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Elys Game Technology Expands to Fifth location in Washington, DC with Sportsbook at Entitlement Restaurant and Cigar Lounge
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Elys Game Technology, Corp. (NASDAQ:ELYS) has entered into an agreement with Petworth Wagering, LLC to operate a sportsbook at Entitlement Restaurant and Cigar Lounge in Washington D.C. This venue will be the fifth location in D.C. utilizing Elys' sportsbook system, enhancing the company’s strategy of integrating sports betting into social venues. The agreement spans an initial three-year term with two possible two-year extensions. Elys aims to boost revenue and employment opportunities through this partnership while continuing to expand its presence in the gaming market.
Positive
Agreement to operate a sportsbook at Entitlement Restaurant in D.C.
Expansion of Elys' sportsbook presence, marking the fifth venue in D.C.
Initial contract term of three years with extensions possible, indicating long-term partnership potential.
Potential for increased revenue and job creation in the local area.
Negative
Dependency on successful licensing for the sportsbook operation at Entitlement.
Competition risks from other gaming technologies and operators in the region.
NEW YORK--(BUSINESS WIRE)--
Elys Game Technology, Corp. (“Elys" or the “Company") (Nasdaq:ELYS)(BER:3UW), an interactive gaming and sports betting technology company, today announced the agreement the Petworth Wagering, LLC to operate a sportsbook at Entitlement Restaurant and Cigar Lounge (“Entitlement”) located at 829 Upshur Street NW, in Washington D.C.The Company's wholly owned subsidiary USBookmaking is expected to provide sport wagering and bookmaking services to manage the sportsbook risk.
Entitlement is a full service neighborhood restaurant lounge situated in one of DC’s trendiest communities in the Petworth district of Washington, DC. The venue serves traditional American food and an array of beverages in an inclusive environment designed for socializing and networking. If successfully licensed, Entitlement will become the fifth restaurant and bar in Washington, DC where patrons could enjoy the excitement of sports wagering on the Elys sportsbook system in the comfort and ambiance of their favorite social establishment. The agreement has an initial term of three years from the date of issuance of the license with two possible extensions of 2 years each.
In October 2021, Elys launched its small business strategy to place a white label sportsbook in restaurants and bar venues at the Grand Central Restaurant and Sportsbook in the Adams Morgan area of Washington, DC.
“We are looking forward to launching our fifth sportsbook with our latest partners and management team at Entitlement Restaurant and Cigar Lounge in the Petworth district of Washington, DC. and to further expanding our sportsbook footprint within restaurants and bars in DC and neighboring states over the coming months,” commented Michele Ciavarella, Elys Executive Chairman. “We believe that adding sports wagering within an exciting environment where patrons can enjoy their favorite food and beverages could bring an entirely new vibe to the establishment and could drive ancillary revenue and foster employment opportunities for small businesses. Partnering with Entitlement provides further affirmation of the scalability and flexibility of the Elys retail sportsbook solution and is a key driver in our pathway to profitability and development of long-term shareholder value in Elys Game Technology.
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.
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 Entitlement becoming the fifth Washington, DC restaurant on the Elys sportsbook system, launching the sportsbook with our latest partners and management team at Entitlement Restaurant and Cigar Lounge, expanding our sportsbook footprint within restaurants and bars in DC and neighboring states over the coming months, belief that sports wagering could bring an entirely new vibe to the establishments, driving ancillary revenue and foster employment opportunities for small businesses, Entitlement providing further affirmation of the scalability and flexibility of the Elys retail sportsbook solution, driving profitability and long-term shareholder value. 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 license and launch the fifth Washington, DC restaurant on the Elys sportsbook system, the Company’s ability to expand its sportsbook footprint within restaurants and bars in DC and neighboring states over the coming months, the Company’s belief that adding sports wagering could bring an entirely new vibe to the establishments, the Company’s ability to drive ancillary revenue and foster employment opportunities for small businesses, the Company’s ability provide further affirmation of the scalability and flexibility of the Elys retail sportsbook solution through the partnership with Entitlement, the Company’s ability to drive profitability and long-term shareholder value, 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 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.
