Jackpot Digital Announces LOI With US Midwest Casino

Rhea-AI Summary

Jackpot Digital Inc. has received a Letter of Intent from a Midwestern US casino to trial five Jackpot Blitz^TM electronic table games (ETGs) for ninety days, pending regulatory approvals. CEO Jake Kalpakian highlighted growing interest in their ETGs, stating that they aim to navigate the licensing process to expand into new markets. The company is enhancing its licensing efforts to optimize market entry strategy. However, there are uncertainties regarding the trial period's success and the regulatory approvals needed.

Positive

• Acquisition of a Letter of Intent for a trial of five Jackpot Blitz ETGs indicates growing demand.
• Plans to streamline licensing processes for entering new markets could enhance future growth.

Negative

• The trial's success and future approval of ETGs by the casino are uncertain.
• Regulatory approval for the new jurisdiction remains a risk.

VANCOUVER, BC / ACCESSWIRE / September 2, 2021 / Jackpot Digital Inc. (the "Company" or "Jackpot") (TSXV:JJ)(TSXV:JJ.WT.A)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(OTCQB:JPOTF)(Frankfurt:LVH3). Jackpot is pleased to announce that it has received a Letter of Intent from a casino located in the Midwestern, United States for five Jackpot Blitz^TM ETGs on a ninety-day trial period basis, and which is subject to obtaining the customary regulatory approvals.

President & CEO Mr. Jake Kalpakian states, "We are seeing growing interest for our Jackpot Blitz^TM ETGs including in new markets and are now commencing the licensing process for this new jurisdiction. Licensing is a critical step toward opening new markets and varies by jurisdiction. We are determined to enter new markets in a pragmatic manner to create as large a product footprint as possible. Our objective is to add licenses for several new strategic jurisdictions, and we have brought in staff dedicated to managing and streamlining our license applications process. While the regulatory process is necessary and takes time to build, it ultimately strengthens the Company's future."

About Jackpot Digital Inc.
Jackpot Digital Inc. is a leading electronic table games manufacturer and mobile gaming provider for the cruise ship industry and regulated casino industry. The Company specializes in multiplayer gaming products, including poker and casino games, which are complemented by a robust suite of backend tools for operators to efficiently control and optimize their gaming business.

For more information on the Company, please contact Jake H. Kalpakian, President and CEO, at (604) 681-0204 ext 6105, or visit the Company's website at www.jackpotdigital.com.

On behalf of the Board of Jackpot Digital Inc.,

"Jake H. Kalpakian"
Jake H. Kalpakian
President & CEO

Trading in the securities of the Company should be considered speculative.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Certain statements contained herein are "forward-looking". Forward-looking statements may include, among others, statements regarding future plans, costs, objectives, economic or technical performance, or the assumptions underlying any of the foregoing. In this News Release, words such as "may", "would", "could", "will", "likely", "enable", "feel", "seek", "project", "predict", "potential", "should", "might", "objective", "believe", "expect", "propose", "anticipate", "intend", "plan", "estimate", and similar words are used to identify forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, projections and estimations, there can be no assurance that these assumptions, projections or estimations are accurate. Furthermore, there are no assurances whatsoever that the five Jackpot Blitz^TM ETGs will be accepted after the ninety-day trial period by the casino in the Midwestern, United States, and there are no assurances whatsoever that the applicable regulatory approvals will be obtained by Jackpot. Readers, shareholders and investors are therefore cautioned not to place reliance on any forward-looking statements as the plans, assumptions, intentions or expectations upon which they are based might not occur.

SOURCE: Jackpot Digital Inc.

View source version on accesswire.com:
https://www.accesswire.com/662480/Jackpot-Digital-Announces-LOI-With-US-Midwest-Casino

FAQ

What did Jackpot Digital announce on September 2, 2021?

Jackpot Digital announced a Letter of Intent from a Midwestern US casino for a 90-day trial of five Jackpot Blitz ETGs.

What is the significance of the Letter of Intent for Jackpot Digital?

The Letter of Intent reflects growing interest in Jackpot's products and represents a potential expansion into a new market.

What are the potential risks mentioned in the press release for Jackpot Digital?

The potential risks include uncertainties regarding regulatory approvals and the success of the ETGs after the trial period.

How is Jackpot Digital planning to enter new markets?

Jackpot Digital aims to streamline its licensing process for expanding into several new jurisdictions.

What is the stock symbol for Jackpot Digital?

The stock symbol for Jackpot Digital is JPOTF.