Calgary, AB – TheNewswire – September 09, 2022 – VIP Entertainment Technologies Inc. (TSXV: VIP) (“VIP” or the “Company”) announces the first results of its launch of VIPFREE2PLAY.com and provides an update on the acquisition of Wallfair NV and Wallfair Ltd (“Wallfair”).
VIP previously announced its strategic partnership with Prime Domain. This partnership enabled VIP access to Prime’s user database to introduce VIP’s Free-to-Play initiative and give users a place for entertainment and engagement products in addition to its existing products gambling oriented. This initiative is important for VIP in the ever-increasing competitive landscape to acquire new users, with the goal of generating revenue for the Company through subscription and advertising services. Since the launch of the partner program on the VIP Free-to-Play site vipfree2play.com, VIP has acquired approximately 5,000 new users for its free products and contests. The company can see this user growth continue to grow exponentially as new products and services are added to the sites and the Prime domain continues to reach its existing user base with these initiatives as they continue to find ways to introduce VIP to potential users around the world. .
As part of VIP’s growth strategy through acquisitions, the Company wishes to provide an update on the progress of the acquisition of Wallfair. Wallfair is a social event trading company with its proprietary software that allows users to create their own betting markets or participate in markets created by other Wallfair users. VIP and Wallfair are pleased to announce that they have completed the majority of due diligence and expect to close the transaction in the coming weeks.
Since launch, Wallfair has amassed 3,500 unique users and managed approximately 230,000 user-generated betting markets through its proprietary platform. These betting markets include sporting events, political events, and entertainment events and have in total created betting markets with bets over $200,000. VIP is delighted to see continued user engagement through the offerings possible through the acquisition of Wallfair, and an increase in the number of platform users through the introduction of the Wallfair peer-to-peer service to its existing users, and new users created through the VIP user acquisition strategy using Free-To-Play initiatives and through its partnership with Prime Domain.
About VIP Entertainment Technologies Inc.
VIP offers sports betting, casino games and poker through its VIP Bets platform. Additionally, it recently launched its Free to Play platform, VIPFree2Play. The company intends to continue expanding its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.
For more information, please visit www.vipentertainmentgroup.ca or contact:
Joel Donais – Chairman and CEO
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, that address activities, events, results, developments, performances or achievements that VIP anticipates or expects will occur or occur in the future ( in whole or in part) should be considered forward-looking. information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “forecasts”. “, “intends”, “anticipates” or “believes” or variations (including negative variations) of these words and phrases, or statements formed in the future tense or that certain actions, events or results “may ”, “could”, “could”, “could” or “will” (or other variations of the above) be taken, occur, be carried out or occur.
Forward-looking statements are based on assumptions, including expectations and assumptions regarding the acquisition of Innovum and the Company’s growth plan. Although VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; upcoming legislative, tax and regulatory developments. Readers are cautioned that the above list is not exhaustive and that other risks are described in the public disclosure recorded and filed under the Company’s profile at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time it was prepared, may prove to be incorrect and actual results may differ materially from those anticipated. For additional information about the risks, uncertainties and assumptions that could cause anticipated opportunities to differ materially from actual results, please refer to the public filings of VIP Entertainment Technologies which are available on SEDAR at www.sedar .com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and are therefore subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.