{"id":261676,"date":"2023-02-27T14:45:46","date_gmt":"2023-02-27T20:45:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=261676"},"modified":"2023-02-27T15:07:52","modified_gmt":"2023-02-27T21:07:52","slug":"mvb-financial-dominates-online-betting-deposits","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/","title":{"rendered":"MVB Financial Becoming Premier Bank for Online Betting"},"content":{"rendered":"

MVB Financial (NASDAQ: MVBF), a sleepy West Virginia-based financial institution, is rapidly shedding its image as a small-town bank to become the premier option for the online gaming industry.<\/p>\n

\"MVB
MVB Financial CEO Larry Mazza. The bank is a leader in the online gaming space. (Image: The Business Journals<\/em>)<\/figcaption><\/figure>\n

With a market value of nearly $325 million, MVB Financial resides in micro-cap territory<\/a>, but its increasingly dominant internet wagering footprint is getting the attention of Wall Street analysts. In a note to clients on Monday, JPMorgan analyst Steven Alexopoulos initiated coverage of the financial services stock with an \u201coverweight\u201d rating and a $35 price target, implying upside of 40% from the February 24 close. He\u2019s just the fifth analyst to cover MVB.<\/p>\n

Combining a strong management team with an intense focus on serving underserved niche markets with significant growth prospects, MVB has transformed its deposit franchise,\u201d Alexopoulos wrote in his report.<\/p><\/blockquote>\n

The analyst added MVB Financial is transitioning from a small regional bank to \u201cthe Silicon Valley Bank\u201d for the internet gaming space. Prior to the tech boom in the 1990s, Silicon Valley Bank was a mostly anonymous bank known only to depositors in Northern California. Today, its parent company, SIVB Financial (NASDAQ: SIVB), has a market value of $17.10 billion.<\/p>\n

MVB Financial Has Strong Gaming Ties<\/h2>\n

While West Virginia is home to land-based casinos and allows internet casinos<\/a> and mobile sports wagering, MVB Financial\u2019s opportunity set extends well beyond its home state.<\/p>\n

\n

CEO Larry Mazza is a co-owner of ProFootballTalk, which provides content to NBC Sports<\/em>. NBC Sports<\/em> has established relationships with major sportsbook operators<\/a>. Mazza\u2019s ties to ProFootballTalk could be one reason MVB already commands 85% of the market for banking in the regulated online betting industry. At the very least, that relationship doesn\u2019t hurt the bank\u2019s case when it comes to earning business from gaming companies.<\/p>\n<\/div>\n

Currently, MVB has about $900 million of deposits on its book from customers of sportsbook operators such as DraftKings and FanDuel. That\u2019s nearly a third of the bank\u2019s overall deposits, and the benefit of deposits from bettors is that MVB doesn\u2019t have to pay interest on that capital — a significant advantage at a time when interest rates are high.<\/p>\n

Roughly half of MVB\u2019s current deposits don\u2019t require the bank to pay interest, up from just 10% six years ago, according to the financial services institution.<\/p>\n

MVB Financial First Mover Advantage<\/h2>\n

While rivals slept on catering to regulated sportsbooks, MVB capitalized on that opportunity, which could pay long-term dividends for the bank and its investors.<\/p>\n

\u201cJust as Silicon Valley Bank is the hub that connects the players in the innovation economy, we see MVB establishing a first mover position with players across the online gaming industry including the operators, technology providers, alternative online gambling providers, as well as media partners,\u201d noted JPMorgan\u2019s Alexopoulos.<\/strong><\/p>\n

The analyst lauded MVB\u2019s focus on underserved segments, adding that its first-mover advantage in online gaming presents it with a \u201c\u2018blue ocean\u2019 opportunity to become the bank of choice for online sports betting and online gaming operators.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MVB Financial (NASDAQ: MVBF), a sleepy West Virginia-based financial institution, is rapidly shedding its image as a small-town bank to become the premier option for the online gaming industry. With a market value of nearly $325 million, MVB Financial resides in micro-cap territory, but its increasingly dominant internet wagering footprint is getting the attention of […]<\/p>\n","protected":false},"author":46,"featured_media":261678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81931,80968],"acf":[],"yoast_head":"\nMVB Financial Dominates Online Betting Deposits<\/title>\n<meta name=\"description\" content=\"MVB Financial has strong growth potential due to online betting footprint.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MVB Financial Dominates Online Betting Deposits\" \/>\n<meta property=\"og:description\" content=\"MVB Financial has strong growth potential due to online betting footprint.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-27T20:45:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-27T21:07:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/LM-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/\",\"url\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/\",\"name\":\"MVB Financial Dominates Online Betting Deposits\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/LM-1.jpg\",\"datePublished\":\"2023-02-27T20:45:46+00:00\",\"dateModified\":\"2023-02-27T21:07:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MVB Financial has strong growth potential due to online betting footprint.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mvb-financial-dominates-online-betting-deposits\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/LM-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/LM-1.jpg\",\"width\":1200,\"height\":675,\"caption\":\"MVB Financial CEO Larry Mazza. 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