Strategic Alliances

from Sports Betting Operator Issue 05 Volume 03

Hitting Home Runs

Dennis Cotto

Dennis Cotto chats to Peter White

hen and how did

Wyou first become interested in the Gaming sector? My interest originated with a discussion amongst colleagues of the dearth of minority owners in the gaming space, both land based and online, while ethnic groups represent a significant portion of the gaming customer base. As a minority and investor, I saw the growing gaming landscape as an excellent business opportunity where, at the same time, I could make a social impact. The opportunity to direct a portion of gaming revenues to local communities is so important. While states establish and maintain funds for gambling addiction, there is a bigger issue, particularly with online gaming, where online gaming operators enter states generating significant revenue that will not positively touch local communities. As a minority investor, my goal is to redirect a portion of these revenues and direct and establish sustainable locally community based philanthropic initiatives where we hold licenses.

What is the history behind the bid for a Gaming Licence you explain to readers and how it benefits students and College’s? I was invited to partner with Golden Nugget in a bid for a Virginia mobile sports betting license. I credit Golden Nugget because there was no requirement for a MBE or minority equity partner. Golden Nugget simply thought it was good business, which it was. As part of this new partnership, I proposed that our bid include a percentage of our revenues to local minority groups including the Virginia Historically Black Colleges and Universities. Golden agreed and we developed a sustainable program that will benefit these HBCUs for the life of our license. This will provide numerous scholarships and financial support to students in need and provide a much needed financial safety net.

What I’m most proud of is the Virginia Legislature later adopting our bid proposal program regarding minority participation and HSBCUs and amending the state’s gaming legislation to require future license applicants to include in their proposal minority\MBE participation and\or contributing to HSBCUs. I believe that our efforts are a model for other states and jurisdictions.

What is your role at Bet on Gaming Holdings, LLC and what are the services the organisation provides? I’m a Principal at Bet on Gaming Holdings, LLC and BOGH is an investor in land based and mobile gaming. Our backgrounds consists of over 40 years in real estate development, equity and debt financing, casino development and mobile gaming operations. We launched our Gaming Entertainment Fund in 2020 to identify gaming investment opportunities and, in addition, operate our Community Reinvestment Program to develop policies and programs to direct gaming revenues to local communities.

Can you explain to readers the partnership deal with the Golden Nugget and your new sports betting app in Virginia? Bet on Gaming Holdings, LLC is an equity investor and partner in the Virginia Mobile Sports License.

What are the expansion plans for your organisations digital sports betting and online gaming provisions outside of the State of Virginia? We are looking at several states. Given that we are one of the first minority owned mobile sports license owners

“OUR BACKGROUNDS CONSISTS OF OVER 40 YEARS IN REAL ESTATE DEVELOPMENT, EQUITY AND DEBT FINANCING, CASINO DEVELOPMENT AND MOBILE GAMING OPERATIONS.”

in the United States, we believe that we are in a unique position with our experience and capital to enter similar partnerships in other states where minority participation will be a requirement in their bidding process.

Your organisation also has a Global Gaming Entertainment Fund what are the plans and aspirations for this initiative? Our Fund is designed to identify investment opportunities in both land based and digital gaming opportunities.

A core part of our company’s business model is providing sustainable and meaningful community reinvestment. Can you explain how will funds be distributed back into communities? Yes. We partner with local community groups and establish a percentage of our revenues committed to these groups for the life of our license. These groups include, but are not limited to, Historically Black Colleges and Universities, Affordable Housing NonProfits, Public School Systems.

And finally, how can readers find out more about the Bet On Gaming Holdlings? Everyone is welcomed to visit our website at www.betongamingholdings.com or email me at Dcotto@Betongamingholdings.com