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Elys Game Technology, Corp. (Elys), an interactive gaming and sports betting technology company, is pleased to announce today that the Company has reached agreed terms to establish an exclusive partnership with Wright Bet Ventures LLC (Wright Bet) to operate multiple sportsbooks in the state of Ohio. The Company’s wholly-owned subsidiary USBookmaking (“USB”) will provide sport wagering services to manage the sportsbook risk and provide bookmaking services.
The Company looks to continue the successful Washington, D.C. model in the state of Ohio, which could allow non-conventional gaming venues such as bars, restaurants, and other such businesses acquire licenses to offer a turn-key sportsbook to patrons within their establishments. If successfully licensed by the Ohio Casino Control Commission (the “OCCC”), the Elys and Wright Bet partnership could offer up to 12 sportsbook locations throughout the state of Ohio.
“We look forward to expanding our U.S. footprint into the state of Ohio and importantly contribute to the grassroots economy by partnering with local businesses and passionate entrepreneurs like Dr. Kamal Morar and the entire team at Wright Bet,” stated Michele Ciavarella, Executive Chairman of Elys. “We believe that our cutting-edge Gameboard technology puts Elys in a league of its own as a first mover and pioneer in the U.S. small business sportsbook sector and continuing to support minority and women owned businesses. We have also been very active with our multipronged approach to our operations in Europe as well as large land-based installations in tribal casinos and at the prestigious Ocean Casino Resort in New Jersey, along with plans to launch our unique digital solution with Lottomatica SpA. We expect our expansion to cover each potential sector of sports betting distribution in North America through 2022 and 2023 and believe this growth could result in strong corporate earnings, and extract value for our partner businesses like Wright Bet, investors and shareholders in the long-term.”
“We are thrilled to enter into this partnership with Elys,” stated Dr. Morar, Co-Founder of Wright Bet Ventures, who sees this as an opportunity for a locally owned and operated entity to partner with a professional outfit like Elys that has years of industry know-how specifically in operating sportsbooks out of local, more intimate venues such as restaurants and bars. “We were very surprised that there are actually very few companies in the industry that have the technology and focus primarily on this space. There are many in the online and large casino sectors, but very few are singularly focused on technology that is appropriate to be implemented into smaller more private facilities such as local establishments. Our vision with Wright Bet Ventures is to bring the sportsbook experience into our community without altering the identities of the local establishments with which we partner. Our goal is to create the next level of interactive gaming experiences for Ohioans while we are enjoying events with friends and family in the comfort of places we already know and love,” continued Dr. Morar.
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. Recently, the OCCC released updated regulations on house rules and license-specific proprietor duties as well as responsible gambling programs. Subject to the completion and assessment of public comments, the anticipated launch for sports betting in Ohio is scheduled for January 2023.
With its extensive experience in regulated markets, Elys endeavors to work with state regulators to bring the small business sportsbook solution to the massive, underserved network of unconventional betting locations and establishments throughout the nation. With the initial launch in Washington DC and soon expected with Wright Bet in Ohio, the unique Elys small business sportsbook model could be a key driver for economic recovery, employment growth and increase in visiting patrons for businesses hard hit by the pandemic.