Elys Game Technology Comments on Canadian Legislation to Legalize Single-Event Sports Wagering in Canada

Rhea-AI Summary

Elys Game Technology, Corp. (Nasdaq:ELYS) lauds proposed Canadian legislation to legalize single-event sports wagering, potentially enabling provinces to manage these activities. CEO Michele Ciavarella emphasizes strong bipartisan support for the bill, predicting a positive impact on Elys and the industry. With an estimated CDN$80 billion wagered annually on sports in Canada, the company believes it can capitalize on this opportunity, leveraging its established presence and advanced technology to expand operations across Canadian provinces.

Positive

• Potential for significant revenue growth with the estimated CDN$80 billion wagered annually on sports in Canada.
• Strong bipartisan support for proposed legislation may facilitate timely legalization of single-event sports betting.
• Elys expects to leverage its existing presence and technology in Canada to expand business operations.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq:ELYS), an interactive gaming and sports betting technology company, today commented on proposed Canadian Federal Government legislation to legalize single-event sports wagering in Canada (Bill C-13 "An Act to amend the Criminal Code (single event sport betting)."

The proposed changes would give provinces and territories the ability to offer single-event sport betting products and the discretion to manage single-event sport betting in their respective jurisdictions. In provinces and territories that choose to offer single-event sport betting, Canadians would have an opportunity to engage in this activity in a regulated environment, either online or in physical facilities.

“We commend Canada’s Minister of Justice and Attorney General for introducing this important legislation in support of single-event sports betting,” stated Michele (Mike) Ciavarella, Chairman and CEO of Elys Game Technology, Corp. “We believe there is strong bi-partisan support for this bill and, if passed, would have a very positive impact for both Elys, given our strong leadership in the space, as well as the overall industry, which has been negatively impacted by the COVID-19 pandemic. We estimate that approximately CDN$80 Billion is wagered on sports each year in Canada. With our established relationship foothold in Canada, sportsbook experience and cutting-edge Elys betting technology, we believe there is a tremendous opportunity to expand our business across the provinces.”

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. The Company has completed the product regulatory requirements to commence B2B operations in the United States. 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 strong bi-partisan support for the proposed Canadian Federal Government legislation to legalize single-event sports wagering in Canada, the positive impact for both Elys, as well as the overall industry, if the bill is passed, approximately CDN$80 Billion being wagered on sports each year in Canada and the opportunity to expand the Company’s business across the provinces. 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 offer single-event sport betting products and the discretion to manage single-event sport betting to Canadians as contemplated by the legislation, having strong bi-partisan support to pass the legislation, the legislation, if passed, having the positive impact for Elys as expected; the wagering of CDN$80 Billion sports each year in Canada as expected; the Company’s ability to expand its business across the provinces as planned, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the 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, 2019 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.