i3 Interactive Inc. announces corporate strategy to enter US market
Toronto, ON - March 16th, 2021 - i3 Interactive Inc (i3 Interactive) ("i3 Interactive Inc" or the "Company") (CSE: BETS) (FRA: F0O3) (OTC: BLITF) - a leading global online and mobile gaming company, is pleased to announce its strategy for entering the US online gambling market.
i3 Interactive believes it has identified an opportunity in the U.S. market which is currently underserved and has signed an agreement to collaborate with a large US-facing commercial partner to exploit this gap in the market.
i3 Interactive is confident that there are a number of land-based casino operators who have market access (namely the ability to obtain a license) for online gambling in the U.S. states where gambling has recently been legalized but who currently have limited expertise in building and managing a digital gambling platform and offering.
Whist there are various outsourcing options available to these land-based operators, the Company believes the more aspirational operators want to retain more control of their digital destinies, their brands and their customer databases. They also want to be able to maximize and control a greater share of the economic value creation while diversifying the upfront financial investment, thus reducing their initial risk.
Industry experts estimate that the U.S. online gambling market (sports betting and iGaming) will reach in excess of $20 billion per annum in Gross Gaming Revenue1 The lack of permissive online gambling regulations until recently in the U.S. means that online gambling experience is limited in the U.S. market. Online gambling has, however, been permitted in other countries and regions for over two decades. The Company has assembled a team of online gambling executives, with over 100 years online gambling experience, it believes can provide land-based operators with the knowledge, experience and expertise to capitalise on the growing US online gambling market.
CEO, Chris Neville said: "The Company is hugely excited by this opportunity in the burgeoning U.S. online gambling market. We have a great team and a great partner to add significant value to future potential partners in this space."
1 Morgan Stanley Research Estimates
ABOUT i3 Interactive (i3 Interactive Inc.)
i3 Interactive is a publicly-traded company listed in Canada, USA and Germany (CSE: BETS ; OTC: BLITF ; FRA: F0O3). The Company, led by a management team with a combined experience of over 100 years leading online gaming companies globally, is in the business of providing its customers with entertaining, exciting and engaging online gaming products with a unique brand position and a blend of skill-based games and games of chance. The Company's product suite includes social gaming, fantasy sports, quiz games, poker, rummy, sports betting, as well as thrilling games of chance as part of its certifiably fair online casino. The product offering is available in countries in line with each jurisdictions' current regulatory environment. The Company will soon be adding to both its product offering and geographic availability as it strives to make its products available globally.
For additional information on the Company:
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This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. The forward-looking statements in this press release include statements relating to the projections for growth in the Indian online gaming market, the successful acquisition of BLITZPOKER and the timing of its acquisition, regulatory approval of the acquisition, the projections for growth in BLITZPOKER's profit and popularity. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, (i) the costs of compliance with and the risk of liability imposed under the laws of the jurisdictions in which the Company is operating or will operate (the "Operating Jurisdictions") including gambling laws and regulations, sports betting laws and regulations and mobile or online gambling and sports betting laws and regulations, (ii) negative changes in the political environment or in the regulation of mobile and online sports betting or gambling and the Company's business in the Operating Jurisdictions, (iii) risks relating to COVID-19 (iv) negative shifts in public opinion and perception of the gambling industry, (v) significant competition in the industry, (vi) risks of product liability and other safety-related liability as a result of usage of the Company's planned gambling and betting products, (vii) loss of intellectual property rights or protections, (viii) cybersecurity risks, (ix) constraints on marketing products,(x) fraudulent activity by employees, and (xi) risk of litigation. Readers are 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. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that , (i) the Company's financial condition and development plans do not change as a result of unforeseen events, (ii) there will continue to be a demand, and market opportunity, for the Company's product offerings, (iii) the Company will be able to establish, preserve and develop its brand, and attract and retain required personnel, and (iv) current and future economic conditions will neither affect the business and operations of the Company nor the Company's ability to capitalize on anticipated business opportunities) although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company's future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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