Elys Adds Third Sportsbook Location in Washington, D.C.

Rhea-AI Summary

Elys Game Technology expands its footprint in Washington, D.C. with a new sportsbook location.

Positive

• Elys Game Technology is actively seeking opportunities for program expansion in the sports betting market.
• The small business sportsbook model has been successful in Europe and is gaining momentum in the United States.
• Elys Game Technology believes that as more states adopt the small business sportsbook model, they can rapidly expand their customer base.

Negative

• None.

NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS) (BER:3UW), an interactive gaming and sports betting technology company, today announced the expansion of its footprint in Washington, D.C. with the addition of a third sportsbook location, Grand Central Sportsbook on H Street. The new location builds on the success of both the Grand Central Restaurant and Sportsbook and the Cloakroom Gentlemen’s Club Over Under Sportsbook Lounge, which have been operating successfully in the nation’s capital.

Since the inaugural launch of the small business sportsbook at the Grand Central Restaurant and Sportsbook in October 2021, Elys has been actively seeking opportunities for program expansion. This proven model, which has achieved wide success in Europe, is steadily gaining momentum in the United States. As the sports betting landscape evolves, and more states embrace the small business sportsbook concept, Elys is positioned to capitalize on the burgeoning market.

“The small business model presents a compelling opportunity as it offers customers convenient access to betting on their favorite sports while enjoying a night out at their local social establishment," said Michele Ciavarella, Executive Chairman of Elys Game Technology, Corp. “We are buoyed by industry trends in the United States and believe that as more states adopt this model, we can rapidly expand our customer base with minimal upfront costs.”

Grand Central Sportsbook on H Street, located at 625D H Street NE in Washington, D.C., is expected to open in Q4 - 2023. Commencement of sports wagering at Grand Central Sportsbook is subject to final approval by the DC Office of Lottery and Gaming (DCOLG).

About Elys Game Technology, Corp.
Elys Game Technology, Corp. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Elys' vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino software. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS5D; Instagram @elys5d; LinkedIn Elys America; YouTube @Elys5D; and on Facebook @Elys5D.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
ELYS@gateway-grp.com

FAQ

What is Elys Game Technology's expansion in Washington, D.C. about?

Elys Game Technology is opening a new sportsbook location in Washington, D.C.

What is the small business sportsbook model?

The small business sportsbook model offers customers convenient access to betting on their favorite sports while enjoying a night out at their local social establishment.

When is the new sportsbook location expected to open?

The new sportsbook location is expected to open in Q4 - 2023.

What is the approval required for the commencement of sports wagering at Grand Central Sportsbook?

The commencement of sports wagering at Grand Central Sportsbook is subject to final approval by the DC Office of Lottery and Gaming (DCOLG).