Fandom Sports Submits Application for Gaming Related Supplier Approval for Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - March 23, 2022) - Fandom Sports Media Corp. (CSE: FDM) (OTCQB: FDMSF) (FSE: TQ43) ("Fandom Sports" or the "Company"), is pleased to announce that its wholly-owned subsidiary, Fandom Media Malta Ltd., has applied to the Alcohol and Gaming Commission of Ontario (the "AGCO") to obtain the Gaming Related Supplier - Manufacturers License (the "License"). The License will enable Fandom Sports to supply AGCO approved sportsbooks with its machine learning and artificial intelligence (AI) enabled Unified Information Access platform ("the Platform) for esports and sports betting solutions for both Peer-to-Peer and general betting markets.
Since the Canadian federal government enacted Bill C-218 in August 2021, paving the way for the provinces to implement a framework for legalized single-event sports wagering, Ontario representing 40% of Canada's population, became the first province to accept applications from private iGaming operators. The AGCO announced in January 2022 that it will launch a new online gaming market on April 4, 2022 through iGaming Ontario, a subsidiary of the AGCO. The implementation of Ontario's new online regime will allow private operators to enter the market for the first time. Ontario is the first province in Canada, where local lotteries traditionally have held a monopoly of the country's gaming sector, to introduce such a licensing system.
The combined iCasino and Online Sports Betting market in Canada is estimated at over US $2 billion in 2022 according to H2 Gambling Capital, with Ontario widely expected to become one of the largest iGaming markets in North America.
"Our application submission to the AGCO represents another milestone for Fandom Sports and its wholly owned subsidiaries. In our quest to build out the world's first self-contained prediction, rewards and NFT ecosystem with an NFT marketplace, Fandom Sports is at the vanguard of several hypergrowth industries; fan engagement, predictions, wagering, NFTS and monetization tools for the global content creator community. The sheer size and scope of Fandom Sports' addressable market is immense, and we are laser focused on making considerable progress in each of the above-mentioned verticals. The next several quarters represent a transformative period for the Company as we look to capitalize on the convergence of these multi-billion dollar trends," states David Vinokurov, Fandom Sports CEO and President.
"PLAY. PREDICT. GET REWARDED."
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Certain statements made herein may contain forward-looking information within the meaning of the applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives or thereof. Forward-looking statements herein include, but are not limited to statements with respect to: the affiliate marketing relationship with Elite Duels Corp. and the entering into a definitive agreement for the affiliate marketing partnership and the expected benefits to Fandom from the definitive agreement; market acceptance of the Company's peer-to-peer wagering platform; the Company's expectation of becoming a world-class engaging eco-system for all ages fans and fans of wagering on live Esports events; and the expected growth and health of the Esports betting market in general.
Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. We have made certain assumptions, which our management believes to be reasonable, about the forward-looking statements, including the ability to enter into a definitive affiliate marketing agreement with Elite Duels Corp., the expected revenue and other benefits to be generated by the relationship, as well as the ongoing performance advantages of the Company's platform in comparison with existing or future competitive offerings, and the future growth of the market in which we compete. However, we can provide no assurance that the forward-looking statements will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Important additional information identifying risks and uncertainties and other factors is contained in the section entitled "Risk and Uncertainties" in the Company's most recent Management Discussion and Analysis filed on SEDAR.
Except as required by law, we do not intend to update forward-looking statements whether as a result of new information, future events or otherwise.
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