Canada
Kings Entertainment Receives CSE Conditional Approval to Proceed with Acquisition of Parent of Bet99 Sportsbook and Casino Operator, Calls Shareholder Meeting to Approve the Acquisition and Refiles its Q2 2022 Interim Financial Statements
Kings Entertainment Group Inc. (“Kings Entertainment” or the “Company”) (CSE:JKPT, OTC: JKPTF) announces that it has received conditional approval of the Canadian Securities Exchange (the “CSE”) in connection with its previously announced proposed business combination (the “Business Combination”) with Sports Venture Holdings Inc. (“SVH”), the parent company of the market-leading Bet99 brand. Kings Entertainment also announces that it has called a meeting of its shareholders to be held on October 25, 2022 (the “Meeting”) for the purposes of seeking, among other things, shareholder approval of the Business Combination in accordance with the polices of the CSE.
“We remain excited to proceed with the previously announced business combination with Bet99 to create Interactive Entertainment Group. Our goal has always been to grow our business organically and through the acquisition of complementary businesses. We believe the acquisition of SVH is fully aligned with our business objectives and serves to further bolster our position as a market leader and innovator.” said Steve Budin, CEO of Kings Entertainment. “Receipt of the CSE conditional approval is an important step forward in the completion of the business combination. We now look forward to holding our shareholder meeting on October 25, 2022 so that we hear from our shareholders and share our excitement about our future with Bet99. We hope to close this transformational transaction shortly following our shareholder meeting.” In connection with the Meeting, Kings Entertainment has prepared, filed and mailed to shareholders, a management information circular dated September 24, 2022, (the “Circular”). The record date set for notice of, and voting at, the Meeting has been set as September 16, 2022. The Circular, which attaches to it a draft of listing statement (the “Listing Statement”) prepared in accordance with the policies of the CSE, includes further details concerning the Business Combination, SVH and the issuer resulting from the Business Combination (the “Resulting Issuer”). Shareholders are encouraged to review the Circular in its entirety. The board of directors of the Company have unanimously approved the Business Combination and recommend shareholders vote at the Meeting FOR the Business Combination.
It is anticipated the Company will change its name such that the Resulting Issuer will operate under the name “Interactive Entertainment Group Inc.”. In addition, it is expected that SVH will complete a brokered financing in advance of closing the Business Combination to support the financial position of the combined company for the ensuing year. The Company will announce details concerning any such financing in due course.
The Interim Consolidated Financial Statements of the Company for the Three and Six months ended June 30, 2022 and 2021 (the “Interim Statements”) and corresponding management’s discussion and analysis (the “MD&A”) are required to be attached to the Listing Statement. The Interim Statements and MD&A, as filed by the Company on August 26, 2022, were not required to be, and were not, reviewed by the Company’s auditors however the Interim Statements are required to be reviewed when attached to the final Listing Statement. As a result of management’s and the auditor’s review of the Interim Statements during the course of preparing the Listing Statement, certain errors were discovered and therefore the Interim Statements and the MD&A, as attached to the draft Listing Statement, have been amended and such amended Interim Statements and amended MD&A have been filed under the Company’s profile on www. sedar .com.
The amendments pertain to adjustments to rectify errors related to: (i) certain noncash items being incorrectly included in net cash flows used in operating activities with an offsetting misstatement in effect of foreign exchange in cash, (ii) the calculation of deferred income tax expense with an offsetting misstatement in foreign currency translation differences and (iii) the foreign exchange translation reserve with offsetting misstatement in deficit. These corrections did not have an impact on the net change in cash; however, resulted in understatement of shareholders’ equity. The Company does not believe these amendments are material.
Bally Bet Sportsbook & Casino app
Bally’s Interactive Launches the New Bally Bet Sportsbook & Casino App in Ontario
Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, has launched the all-new Bally Bet Sportsbook & Casino app in Ontario, Canada. This latest release marks another significant milestone for the company, following the recent app update in New Jersey and a series of successful app launches in the past year, including the introduction of Bally Bet Sportsbook across multiple states and Bally Casino in Rhode Island.
The updated Bally Bet Sportsbook & Casino app represents a major step forward, as it combines the functionalities of the existing Bally Casino app and Bally Bet Sportsbook app into one comprehensive platform. Powered by White Hat Gaming, this new app allows players residing in or traveling to Ontario to conveniently place wagers on both sports and casino games using a single app, account, and universal wallet.
“We are thrilled to introduce the new Bally Bet Sportsbook & Casino app, marking a significant milestone for Bally’s. This integrated platform merges the features of our previous apps, providing players in Ontario with a seamless experience for both sports and casino betting. Our commitment to enhancing the player experience remains at the forefront as we strive to personalize the enjoyment of playing Bally Bet,” said Robeson Reeves, CEO of Bally’s Corporation.
BCLC
Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids
BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
AGCO
Jackpot Digital Receives Approval from AGCO as a Registered Gaming Supplier
Jackpot Digital Inc., a leading provider of innovative dealerless electronic poker gaming solutions, has announced that the Alcohol and Gaming Commission of Ontario (AGCO) has approved the Company to be licensed as a registered Gaming Related-Supplier (the “Supplier License”) under the Gaming Control Act in the Province of Ontario.
This significant achievement allows Jackpot Digital to enter one of the most dynamic and rapidly growing regulated gaming markets in North America. The Supplier License authorizes Jackpot Digital to supply its electronic table games to Ontario’s gaming venues, including casinos and other regulated gaming facilities.
Jackpot Digital’s flagship product, the Jackpot Blitz electronic table game system, offers a modern, dealerless, player-friendly solution that integrates traditional multiplayer poker games with cutting-edge digital technology. The Supplier License will enable the Company to offer its innovative gaming solutions to operators throughout Ontario, driving new revenue opportunities and enhancing player experiences.
“Receiving AGCO’s approval is a major milestone. This approval provides us with the opportunity to offer our top-tier electronic gaming systems to operators throughout all of Ontario, positioning us for further growth in one of the world’s most robust gaming markets. We are excited to bring our innovative products to Ontario’s gaming community and continue our commitment to providing exciting, technology-driven entertainment experiences,” said Jake Kalpakian, CEO of Jackpot Digital.
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