i3 commends Canadian Government efforts to legalize single event sports betting in Canada

Rhea-AI Summary

i3 Interactive announced the passing of Bill C-218 in the House of Commons on February 17, 2021, which aims to regulate single-event sports gambling in Canada. This bill, also known as The Safe and Regulated Sports Betting Act, received a 303-15 vote, illustrating broad support. If enacted, it could bolster the Canadian online gambling industry, drawing comparisons to New Jersey's $1 billion monthly tax revenue from sports betting. CEO Chris Neville highlighted the bill's potential to enhance shareholder value and market growth.

Positive

• Bill C-218 passed with overwhelming support (303-15) in the House of Commons.
• Potential for significant revenue growth in the Canadian sports betting market, similar to New Jersey.
• Anticipated enhancement of shareholder value with new market opportunities.

Negative

• Future approval of Bill C-218 is uncertain, subject to amendments and Senate approval.
• Risks associated with compliance to gambling laws and shifting public perceptions about the gambling industry.
• Potential competition and market entry challenges in the evolving regulatory landscape.

TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (“i3 Interactive” or the “Company”) (CSE: BETS) (FRA: F0O3) – is pleased to announce that, Bill C-218 was voted on and passed at second reading in the House of Commons on February 17, 2021. If Bill C-218 passes as currently constituted, it would grant provinces and territories in Canada the responsibility of regulating single-events sports gambling.

Referred to as The Safe and Regulated Sports Betting Act, Bill C-218 repeals a section of Canada's criminal code making wagering on a single sporting event illegal. Bill C-218 will now enter into the last phase of hearings with the Justice Committee where it could receive further amendments, and will then be sent to the Senate and the Governor General for Royal Assent.

The vote was passed with overwhelming support in the House of Commons, which demonstrates the vast level of support from all parties for single-event sports wagering in Canada.

Chris Neville, CEO of i3 states, “The passing of Bill C-218 in the House of Commons with a vote of 303-15 is a positive move for the online gambling industry in Canada. The state of New Jersey alone is generating $1 billion dollars of taxable income per month for the New Jersey government with the NJ receiving 16.5% of this billion monthly. With the recent pandemic and the state of the financial economy of Canada, this bill comes at the best time possible. Sports are a popular source of entertainment during this pandemic, and allowing people to bet on their favourite sports team will add so much excitement for the viewers. If this law is passed, the citizens of the country will no longer fear dealing with offshore books and getting their money paid out after successful bets. We expect this to be a prosperous industry in Canada.”  

“From a inter-company standpoint this will help progress our growth in the Canadian market and help grow our revenue to the levels to enhance shareholder value”, says Chris Neville.

ABOUT I3 INTERACTIVE INC.
The Company is in the business of providing customers with an online and mobile gaming platform which will provide sports fans worldwide with a unique and highly engaging social gaming product, and sports betting and casino product offering. In an effort to break into the various emerging global markets, i3 has secured partnerships with key social media influencers.

For additional information on the Company:

Email: info@i3company.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. The forward-looking statements in this press release include statements relating to: the passing of Bill C-218 by the Justice Committee, the Senate, and the Governor General for Royal Assent; Bill C-218, if passed, adding excitement for viewers in Canada; the single events sports gambling becoming a prosperous industry upon Bill C-218’s passing; and Bill C-218, if passed, progressing the Company’s growth in the Canadian market and helping grow the Company’s revenue to enhance shareholder value. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, (i) the costs of compliance with and the risk of liability imposed under the laws of the jurisdictions in which the Company is operating or will operate (the “Operating Jurisdictions”) including gambling laws and regulations, sports betting laws and regulations and mobile or online gambling and sports betting laws and regulations, (ii) negative changes in the political environment or in the regulation of mobile and online sports betting or gambling and the Company’s business in the Operating Jurisdictions, (iii) risks relating to COVID-19 (iv) negative shifts in public opinion and perception of the gambling industry, (v) significant competition in the industry, (vi) risks of product liability and other safety-related liability as a result of usage of the Company’s planned gambling and betting products, (vii) loss of intellectual property rights or protections, (viii) cybersecurity risks, (ix) constraints on marketing products,(x) fraudulent activity by employees, and (xi) risk of litigation. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that , (i) the Company's financial condition and development plans do not change as a result of unforeseen events, (ii) there will continue to be a demand, and market opportunity, for the Company’s product offerings, (iii) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, and (iv) current and future economic conditions will neither affect the business and operations of the Company nor the Company’s ability to capitalize on anticipated business opportunities; (v) the Justice Committee, the Senate, and the Governor General will approve Bill C-218 as currently drafted, or at all) although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

FAQ

What is Bill C-218 and its significance for i3 Interactive?

Bill C-218 aims to regulate single-event sports gambling in Canada, which could significantly benefit i3 Interactive's market position and revenue.

What was the vote outcome for Bill C-218 in the House of Commons?

Bill C-218 was passed with a vote of 303-15, indicating strong bipartisan support.

How could Bill C-218 impact the Canadian online gambling industry?

If passed, it could create a regulated environment for single-event sports betting, potentially generating significant revenue similar to New Jersey's model.

What challenges does i3 Interactive face with the passing of Bill C-218?

Challenges include compliance with varying gambling laws, public perception, and competition in the evolving market.