Posted on: March 16, 2022, 10:45h.
Last updated on: March 16, 2022, 10:45h.
Looking to capitalize on one of the fastest-growing demographics in the US, Fifth Street Gaming Digital is introducing JefeBet.com — a Spanish language media hub and sports betting portal.
FSG Digital is the internet gaming arm of Las Vegas-based Fifth Street Gaming, which has catered to the Latino market for nearly two decades with brick-and-mortar offerings, including the Lucky Club and Silver Nugget Casino. The gaming company also produced hundreds of concerts with Mexican and Colombian artists, Mexican rodeos, and food festivals, indicating its Jefebet platform is an online extension of thee operator’s ties to the Latino community.
We intend to build the first online media hub in this country truly dedicated to covering sport, gambling, and entertainment in an authentic way for this highly important, yet previously underserved, audience,” said FSG Digital CEO Seth Schorr in a statement.
Jefebet’s content team is located in Argentina, Mexico and Chile, but the site’s articles and wagering insights are focused on American sports.
Jefebet Could Be Onto Something
The US Hispanic population swelled to 62.1 million in 2020, a jump of 23 percent over the prior decade, according to Pew Research. That easily outpaced overall US population growth of seven percent.
Potentially adding to the case for a concept like Jefebet is the fact that Latino population in the US is shifting away from the traditional states, such as Arizona, California, Florida, New York and Texas, to new areas.
“In New Mexico, the state’s 1 million Latinos are nearly half of the population (48%). Despite a large population share, New Mexico, which had the ninth-largest Latino population in 2010, dropped to 13th-largest in 2020, after being passed by Georgia, North Carolina, Washington and Pennsylvania,” notes Pew.
From a sports wagering perspective, the activity is live and legal in six of the 10 states with the highest Latino populations on a percentage basis — Arizona, Colorado, Illinois, New Jersey, New Mexico and New York. Regulated sports betting is also permitted in North Carolina, Pennsylvania and Washington.
Some US-based gaming companies are expanding in Latin America, confirming that operators see opportunity with this demographic.
FSG Digital Pedigree
In announcing the debut of Jefebet, FSG Digital also said it recently closed a funding round led by Sharp Alpha Advisors and Acies Investments,
Sharp Alpha Advisors is a venture capital firm focusing on iGaming and sports wagering investments. Last October, the firm said its first investment vehicle — Sharp Alpha Fund I — raised $10 million.
Acies Investments is led by the former co-chief executive officers of Acies Acquisition and former MGM Resorts CEO Jim Murren. Acies Acquisition was the special purpose acquisition company (SPAC) social casino developer Playstudios, Inc. merged with to become a public company last year.
Acies Investments currently has stakes in seven betting, esports and fantasy sports companies, including Jefebet.