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Elys Game Technology and Grand Central Restaurant and Bar Announce Official Opening Date of October 4, 2021
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Elys Game Technology, Corp. announces the opening of a sportsbook at the Grand Central Restaurant & Bar in Washington, D.C. on October 4, 2021. This milestone follows the granting of a Class B Operator license by the District of Columbia’s Office of Lottery and Gaming. The venue aims to serve as a model for the integration of sports betting operations in small businesses across North America. Elys anticipates this will showcase its technology and potentially drive economic development in the region.
Positive
Opening of sportsbook at Grand Central Restaurant & Bar may create a model for other small businesses in North America.
Integration of sports betting in the restaurant expected to enhance Elys' visibility and growth opportunities in the U.S. market.
Negative
Implementation depends on successful operations commencing on October 4, 2021; risks involved may affect projections.
Dependence on regulatory compliance and ability to establish a stable operation in a competitive market.
Establishment in Adams Morgan area of Washington, D.C. could pioneer sports betting in restaurants, bars and other small businesses throughout North America.
WASHINGTON--(BUSINESS WIRE)--
Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq:ELYS) (NEO:ELYS), an interactive gaming and sports betting technology company, and Grand Central LLC (“Grand Central”), an independently owned operator of the Grand Central Restaurant & Bar located in the Adams Morgan area of Washington, D.C., today announced the official opening date of October 4, 2021 for patrons to place real-money sports bets within the restaurant premises.
As previously announced, in connection with the grant by the District of Columbia’s Office of Lottery and Gaming (OLG) of a Class B Operator license to Grand Central to operate a sportsbook within the Grand Central Restaurant & Bar and of a Management Services Provider License to the Company, and with US Bookmaking advising on risk management and bookmaking services, the Company will commence licensed sportsbook operations in the United States with the opening event.
“This moment has been eagerly awaited by our entire team and shareholders for the better part of three years and we are very pleased to share this significant milestone event with Brian Vasile and the team at Grand Central, along with all of our partners and CBE businesses in Washington, D.C. that were instrumental not only in preparing our technology and product delivery but also staff training and diligently planning for a successful opening,” commented Michele Ciavarella, Executive Chairman of Elys Game Technology. “We expect that Grand Central and the integration of legalized sports betting operations within the restaurant venue could be a valuable template for numerous other small businesses across North America and provide an important live location for Elys to showcase its world-class, end-to-end sports betting technology and services also to casino operators, restaurant chains and other small business entrepreneurs. In addition, we hope that the venue could serve as a model for regulators across the U.S. and Canada to see how this turn-key solution could be applied in their jurisdictions to help drive economic development at the grass-roots level and invite all our friends and valued shareholders to experience our newly developed U.S. facing products and services at the Grand Central Restaurant and Bar.”
Elys is currently operational in both online and retail channels throughout Italy via approximately 1,200 web-shops and is now live in North America with 6 tribal casino customers. The Company is planning to process applications to offer sports wagering through its leading-edge betting platform to large and small casinos and independent business venues in the U.S. and Canada representing one of the most exciting long-term growth opportunities for Elys. The provisional OLG’s Standard Management Services Provider License granted to the Company expires August 26, 2022.
The Sports Wagering Lottery Amendment Act of 2018 legalized Sports Betting in the District of Columbia and it became law on May 3, 2019. OLG regulates privately-operated sports wagering throughout the District, licensing and monitoring these operations and their gaming-related suppliers for compliance with applicable District and federal laws.
About Grand Central, LLC
Grand Central Restaurant & Bar, located at 2447 18th Street, NW, Washington, DC, is an independently owned and operated bar and grill founded in 2007. The establishment is well known for its classic American pub fare and televised sports viewing. Food and beverage service hours are 11:00 am to 2:00 am Sunday through Thursday and 11:00 am to 3:00 am Friday and Saturday, while the Grand Central sportsbook will open seven days a week, from 10:00 am to 1:00 am.
Additional information is available on the Grand Central website at www.grandcentraldc.com and can be followed on Twitter and Instagram at @grandcentraldc.
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. In Italy, Elys offers its clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slots.
The Company’s innovative wagering solution services online operators, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS_gaming.
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 the opening date of October 4, 2021 for patrons to place real-money sports bets within Grand Central Restaurant & Bar, commencing licensed sportsbook operations in the United States on October 4, 2021 with the opening event, the integration of legalized sports betting operations within the restaurant venue being a valuable template for numerous other small businesses across North America, the venue providing an important live location to showcase the Company’s sports betting technology and services to casino operators, restaurant chains and other small business entrepreneurs, the venue serving as a model for regulators across the U.S. and Canada to drive economic development at the grass-roots level and plans to process applications to offer sports wagering through the Company’s betting platform to large and small casinos and independent business venues in the U.S. and Canada. 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 Company’s ability to commence licensed sportsbook operations within Grand Central Restaurant & Bar on October 4, 2021, the Company’s ability to establish the integration of legalized sports betting operations within the restaurant venue as a valuable template for numerous other small businesses across North America, the Company’s ability to establish the venue as a model for regulators across the U.S. and Canada, the Company’s ability to offer sports wagering through its betting platform to large and small casinos and independent business venues in the U.S. and Canada as planned , the duration and scope of the COVID-19 outbreak worldwide, including the impact to state and local economies, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 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.
What is the significance of Elys Game Technology's sportsbook opening in Washington, D.C. on October 4, 2021?
The opening marks Elys' entry into the U.S. sports betting market, setting a precedent for integrating betting into small businesses.
How does the Grand Central Restaurant & Bar fit into Elys Game Technology's business model?
It serves as a live location to showcase Elys' sports betting technology and may influence other small business operations across North America.
What licenses were granted to Elys Game Technology for its operations?
Elys received a Management Services Provider License, while Grand Central secured a Class B Operator License from the D.C. Office of Lottery and Gaming.
What are the expected benefits of Elys's sportsbook operations in North America?
Elys aims to drive economic development and provide valuable insights for regulatory models in the U.S. and Canada.
