It has been a great day for fans of baseball legend Babe Ruth as gaming technology company Inspired Entertainment (INSE) signed a partnership with sports betting software group Altenar.
Virtual Horses and Courses
Inspired said the deal would see the integration of its Virtual Sports products into Altenar’s sportsbook platform. These sports include virtual, simulated horse races such as the Kentucky Derby, as well as games in the National Football League, and even a virtual Babe Ruth and other baseball legends in a Home Run Shootout. Users can place bets on these events although not with virtual money.
Inspired offers these games through more than 32,000 retail venues and various online websites. The deal will also bring in Altenar’s growing customer base into the Inspired orbit. Altenar has customers in over 30 countries and recently expanded its presence in South America, including Peru and Brazil.
Soaring Sporting Demand
According to Market.us, the virtual sports market is expected to be worth $72.8 billion by 2033, growing at a compound annual growth rate of 16.48%. That demand is being driven by improvements in graphics and simulation technology which make the games look and sound more realistic. It is also being helped by the growth in the availability of the internet and mobile devices around the world.
Also, excitingly it manages to attract the interest of both younger gamers and perhaps those slightly older sports betting enthusiasts. However, the news of the deal didn’t exactly knock Inspired stock out of the park remaining flat in early trading.
Is INSE a Good Stock to Buy Now?
On TipRanks, INSE has a Moderate Buy rating based on 1 Buy rating. Its highest price target is $14. INSE stock’s consensus price target is $14 implying an 53.59% upside.
