Vancouver, British Columbia–(April 19, 2022) – FansUnite Entertainment Inc. (CSE: FANS) (OTCQX: FUNFF) (“FansUnite” or the “Company”) is pleased to announce that the Company has executed a Memorandum of Understanding to enter into a long-term licensing agreement with Lovell Brothers Limited, owners of Dragon Bet to launch a new online sports betting portal, www.dragonbet.co.uk, which will be powered by FansUnite’s Chameleon iGaming platform.
Dragon Bet will license FansUnite’s Chameleon white-label betting software for its new online platform, which will launch in the U.K. later this year and include betting products that are customized for Welsh sports betting fans. Utilizing FansUnite’s Chameleon iGaming platform, Dragon Bet plans to grow its loyal customer base to become the leading bookmaker in Wales.
This agreement reinforces FansUnite’s ongoing commitment to expand its footprint globally, where its wagering solutions can be targeted to gambling operators in virtually any jurisdiction. The U.K. alone is expected to generate an estimated £12.5 billion in gambling and betting activities revenue in 2022.1 FansUnite already operates in this marketplace through its wholly-owned subsidiary, McBookie Ltd., a prominent sportsbook based in Scotland.
Built on the foundations of John Lovell Racing, Dragon Bet is the digital brand of a well-recognized bookmaking services provider that has been fully operational since 1968 within the Welsh racing and gambling industry. John Lovell Racing was the first bookmaker to issue computerized betting and printed receipts on U.K. racecourses, a system that was eventually adopted by all U.K. bookmakers, and is currently operating at 16 racecourses across Wales and the south of England.
“We are pleased to announce this agreement with Dragon Bet and the Lovell family who have a rich betting history in Wales,” said Scott Burton, CEO of FansUnite. “As we continue to grow our reputation globally as a tier one gambling technology supplier, we are attracting top operators away from competing platforms. This recognition has allowed us to partner with Dragon Bet where we will assist them with their plans to become the top Welsh bookmaker.”
“Dragon Bet is the digital rebranding of John Lovell Racing, a prominent Welsh bookmaker and we are excited to launch our new online wagering platform with FansUnite,” said David Lovell, Director and Co-Founder of Dragon Bet. “After months of research and interviews with gaming providers, we felt most excited and comfortable with the product and features that the Chameleon platform provides us to grow our business. John Lovell Racing has built a deep connection with the local betting community in Wales and we plan to continue its legacy by growing our digital footprint where we can tailor our betting offerings to the needs of the modern bettor and maintain a strong sense of national pride and Welsh culture through Dragon Bet.”
About Dragon Bet
Dragon Bet is an online vertical conceived by James & David Lovell to rebrand and channel their storied and long-standing family business, John Lovell Racing, in the Welsh online marketplace. The Lovell family has developed and maintained a strong foundational heritage in Wales and has become the country’s leading bookmaker over the last fifty years. John Lovell opened his first betting shops in 1968 and soon after added racecourse pitches to his portfolio. He became the first bookmaker to issue computerized betting and printed receipts on U.K. racecourses, a system that was later adopted by all U.K. bookies.
The Lovell Brothers now work together at the helm of Dragon Bet to build on the iconic bricks & mortar business established by their father, John Lovell. David has been immersed for most of his life in racing & betting and took over his father’s betting and exchange trading room at a young age. After studying economics and gambling studies at university, James took over the racecourse bookmaking side of the JLR business and was elected chairman of the Welsh Bookmaker’s Association in 2010. Both have a wealth of betting experience and are well positioned to carry their family’s success and tradition into the online marketplace.
About FansUnite Entertainment Inc.
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. The Company also provides technological solutions and services in the global gaming and entertainment industries. Its technology includes fixed/parimutuel odds, in-stream betting, live betting, casino-style games, cryptocurrency wallet and news content.
For further information, please contact:
Prit Singh, Investor Relations at FansUnite
Scott Burton, Chief Executive Officer of FansUnite
Darius Eghdami, President of FansUnite
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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: the new online sports betting portal, www.dragonbet.co.uk, which will be powered by FansUnite’s Chameleon iGaming platform; the memorandum of understanding entered into by the Company and Dragon Bet regarding same; Dragon Bet and the Company entering into the definitive agreement contemplated by the memorandum of understanding; Dragon Bet licensing the Company’s Chameleon white-label betting software for its new online platform; Dragon Bet growing its customer base using the Company’s igaming platform; the Company’s commitment to expand globally; and the future growth prospects of the U.K. gambling and betting market. 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.