VIP ENTERTAINMENT TECHNOLOGIES INC. HAS SIGNIFICANT BETTING ACTIVTY
Calgary, Alberta– August 8, 2023 VIP Entertainment Technologies Inc. (TSXV: VIP, OTC:VETIF) (“VIP” or the “Company”) is pleased to report strong growth following the granting of the Kahnawake Gaming Commission (KGC) license as reported on July 20th, 2023. In less than three weeks that the Company has been operating under the KGC license total betting handle is $ 428,535, which is a 190% increase as compared to the corresponding 3-week period preceding the granting of the license. The sports book handle has surpassed expectations, given the slow time of year for sports book betting. The company has also experienced strong growth in player registrations, with an increase of 240%, when compared to the previous month. The company has also seen significant increases in the level of daily activity on its platform, with players logins having increased by over 300% during this same period. VIP is very pleased with these results, as the Company had done very limited marketing during this period.
As VIP Entertainment Technologies gears up for the busy sports season starting in September, the company is launching an array of strategic marketing campaigns. These marketing campaigns will be in concert with the reactivation of its former top affiliates and agents, a move that will significantly contribute to an anticipated further surge in both sports book and casino handle. Leveraging the power of both historic and new strategic partnerships, VIP will be able to tap into a wide network of influencers and marketers, further solidifying its market presence and reach.
In anticipation of the fall sports season, player deposits have already increased by over 300%, as compared to the previous month, reflecting strong customer appetite for the upcoming gaming offerings.
VIP CEO, Bob Lunde, stated “I am very much looking forward to the upcoming fall betting season to see the full impact of the strategic sales and marketing relationships we have entered into. We have a great deal more work to do to fully take advantage of the opportunities we have in front of us, but I have tremendous confidence in the team at VIP and their ability to maximize those opportunities”.
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, which offers engagement and entertainment tools to users around the world. The Company is focused on a growth through affiliate relationship and networking strategy to increase its core business while keeping its cost of player acquisition at industry low levels. By acquiring customers efficiently and cheaply VIP will be able to keep costs down and margins high. 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:
Bob Lunde – Chief Executive Officer
Neither the TSXV 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 release.
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements are based on assumptions, including expectations and assumptions concerning the Company’s growth plan. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies Inc. which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.