Elys Game Technology to Operate Second Small Business Sportsbook Location in Washington, DC
Elys Game Technology announced an agreement to operate a sportsbook at The Cloakroom in Washington, DC. This venture marks the company's second implementation of its strategy to provide advanced betting technology via a white label sportsbook solution in hospitality venues. Elys aims to enhance revenue streams for both Elys and Cloakroom, potentially increasing food and beverage sales and customer loyalty. The company expects this partnership will contribute to significant growth in gross gaming revenue in the region.
- Agreement to operate a sportsbook at The Cloakroom, increasing market presence.
- Second execution of Elys' small business strategy could drive revenue growth.
- Partnership expected to enhance customer engagement and loyalty.
- None.
NEW YORK, NY / ACCESSWIRE / February 14, 2022 / Elys Game Technology, Corp. ("Elys" or the "Company") (Nasdaq:ELYS), an interactive gaming and sports betting technology company, today announced the agreement to operate a sportsbook with The Cloakroom ("Cloakroom") located at 476 K St. NW, Washington DC, 20001. The Company's wholly owned subsidiary USBookmaking will provide sport wagering services to manage the sportsbook risk and provide trading services.
The partnership with Cloakroom would represent the Company's second successful execution of its strategy to offer advanced betting technology through a white label sportsbook solution in restaurant and bar venues. Elys launched its small business strategy in October 2021 with the Grand Central Restaurant and Sportsbook ("Grand Central") in the Adams Morgan area of Washington, DC. Since then, metrics sequentially for October, November, and December have shown significant growth period-over-period for both Elys and Grand Central.
"We are thrilled to begin working with Elys Game Technology and their incredible team, and look forward to a profitable and successful partnership," stated Tony Cavasilios, co-owner of The Cloakroom. "We expect the Cloakroom's new partnership with Elys and USBookmaking to drive revenue for both parties, as well as increase food and beverage sales and customer loyalty within our establishment. We believe the Cloakroom will be the first adult entertainment venue operating a Class B licensed sports wagering business in the U.S., and very proudly welcome all to visit our new sportsbook floor opening soon."
"We are very pleased with the commitment that the Cloakroom ownership and management team have made to bring this exciting opportunity forward with Elys and USBookmaking. We are equally delighted to have worked closely with DC regulators to develop a simplified application model that would permit several small business applicants in the District of Columbia to enjoy the business benefits that a professionally operated sportsbook solution could add to their establishments," commented Michele Ciavarella, Elys Executive Chairman. "This solution could bring an ancillary revenue stream, offer employment opportunities and significantly drive patron engagement and loyalty, while potentially increasing core business sales when customers come for sports driven events and stay for the energetic atmosphere. We believe that with their attention to customer service, the Cloakroom could see a significant benefit to their overall business with Elys' turnkey Small-Business Sportsbook. With our robust pipeline of businesses in DC, Maryland and neighboring states, we expect to see a rapid expansion to multiple locations and a continued growth trend in gross gaming revenue from small business deployments for the foreseeable future.
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.
About The Cloakroom
The Cloakroom is a multi-level adult entertainment venue located in the heart of Mount Vernon Triangle, NW Washington, DC. The venue is considered one of Washington's most exclusive lounges and has been industry nominated for "Best Overall Gentlemen's Club in the Country". Cloakroom also boasts a year-round rooftop bar level that will play a pivotal role in its unique betting operations. Additional information is available on the venue's website at www.cloakroomdc.com
Friends can follow Cloakroom on Instagram: @Cloakroom_DC, and on Twitter: @CloakroomDC.
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 second successful execution of the Company's advanced gaming technology, profitable and successful partnership, driving revenue, increasing food and beverage sales, permitting small business applicants to enjoy the business benefits of a professionally operated sportsbook, ancillary revenue stream, employment opportunities and patron engagement and loyalty, increasing core business, seeing a continued growth trend in the foreseeable future. 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 operate a sportsbook with the Cloakroom as planned, the successful execution of the Company's advanced gaming technology as expected, driving revenue as expected, increasing food and beverage sales as expected, permitting small business applicants enjoy business benefits as expected, bring ancillary revenue stream as planned, offer employment opportunities and drive patron engagement and loyalty as expected, increase core business as expected, see a continuous growth trend in the foreseeable future 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.
Contacts:
Elys Game Technology, Corp.
Michele Ciavarella, Executive Chairman
Tel: 1-628-258-5148
Email: m.ciavarella@elysgame.com
Investor Contact:
KCSA Strategic Communications
Valter Pinto or Jack Perkins
Tel: 1-212-896-1254
Email: ELYS@KCSA.com
SOURCE: Elys Game Technology, Corp.
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