Bragg Commends Successful Vote on Bill C-218 to Legalize Single-Event Sports Betting

Rhea-AI Summary

Bragg Gaming Group welcomed the Canadian government’s vote on Bill C-218 to legalize single-event sports betting, potentially ending a long-standing prohibition. The bill aims to redirect approximately $14 billion in annual black-market bets back into Canadian communities, securing jobs and creating a safer gambling environment. Bragg's executives highlighted that this legislation would provide Canadian operators a competitive edge globally and support local economies. The bill is set for further review before potential final approval in May 2021.

Positive

• Legalization of single-event sports betting expected to generate significant revenue for Canadian communities, estimated at $14 billion currently lost to black markets.
• Bill C-218 is anticipated to create jobs and enhance safety in the gaming environment.
• Provides Canadian operators with a competitive advantage in the global market for online gaming.

Negative

• None.

Successful passing of the Bill will secure Canadian jobs and create safer gaming environment

TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- B2B gaming technology provider Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) ("Bragg" or the "Company") commented this morning on the Canadian government’s vote on Bill C-218 yesterday to legalize single-event sports betting, ending a decades-long prohibition on the practice.

“We’re very pleased with the successful outcome of the vote,” said Paul Godfrey, Bragg Gaming Board Member. “The overwhelming backing for the Bill is a strong indication of Canadians’ overall support of the move to legalize single-event betting, and a very positive step for both the legal gambling market in Canada and the overall economy. Not only will this Bill ensure that profits from sports wagering go back into Canadian communities, rather than illegal black-market channels, but it will also secure Canadian jobs and create a safer, more regulated environment for Canadians.”

“The legalization of single-event sports betting also ensures a level playing field for Canadian operators globally,” added Adam Arviv, CEO of Bragg. “Jurisdictions around the world are evolving their gaming regulations to reflect today’s global gaming market and this move will allow the Canadian market to keep pace.”

Bill C-218 would decriminalize new forms of sports gambling in Canada. While Canadians across the country are currently permitted to place bets on a series of sports events, a form of parlay betting, they are prohibited from placing a bet on an event in, or on an outcome of, a single game or match. These new forms of betting are referred to by many as single-event sports betting or single sports betting.

Advocates of the legislative update, including Bragg, advise that allowing betting on single events, such as a hockey or baseball game, will go a long way to curbing black market activities, which currently see an estimated $14 billion in bets from Canadians on an annual basis.

The Bill will now move to the Justice Committee and then be read one more time with potential amendments, before being sent to the Senate, and then to the Governor-General for Royal Assent. Final approval could occur as soon as May 2021.

Bragg stand alongside Canadian casinos and other online gaming operators who have expressed support as the current restrictions make it harder to compete with their U.S. and international counterparts. Bragg also looks forward to and supports similar legislative updates at the provincial level, driven by the need to increase tourism and jobs, once the federal bill and Criminal Code amendment has passed. While the provinces control gambling operations in the current regulatory landscape, their operations are restricted to “parlay bets” – a lower-odds bet where individuals must choose the winning team in multiple games to win – rather than permitting single-event bets legally.

About Bragg Gaming Group
Bragg Gaming Group (TSX:BRAG, OTC: BRGGF) is a global B2B gaming technology platform provider. With operations across Europe and North America, Bragg is expanding into an international force within the burgeoning global online gaming market. Bragg’s main brand is ORYX Gaming, an innovative business-to-business iGaming platform, casino content aggregator, managed sportsbook and managed services provider, offering cutting-edge content from leading studios.

For Bragg Gaming Group, contact:
Yaniv Spielberg, CSO, Bragg Gaming Group
info@bragg.games

For media enquiries or interviews, please contact:
Kelly Morgan
kelly.morgan@kaiserpartners.com

For investor inquiries, please contact:
Tim Dawson, Bragg Gaming Group
tim@bragg.games

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements. The key assumptions that have been made in connection with the forward-looking statements include the following: the impact of COVID-19 on the business of Bragg; the countercyclical growth of the business of Bragg; the regulatory regime governing the business of Bragg; the operations of the Company; the products and services of the Company; Bragg's customers; acquisition opportunities; the growth of Bragg's business, which may not be achieved or realized within the time frames stated or at all; and the anticipated size and/or revenue associated with the gaming market globally.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the following: risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments; the inability to access sufficient capital from internal and external sources; the inability to access sufficient capital on favorable terms; realization of growth estimates, income tax and regulatory matters; the ability of Bragg to implement its business strategies; competition; economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices; the estimated size of the gaming market globally; changes in customer demand; disruptions to our technology network including computer systems and software; natural events such as severe weather, fires, floods and earthquakes; and risks related to health pandemics and the outbreak of communicable diseases, such as the current outbreak of COVID-19.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.

FAQ

What is the significance of Bill C-218 for Bragg Gaming Group (BRGGF)?

Bill C-218 legalizes single-event sports betting in Canada, which Bragg Gaming Group supports as it could secure jobs and redirect significant revenue back into communities.

When is the final approval for Bill C-218 expected?

Final approval for Bill C-218 could occur as soon as May 2021 after passing through the Justice Committee and then the Senate.

How much money is currently bet illegally in Canada according to Bragg Gaming Group?

It is estimated that Canadians place approximately $14 billion in illegal bets annually.

What impact will Bill C-218 have on the Canadian gaming market?

The bill is expected to create a safer, regulated gaming environment and allow Canadian operators to compete more effectively on a global scale.