Approval allows FansUnite to offer B2B and B2C gambling services throughout Europe
FansUnite Entertainment Inc. (CSE: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company"), a technology company providing leading online gaming solutions, is pleased to announce that Askott Entertainment (Malta) Ltd. and E.G.G Limited, wholly owned subsidiaries of FansUnite Entertainment, have received approval from the Malta Gaming Authority ("MGA"). The Gaming Service License and Critical Gaming Supply license were received on December 4th, 2020. Both licenses are effective for a term of 10 years from the date of grant.
FansUnite will now be able to offer a full spectrum of online gambling services in Europe, covering Casino, Fixed Odds Betting, Pool Betting and Controlled Skilled Games.
With MGA approval received, FansUnite will be joining other highly respected gambling companies such as PokerStars, Betfair and Unibet in operating their business within MGA regulations.
The Malta Gaming Authority is a gambling regulatory organization that provides top-tier industry standard gaming licenses that are in line with EU laws and regulations. With the MGA licenses, FansUnite will receive full credibility as a trusted betting platform supplier and casino operator in Europe, which will result in the company gaining significant recognition in the online gambling market. The company will also obtain accessibility to new markets as operators registered under EU legislation can utilize FansUnite's B2B and B2C products, respectively. Other benefits of the MGA licenses include a variety of payment methods that will result in smoother transactions and a corporate-friendly tax system.
Overview of Gaming Licenses Acquired by FansUnite
The Critical Gaming Supply License has been received by Askott Entertainment (Malta) Ltd. This B2B license enables FansUnite to sell its proprietary software to a broad spectrum of licensed sports betting and iGaming operators throughout Europe.
The Gaming Service License has been granted to E.G.G. Limited (Malta). This B2C license allows FansUnite to operate its own brands and game offerings within the EU market. In addition, FansUnite will gain full rights to provide full white label services to partners, eliminating the need for them to undergo the licensing process, software testing procedures, payment processing configurations and banking requirements.
According to the EU Gaming and Betting Association, the EU online gambling market is growing at about 10% per year and the gross gaming revenue of the EU sector is expected to rise to €29.3 billion by 20221.
"The Malta Gaming Authority license is widely considered one of the most prestigious gambling licenses in the industry and receiving it represents a major milestone in our development as a betting and iGaming company," said Scott Burton, CEO of FansUnite Entertainment. "Having spent years building our technology to a global standard that is desirable by international regulatory bodies, we were able to meet Malta's extremely stringent and rigorous technical, software, and corporate audits and qualify for two separate licenses. With the approval in hand, we will look to continue executing on our growth strategy, by collaborating with new partners in Europe in order to distribute our sports and esports betting platform along with our RNG casino game titles to an expanded customer base."
FansUnite will immediately commence extensive business development to promote iGaming and sports betting services to both end customers and online casino and sportsbook operators in Europe.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one of a kind complete iGaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high growth potential in new or developing markets.
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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: FansUnite's ability to offer gambling services in Europe and elsewhere; FansUnite's credibility as a betting platform supplier and casino operator; recognition of the Company in the online gambling market; accessibility to new markets; increased options for payment methods; effects of the Malta Gaming Authority license on transactions involving the Company; tax benefits arising from the Malta Gaming Authority license; FansUnite's ability to distribute its sports and esports betting platforms and RNG casino games; expansion of FansUnite's customer base; 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.
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