ZK International's Wholly Owned Subsidiary, xSigma Entertainmanent Announces the Acquisition of a Live Golf Betting Software

Rhea-AI Summary

ZK International Group's subsidiary, xSigma Entertainment, has acquired live golf betting software to offer as a B2B solution for iGaming operators. The software enables real-time betting on golf games, supporting hole-by-hole bets with quick integration via API. A beta test will involve existing sportsbooks, with production set for Q3 2021. xSigma is also investing $50 million in MaximBet, a US sports betting venture, leveraging a projected $10 billion market by 2025. This acquisition is expected to enhance xSigma's presence in the growing online gaming market.

Positive

• Acquisition of live golf betting software positions xSigma Entertainment strategically in the growing iGaming market.
• Investment of $50 million in MaximBet expected to leverage a projected $10 billion sports betting market by 2025.

Negative

• None.

WENZHOU, China, April 21, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International") is pleased to announce that xSigma Entertainment, a wholly-owned subsidiary of ZK International, announced the acquisition of a live golf betting software. The software will serve as an enterprise B2B solution, offered to iGaming operators. xSigma Entertainment plans to beta test the software via several existing sportsbooks.

"Gambling on Golf Is About to Explode. The holy grail is in-play bets. The possibilities are endless." ¹

Wall Street Journal, Apr 2021

The acquired sportsbook software enables customers to bet on live golf games in real-time. Specially designed for high frequency betting, the software supports hole-by-hole bets and a quick integration into third party websites through API. It is optimized for both desktop and mobile experiences. The live demo is available online at www.live-golf-bet.com

xSigma Entertainment has partnered with several existing sportsbook operators to test the software which is on schedule for production in Q3 2021. The Company will support xSigma Entertainment's plans to acquire more proprietary betting software in the future.

Recently, xSigma Entertainment announced its commitment to invest $50 million in MaximBet, a regulated US sports betting business that is in an industry projected to have $10 billion market volume by 2025. MaximBet is a mutual venture of the legendary Maxim magazine and a leading iGaming company Carousel Group, which currently has live operations in Colorado. The Carousel Group has also entered into a multi-state, 10 year partnership with Caesars Entertainment, Inc., (NASDAQ:CZR) that will see its online sportsbook made available to customers in New Jersey, Indiana and Iowa, as well as its online casino made available in New Jersey, pending obtaining necessary gaming licenses. This partnership will bring together Maxim's brand and a multi-million base of their readers, and Carousel's team, proprietary software, licenses and multi-year experiences. MaximBet, which is the re-branding of the Carousel Group will be available in multiple US states as well as globally and will go live in the next 45 days.

^{1 https://www.wsj.com/articles/gambling-on-golf-is-about-to-explode-11617822000}

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based engineering company building and investing in innovative technologies for the modern world. With a focus on designing and implementing next-generation solutions through industrial, environmental and software engineering, ZKIN owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards.  

ZKIN's core business is to engineer and manufacture patented high-performance stainless steel and carbon steel pipe products that effectively deliver high quality, highly-sustainable and environmentally sound drinkable water to the Chinese, Asia and European markets.  ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee.  It has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the "Water Cube" and "Bird's Nest", which were venues for the 2008 Beijing Olympics.  ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which has been stated to be 70% unfit for human contact.  

In 2018, ZKIN established its wholly-owned xSigma Corporation to develop innovative software solutions that support its core operations while exploring new opportunities in smart contracts, distributed ledgers, supply chain management and blockchain architecture. The xSigma Labs team is made up of world-class developers and engineers formerly of Facebook, Google, Amazon, Ripple and 1inch, most recently launching its first DeFi project in the Fall of 2020. 

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.

About XSigma Entertainment Limited

XSigma Entertainment Limited is a wholly-owned subsidiary of ZK International Group Co., Ltd. It was established as part of xSigma's integrated network of companies focused on developing and investing in innovative software technology platforms. xSigma Entertainment's mandate is to acquire assets in the high-growth US gaming market. XSigma Entertainment aims to increase its shareholder value by targeting and investing in early stage online gambling businesses that are poised for exponential growth and exits. 

Safe Harbor Statement 

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International.  Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized.  In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Investor Contact:

Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386

 

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SOURCE ZK International Group Co., Ltd.

FAQ

What does ZKIN's subsidiary xSigma Entertainment's recent acquisition involve?

xSigma Entertainment acquired live golf betting software to offer as a B2B solution for iGaming operators.

How will xSigma test the new golf betting software?

The software will undergo beta testing with several existing sportsbooks.

What is the expected impact of the $50 million investment in MaximBet for ZKIN?

The investment is aimed at leveraging the projected $10 billion US sports betting market expected by 2025.

When is the new golf betting software expected to go into production?

The software is scheduled for production in Q3 2021.

What types of bets will the new golf betting software support?

The software allows for real-time betting, including hole-by-hole bets.