VIP ENTERTAINMENT TECHNOLOGIES INC. CLOSES ACQUISITION OF CONTAGIOUS SPORTS AND ITS UNITED KINGDOM GAMING LICENSE
Calgary, Alberta– May 10, 2023 / VIP Entertainment Technologies Inc. (TSXV: VIP) (“VIP” or the “Company”) is pleased to announce it has closed the acquisition of Contagious Sports (“Contagious”) and its United Kingdom Gaming License (“UKGL”).
Further to the press release dated April 05, 2023, VIP has closed the transaction to acquire all issued and outstanding shares of Contagious, whose main asset is an active United Kingdom Gaming License. VIP is enthusiastic about the prospect of continuing its growth through the acquisition of UKGL. This transaction enables the company to have immediate access to new and existing users covered under this highly prestigious license. This license encompasses a territory consisting of one of the largest gaming and sports betting markets per capita globally.
The acquisition consideration is payable in the form of a net gaming revenue sharing arrangement. VIP will pay up to $1-million solely from 10 per cent of the net revenue after expenses derived from the territories covered under the acquired licence. There are no immediate costs to VIP in regard to the acquisition.
VIP is focused on increasing its core business in the iGaming industry through strategic acquisitions such as Contagious Sports as it transforms itself into a premier entertainment gaming company in a rapidly evolving and growing industry. The acquisition of Contagious and its UKGL is a huge step forward for VIP to expand its presence in the gaming industry worldwide.
“VIP is excited to announce the acquisition of Contagious. This acquisition allows us to immediately begin operations in the United Kingdom offering its pay-to-play products to boost its overall Gaming Related Revenues while increasing its brand exposure”, stated Joel Donais, CEO of VIP.
About VIP Entertainment Technologies Inc.
VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For further information please visit www.vipentertaingroup.com or contact:
VIP Entertainment Technologies Inc.
Joel Donais, Chief Executive Officer
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