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Bill C-218, which would make it legal to bet on individual sports events, has passed its first vote in the House of Commons
FansUnite Entertainment Inc. (CSE: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company") is pleased to announce that, Bill C-218 was voted on and passed at second reading in the House of Commons on February 17, 2021. The near unanimous vote demonstrated the huge level of support from all parties for single-event sports wagering in Canada.
Known as The Safe and Regulated Sports Betting Act, Bill C-218 repeals a section of Canada's criminal code which makes wagering on a single sporting event illegal. The bill will now enter into the last phase of hearings with the Justice Committee before moving to the senate and then to Governor-General for Royal Assent.
"We are pleased to see the overwhelming support of legalizing single event sports betting in Canada in the Canadian House of Commons this week as it represents a major milestone for the entire industry," said Scott Burton, CEO of FansUnite Entertainment. "With interest in legal sports betting growing in both Canada and the U.S., seeing a vote of 303-15 in a first vote in the House of Commons demonstrates the desire from several political parties to amend an outdated Canadian law."
By providing a regulated and thorough framework for single sports betting in Canada, provincial jurisdictions will be in a better position to enable betting from consumers while generating new forms of tax revenue from outside operators looking to expand into the Canadian gambling ecosystem.
"As a gaming operator in regulated jurisdictions, we have sports betting companies around the globe that are currently utilizing our technology to enable their growth," continued Mr. Burton. "With the advancement of Bill C-218, and our relationships with stakeholders here in Canada, we are in a favourable position to replicate our global gambling strategy and capture market share here on our own soil."
About FansUnite Entertainment Inc.
FansUnite is a sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. The principal business is operating the FansUnite Sportsbook and the website of its wholly-owned subsidiary, McBookie Limited, offering online gaming services to the UK market. FansUnite is also a provider of technology solutions, products and services in the gaming and entertainment industry and looks to acquire technology platforms and assets with high-growth potential in new or developing markets.
For further information, please contact:
Prit Singh, Investor Relations at FansUnite
ir@fansunite.com
(905) 510-7636
Scott Burton, Chief Executive Officer of FansUnite
scott@fansunite.com
Darius Eghdami, President of FansUnite
darius@fansunite.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD-LOOKING STATEMENTS : Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or similar expressions to be uncertain and forward-looking. Forward-looking statements may include, without limitation, statements relating to future outlook and anticipated events such as: Bill C-218 receiving royal assent, the effect of Bill C-128 on online gaming activities, the ability of FansUnite to implement their Canadian licensing strategy; FansUnite's ability to fulfill technology needs with its platform; business development plans of FansUnite; the Company's unique portfolio of assets; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of FansUnite to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Additional information regarding the risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Non-Offering Prospectus dated March 27, 2020 filed on its issuer profile on SEDAR at www.sedar.com and risks related to global pandemics, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and influence of macroeconomic developments. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking statements in this news release are made as of the date of this release. FansUnite disclaims and does not undertake to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74835
