Alpha Esports Tech Announces the Closing of Heavy Chips Acquisition

Rhea-AI Summary

Alpha Esports Tech Inc. (CSE: ALPA, OTC PINK: APETF) has successfully acquired Heavy Chips, a comprehensive online gaming platform. The acquisition includes over 800 casino games and 5,000 daily sports betting opportunities, with a user base exceeding 250,000. Heavy Chips saw an average monthly revenue of approximately €16,800 in 2021, peaking at about €22,000 in October. The global online gambling market, valued at $66.7 billion in 2020, is projected to grow to $127.3 billion by 2027, bolstering Alpha's strategic position in this expanding sector.

Positive

• Acquisition of Heavy Chips enhances Alpha's entry into the online gaming market.
• Heavy Chips recorded consistent user growth and increased revenues, indicating strong market demand.
• The online gambling market is projected to grow significantly, presenting opportunities for revenue expansion.

Negative

• None.

Heavy Chips has reported an average of approximately €16,800 Euros per month of unaudited revenue in 2021.

VANCOUVER, British Columbia, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Alpha Esports Tech Inc. (CSE: ALPA) (FSE: 9HN), (OTC PINK: APETF), (“Alpha” or the “Company”) announces the closing of 100% of Heavy Chips and Sports Betting (“Heavy Chips”), a fully operational online gaming site with over 800 popular casino games and over 5,000 sports betting opportunities every day on sports such as football, tennis, basketball, and more. Heavy Chips provides access to live dealer games, casino slots, arcade casino games, and sports betting.

Currently, Heavy Chips has over 250,000 registered users on its website and has seen consistent user growth every month of 2021. Heavy Chips has also recorded an average of approximately €16,800 Euros in monthly unaudited revenue in 2021, including growth nearly every month. In October, Heavy Chips recorded unaudited revenue of approximately €22,000 Euros.

The Company believes the online adult gaming/gambling sector is poised for continuous growth and that Heavy Chips key statistics show the growing potential in the sector and also illustrate how the Company is positioning itself for sustainable success.

• The global online gambling market reached $66.7 Billion in 2020; is expected to more than double and reach $127.3 billion by 2027¹
• Canada, the United States and Europe have the highest market share;²
• Online gambling service providers/operators are allowed to enter into agreements with individual players or customers to provide betting services for real money, in turn attracting more gamers³
• Recent studies show that 96% of online gamblers play at home; A large number of customers are using desktops for betting as downloading and installing casino software proves to be easier on desktops⁴.

The growth prediction comes from the rising popularity of online sportsbooks and the freemium business model of online casinos that lure players with no deposit bonuses. Also, it is believed among experts that smartphone adoption and cheap internet data plans are driving the market towards exponential growth. It is also believed more gambling experts are starting to realize that the transition to the digital environment is inevitable, that online casinos will take over the land-based market and bring advanced virtual environments similar to the in person experience⁵.

“Heavy Chips is the perfect acquisition for Alpha’s entry into the adult gaming sector,” said interim CEO, Matthew Schmidt. “Since we began our discussions with the Heavy Chips team, their user base has grown at a significant pace and they also have recorded increases in revenues nearly every month. We look forward to unlocking the full potential of this platform and are excited to deliver shareholder value through GamerzArena and now Heavy Chips.”

About Alpha Esports Tech Inc.

Alpha Esports Tech Inc. is a technology company that focuses on emerging industries in esports, mobile gaming, ecommerce and other high growth opportunities. Through a strong portfolio of technology assets and products such as GamerzArena, Alpha Esports Tech brings a unique mass-appeal focus to modern gaming platforms. Learn more at: www.alphatech.inc

About Heavy Chips and Sports Betting.

Our motto is: You Play. We pay.

At Heavy Chips Casino you will find a lot of fun, money, and a great variety of online games to play. Do you want to legally rob our bank? Play the top-quality casino games: the newest and most popular slots and live games including roulette, blackjack, baccarat, and other games.

Heavy Chips Casino offers all the best games developed by the top providers including Booming Games, MrSlotty, NetEnt, iSoftBet, Endorphina, BetConstruct, Playson, Pragmatic Play, Habanero, Oryx, Kalamba, Gamomat, Golden hero, Givme, BetGamesTV, Microgaming, 1x2gaming_MG, NextGen, BetconstructLiveDealer, EvolutionLiveCasino, Ezugi, and others.

We want our players to be safe, that is why we use only payment solutions only from the most trusted providers. Available payment systems include Visa, MasterCard, Neteller, Skrill,ecoPayz, MuchBetter, Neosurf, Paysafecard, eps, Flexepin, Zimpler, Bank Transfer, Astropay, and others. That is also possible to fund your account using Bitcoin. For the convenience of players, online casino accepts deposits in various currencies.

Contact:

Investor Relations: ir@alphatech.inc - 604 359 1256
Media and Public Relations: - media@alphatech.inc

On Behalf of The Board of Directors
John Anastas
Chairman and Director

Forward Looking Statement

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products, and future of the Company’s business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance, and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.

The CSE has not reviewed, approved, or disapproved the content of this press release

¹ https://www.grandviewresearch.com/press-release/global-online-gambling-market
² https://www.grandviewresearch.com/press-release/global-online-gambling-market
³ https://www.grandviewresearch.com/press-release/global-online-gambling-market
⁴ https://www.grandviewresearch.com/press-release/global-online-gambling-market
⁵ https://nativenewsonline.net/advertise/branded-voices/global-online-gambling-industry-statistics-and-trends-new-case-study

FAQ

What is the significance of Alpha's acquisition of Heavy Chips?

The acquisition enhances Alpha's presence in the growing online gaming sector, providing access to a substantial user base and diverse gaming options.

How much revenue did Heavy Chips generate in 2021?

Heavy Chips reported an average monthly revenue of approximately €16,800 in 2021.

What is the expected growth of the online gambling market?

The global online gambling market is projected to grow from $66.7 billion in 2020 to $127.3 billion by 2027.

How many users does Heavy Chips have?

Heavy Chips has over 250,000 registered users on its platform.

What types of games does Heavy Chips offer?

Heavy Chips offers over 800 casino games and 5,000 sports betting opportunities daily.