Elys Game Technology to operate second small business sportsbook location in DC

(PRESS RELEASE) -- Elys Game Technology, Corp., an interactive gaming and sports betting technology company, today announced the agreement to operate a sportsbook with The Cloakroom located at 476 K St. NW, Washington DC, 20001. The Company's wholly owned subsidiary USBookmaking will provide sport wagering services to manage the sportsbook risk and provide trading services.

The partnership with Cloakroom would represent the company's second successful execution of its strategy to offer advanced betting technology through a white label sportsbook solution in restaurant and bar venues. Elys launched its small business strategy in October 2021 with the Grand Central Restaurant and Sportsbook in the Adams Morgan area of Washington, DC. Since then, metrics sequentially for October, November, and December have shown significant growth period-over-period for both Elys and Grand Central.

"We are thrilled to begin working with Elys Game Technology and their incredible team, and look forward to a profitable and successful partnership," stated Tony Cavasilios, co-owner of The Cloakroom. "We expect the Cloakroom's new partnership with Elys and USBookmaking to drive revenue for both parties, as well as increase food and beverage sales and customer loyalty within our establishment. We believe the Cloakroom will be the first adult entertainment venue operating a Class B licensed sports wagering business in the U.S., and very proudly welcome all to visit our new sportsbook floor opening soon."

"We are very pleased with the commitment that the Cloakroom ownership and management team have made to bring this exciting opportunity forward with Elys and USBookmaking. We are equally delighted to have worked closely with DC regulators to develop a simplified application model that would permit several small business applicants in the District of Columbia to enjoy the business benefits that a professionally operated sportsbook solution could add to their establishments," commented Michele Ciavarella, Elys Executive Chairman. "This solution could bring an ancillary revenue stream, offer employment opportunities and significantly drive patron engagement and loyalty, while potentially increasing core business sales when customers come for sports driven events and stay for the energetic atmosphere. We believe that with their attention to customer service, the Cloakroom could see a significant benefit to their overall business with Elys' turnkey Small-Business Sportsbook. With our robust pipeline of businesses in DC, Maryland and neighboring states, we expect to see a rapid expansion to multiple locations and a continued growth trend in gross gaming revenue from small business deployments for the foreseeable future.