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Elys Game Technology with Wright Bet Ventures Exceed First Fifty Location Partners for Expansion in Ohio
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Elys Game Technology, Corp. (NASDAQ:ELYS) announced a partnership with Wright Bet Ventures in Ohio, resulting in over 50 retail host locations agreeing to implement Elys' sports wagering solution within the first month. The company's Type C application is pending regulatory approval by the Ohio Casino Control Commission. Elys aims to capitalize on Ohio's lucrative sports betting market, projected to generate nearly $1 billion in gross gaming revenue over three years. Elys' expanding strategy includes installing kiosks in retail locations, enhancing customer experience with innovative features.
Positive
Partnership with Wright Bet Ventures leading to over 50 retail agreements in Ohio.
Anticipated market potential of nearly $1 billion in gross gaming revenue over three years.
Scalable business model with two kiosks per location, attracting clientele and creating new revenue streams for small businesses.
Negative
Launch of sports wagering is subject to regulatory approval, posing uncertainty for operations.
Dependence on timely approval and implementation by the Ohio Casino Control Commission.
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 that the partnership with Wright Bet in Ohio has surpassed 50 “Type C” retail host locations that have agreed to install Elys’ sports wagering solution, exceeding the Company’s initial expectations for the first month. Elys has submitted its Type C application and is currently following OCCC protocols to complete outstanding items. The launch of sports wagering in the state of Ohio is subject to regulatory approval, and all required licenses must be approved by the Ohio Casino Control Commission (the “OCCC").
Michele Ciavarella, Executive Chairman of Elys, commented, “We could not be more pleased with the progress of our planned expansion into Ohio, together with the tremendous on-the-ground efforts of our partners Wright Bet Ventures. These efforts have reached agreements with more than 50 retail host locations including bars, restaurants, delis, bowling alleys, truck stops and a variety of other such businesses throughout the state within the first 30 days alone. We believe that our strategy of installing up to two point-of-sale kiosks or ticket terminals at each location is highly scalable, and provides a compelling value proposition to retail businesses. Importantly, our sportsbook solution not only provides small businesses a new revenue stream but also helps them attract clientele, which is especially valuable as restaurants and bars seek to recover in the wake of the pandemic.
Elys’ technology team remains committed to developing new customer-facing and back-office features that will continue to improve our customers’ competitive edge in their respective markets by offering a highly entertaining player experience. Moreover, we believe that our unique Build-a-Bet feature provides retail businesses a clear advantage over competing providers in Ohio, as demonstrated by our experiences at Grand Central Restaurant in Washington, DC and Ocean Casino Resort in Atlantic City, New Jersey. Since initially launching our first sportsbook location in Washington DC in October 2021, we have rapidly expanded to additional locations and have seen a significant increase in bet tickets and amounts wagered through these establishments. We look forward to replicating this success in Ohio on a much larger scale.”
Governor Mike DeWine signed HB 29 into law on December 22, 2021, where Ohio's sports betting market could be one of the country's largest and is anticipated to generate nearly $1 billion in gross gaming revenue over the next three years. Recently, the Ohio Lottery released updated Operating Standards for potential Type C Proprietors that include requirements for financial processing, wagering systems and devices, and other critical elements for the launch of sports betting under the Type C model in the Ohio market, with an expected universal start date scheduled for January 1, 2023.
Additional information about offering sports wagering for location hosts in Ohio may be obtained by contacting Elys’ partners Adam Stachler or Raj Shah at Wright Bet Ventures through their website at: Wright Bet Ventures.
About Wright Bet Ventures LLC
Wright Bet Ventures is a private equity backed sports wagering solutions business based out of Dayton, Ohio with deep roots in the region. It is majority-owned and operated by a minority that is underrepresented in the gaming industry and is very focused on inclusion and diversity in its ventures. The company sees its mission as two-fold. One is to facilitate a unique sportsbook experience for local restaurant and bar owners and potentially drive economic growth and job opportunities in the region. The second mission is to use some of its proceeds to directly help local charities and nonprofits in addition to the state and local tax revenue it intends to generate with this venture. One of the local nonprofits that it will be directly working with and supporting is the Head Start Program with the Miami Valley Childhood Development Program which is focused on pre-K education in our underserved communities of color.
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 the Company’s strategy of installing up to two point-of-sale kiosks or ticket terminals at each location being highly scalable and providing a compelling value proposition to retail businesses, the Company developing new customer facing and back-office features that will continue to improve customers’ competitive edge in their respective markets by offering a highly entertaining player experience, the Company’s Build-a-Bet feature providing retail businesses a clear advantage over competing providers and the Company replicating in Ohio on a much larger scale its success at Grand Central in Washington, DC and Ocean Casino Resort in Atlantic City, New Jersey. 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 provide a compelling value proposition to retail businesses, the Company’s ability to develop new customer facing and back-office features that will improve customers’ competitive edge in their respective markets, the Company’s ability to replicate its success at Grand Central in Washington, DC and Ocean Casino Resort in Atlantic City, New Jersey in Ohio on a much larger scale, 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 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.
What is Elys Game Technology's recent announcement in Ohio?
Elys Game Technology announced a partnership with Wright Bet Ventures, resulting in over 50 retail locations agreeing to install its sports wagering solution.
When is the expected launch date for sports betting in Ohio by Elys?
The launch is subject to regulatory approval, but the anticipated start date is January 1, 2023.
What revenue is projected from the Ohio sports betting market?
The Ohio sports betting market is projected to generate nearly $1 billion in gross gaming revenue over the next three years.
What role does the Ohio Casino Control Commission play in Elys' operations?
The Ohio Casino Control Commission must approve Elys' Type C application and ensure compliance with operational standards before launching its betting services.
How many retail locations has Elys partnered with in Ohio?
Elys has partnered with over 50 retail host locations in Ohio within the first month of the partnership.
