footing with the Macau Gaming commission. What was foreseen as an easy integration into the market, where Cantor already had contacts operating in Macau, proved more difficult than anticipated. Current legislators in Macau argue the monopoly should be ended and competition in the sports betting market should be encouraged. However, it remains to be seen whether or not such a conclusion will be deemed acceptable.
Not only Cantor, but several UK companies involved in the sports betting game have expressed interest in expanding into the Macau market as well. However, after these most recent events, it is likely these British companies will back off until more developments in regard to the sports betting monopoly surface.