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Elys Game Technology Receives Approval to Operate Sportsbook at Ocean Casino Resort in Atlantic City
Rhea-AI Impact
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Rhea-AI Summary
Elys Game Technology announces that the joint petition with Ocean Casino Resort and Bookmakers Company US, LLC has been approved by the New Jersey Division of Gaming Enforcement for six months. This approval allows Elys to start sports betting transactions at Ocean from March 1, 2022. The Director of Operations at USBookmaking expressed excitement over the partnership, while the Executive Chairman of Elys highlighted this as a crucial step for expanding operations in North America and diversifying product offerings.
Positive
Joint petition approved for six months, allowing sports betting at Ocean Casino.
Anticipation of new and unique sports betting products for New Jersey players.
Strategic partnership with one of Atlantic City's top properties.
Negative
Dependence on NJDGE's ongoing approval for product submissions.
Potential operational risks associated with the regulatory landscape.
Ocean sportsbook represents a key inflection point for Elys’ North American strategy
NEW YORK--(BUSINESS WIRE)--
Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS) (BER:3UW), an interactive gaming and sports betting technology company, is pleased to announce that the joint petition of Ocean Casino Resort (“Ocean”) and Bookmakers Company US, LLC (“USBookmaking”), a wholly owned subsidiary of Elys, (the “Joint Petition”) has been approved for a term of six months from the date of the order of the New Jersey Division of Gaming Enforcement’s (“NJDGE”) Regulatory Enforcement Bureau dated February 25, 2022 (the “Order”).
The Order is subject to the continued approval of all product submissions by the NJDGE’s Technical Service Bureau as authorized by the issuance of an Approval Letter by the Director and subject further to the representations contained within the Joint Petition. The approval is further subject to each new product submission’s approval as required by the NJDGE’s Technical Service Bureau.
Pursuant to the Order, the Company expects to commence sports betting transactions in the temporary lounge situated at Ocean at 1 p.m. EST on Tuesday, March 1, 2022.
“Atlantic City is one of the top sports betting and resort destinations in the country and Ocean is one of the most prestigious properties in the area,” stated John Salerno, Director of Operations of USBookmaking. “We are delighted to begin our commercial partnership today with Ocean and their professional leadership and operational teams, and we also look forward to bringing new and unique sports betting products and services to New Jersey players.”
“We are very proud of our engineering and deployment teams at Odissea and USBookmaking for developing and delivering the new sportsbook platform at Ocean on-time while meeting the rigorous standards of the NJDGE Technical Service Bureau,” commented Michele Ciavarella, Executive Chairman of Elys Game Technology. “We plan to continue to work closely with the NJDGE in expanding our operational footprint and product diversification and believe that the soft launch today at Ocean is a key inflection point for our expansion in North America and a key component of our growth strategy within other casinos and partnerships with small businesses, as well as further development of the Company’s mobile platforms in 2022.”
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 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 commencing sports betting transactions on Tuesday, March 1, 2022, bringing new and unique sports betting products and services to New Jersey players, working with the NJDGE to expand our operational footprint and product diversification, Ocean being a key inflection point for our expansion in North America and component of our growth strategy in 2022. 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, commencing sports betting transactions on Tuesday, March 1, 2022 as expected, bringing new and unique sports betting products and services to New Jersey players as planned, working with the NJDGE to expand our operational footprint and product diversification as planned, Ocean being a key inflection point for our expansion in North America and component of our growth strategy in 2022 as expected, 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.
