Elys Game Technology and the New York State Restaurant Association Comment on Joint Public Hearing on Mobile Sports Betting in the State of New York
Elys Game Technology, Corp. (Nasdaq: ELYS) presented written testimony at a New York Joint Public Hearing on Mobile Sports Betting on January 31, 2023. Executive Chairman Michele Ciavarella advocated for expanding the legalization of retail sports betting to local businesses, promoting economic growth and convenience for bettors. Highlighting the success of mobile betting, Ciavarella emphasized potential tax revenue benefits and job creation from retail betting establishments. The New York State Restaurant Association, represented by CEO Melissa Fleischut, supported this initiative, noting its potential to enhance restaurant revenues and economic recovery.
- Advocating for retail sports betting could enhance local economic activity and job creation.
- Elys supports a legislative framework that may increase tax revenue for local services and infrastructure.
- The company's retail betting technology demonstrates innovation and potential market growth.
- The PR implies potential challenges in implementing sports betting terminals in every restaurant.
NEW YORK, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Elys Game Technology, Corp. (“Elys" or the “Company") (Nasdaq: ELYS)(BER:3UW), an interactive gaming and sports betting technology company, and the New York State Restaurant Association comment on Joint Public Hearing on Mobile Sports Betting in NY: A First Year Review & Its Budget Impact held on January 31, 2023.
Elys Executive Chairman Michele Ciavarella, Executive Chairman of Elys submitted written testimony to the Senate Standing Committee On Racing, Gaming, And Wagering, Assembly Standing Committee On Racing And Wagering to discuss the benefits of expanding the legalization of sports wagering to retail business establishments throughout the state to complement mobile and casino offerings. The Company believes that fostering a retail market is a question of convenience by allowing a sports bettor the option of patronizing a local entrepreneur and business, such as a convenience store, coffee shop, restaurant or bar while enjoying a sports event, and that many would utilize this safe, regulated method of placing a bet on their favorites, as they already do with a New York State lottery ticket.
“Localized retail betting has been a staple of economic benefit for 30-plus years in Europe contributing tax revenue for community services and infrastructure and has recently been adopted in the District of Columbia, Maryland and Ohio as well as Canadian provinces. Elys is proud to support this initiative with the New York State Restaurant Association,” stated Michele Ciavarella, Executive Chairman of Elys Game Technology, Corp. “The successful launch of mobile sports betting in the state of New York demonstrates a vast untapped appetite for regulated sports betting within the state. We believe that New York state is in an ideal position to permit retail sports betting with such a robust hospitality scene. This environment can truly capture undiscovered bettors that prefer anonymous betting by allowing restaurants, bars, coffee shops, and other main street businesses to offer sports betting through terminals and kiosks. Statistically, retail land-based sports betting could represent 30 – 40 % of mature markets, and we firmly believe the economic benefits of expanding to retail sports betting could include the creation of employment, stimulating local main street economic activity, allow local entrepreneurs the opportunity to enjoy ancillary revenue by leveraging the customer relationships procured over many years, engage owners and employees with their patrons and enjoy greater core product sales, and generate much needed tax revenue to contribute to local infrastructure such as roads, libraries, education, and healthcare. Partnerships with US Integrity and the National Council on Problem Gambling combine product and service integrity with Elys’ cutting-edge Build-Your-Bet retail technology as experienced at Grand Central Restaurant and Sportsbook DC, OverUnder Lounge and Sportsbook DC and Ocean Casino, to bring a new safe and fair level of convenience and bet velocity for in-game events to land-based betting that will develop throughout the US in the coming years.”
“New York sports fans have enthusiastically embraced sports betting, either at brick-and-mortar casinos or from their mobile devices, and are hungry for more. New York must capture this economic opportunity and expand the type of licenses available to restaurants and meet consumer demand. The restaurant industry is well positioned to take advantage of this burgeoning marketplace and grow New York’s sports betting footprint. We understand sports betting terminals and kiosks will not have a place in every restaurant and expanding available licenses will not be a silver bullet for the industry. However, for those where this is a fit, the additional revenue from on-premises sports betting could mean the difference between closing and survival,” said Melissa Fleischut, President & CEO of the New York State Restaurant Association.
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. 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 in Italy and has operations in five states as well as the District of Columbia in the U.S. market. Elys' vision is to become a global leader in the gaming industry through the development of pioneering and innovative technology.
The Company provides wagering solutions, 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.
About New York State Restaurant Association
The New York State Restaurant Association (“NYSRA”), the official voice of the restaurant industry in New York state, is a non-for-profit the trade association for New York restaurants. We work to further the business interests of restaurant owners and to provide valuable support services to our members. The NYSRA provides a platform for statewide cooperation and leadership on advocacy issues, along with resources and support to help restaurateurs succeed.
NYSRA provides value to members through access to powerful resources and support. From advocacy and compliance, events and education, to training and cost saving programs - our focus is on helping our members grow their business and making their job easier. Together with our members, we are shaping the future of the restaurant industry.
Additional information is available on the NYSRA website at www.nysra.org and can be followed on Twitter and Instagram at @nysra.
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. 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. Although the Company believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that any of its expectations will be attained. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to complete a soft launch, to commence sports wagering services, the retail sports betting within neighborhood establishments becoming a key driver for local employment and economic recovery, the joint venture license framework setting a precedent model for other states and jurisdictions, the Company playing a key role in the community business ecosystem, 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, 2021 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent quarterly 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.
Company Contacts:
Elys Game Technology, Corp.
Investor Relations
Tel.: 1-561-838-3325
Email: i.relations@elysgame.com
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