Alpha Esports Tech Applauds Senate Approval of Bill C-218, Legalizing Single-Event Sports Betting in Canada

Rhea-AI Summary

Alpha Esports Tech Inc. (OTC PINK: APETF) has welcomed the Canadian Senate's approval of Bill C-218, which legalizes single-event sports betting in Canada. This legislation is poised to reclaim around $14 billion in annual bets currently going to offshore and black market operators. Interim CEO Matthew Schmidt forecasts a potential increase in the legal sports betting market from $500 million to $28 billion. Alpha is preparing to capitalize on this development, aiming to diversify its revenue streams significantly in the coming weeks.

Positive

• Legalization of single-event sports betting opens new revenue streams for Alpha Esports.
• Potential market growth from $500 million to $28 billion in legal sports betting.
• Opportunity to reclaim $14 billion in bets currently lost to offshore operators.

Negative

• None.

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Alpha will leverage the legalization of single event sports gambling in Canada into additional revenue streams.

VANCOUVER, BC / ACCESSWIRE / June 23, 2021 / Alpha Esports Tech Inc. (CSE:ALPA)(FSE:5NP)(OTC PINK:APETF) ("Alpha" or the "Company"), a technology company that focuses on emerging markets in Esports, mobile gaming, commerce, blockchain, and high growth opportunities applauds the decision by the Canadian senate to approve Bill C-218, an act which will legalize single event sports betting in Canada. The bill will now proceed for Royal Assent to become law in Canada.

Current legislation has wagering on a single sporting event banned, but that has not stopped offshore and black market operators from opening their books to approximately $14 billion in bets from Canadians annually, according to the Canadian Gaming Association. The passing of this bill will significantly help companies across Canada win back customers from these offshore and black market operators.

"We have been preparing and expecting the passing of Bill C-218 and will look to leverage what we believe to be a significant catalyst for many different companies in Canada," said interim CEO, Matthew Schmidt. "Some reports are suggesting that Canadian sports betting could grow from $500 million to nearly $28 billion in legal market wagering and we look forward to capitalizing on the new revenue verticals this presents to our Company. We will be providing further updates on our strategy to enter into this market in the coming weeks."

About Alpha Esports Tech Inc.

Alpha Esports Tech Inc. is a technology company that focuses on emerging industries in Esports, mobile gaming, ecommerce and other high growth opportunities. Through a strong portfolio of technology assets and products such as GamerzArena, Alpha Esports Tech brings a unique mass-appeal focus to modern gaming platforms. Learn more at:www.alphatech.inc

Contact:

Investor Relations: ir@alphatech.inc - 604 359 1256
Media and Public Relations: media@alphatech.inc

On Behalf of The Board of Directors
Matthew Schmidt
CEO and Director

Forward Looking Statement

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.

The CSE has not reviewed, approved or disapproved the content of this press release

SOURCE: Alpha Esports Tech Inc.

View source version on accesswire.com:
https://www.accesswire.com/652825/Alpha-Esports-Tech-Applauds-Senate-Approval-of-Bill-C-218-Legalizing-Single-Event-Sports-Betting-in-Canada

FAQ

What does the approval of Bill C-218 mean for Alpha Esports Tech (APETF)?

The approval of Bill C-218 allows Alpha Esports Tech to explore new revenue streams from legalized single-event sports betting in Canada.

How much could the Canadian sports betting market grow according to Alpha Esports Tech?

Alpha Esports Tech estimates that the legal sports betting market in Canada could grow from $500 million to nearly $28 billion.

What is the significance of the $14 billion mentioned in Alpha Esports Tech's press release?

The $14 billion represents the annual bets currently placed in offshore and black market sports wagering by Canadians, which Alpha aims to reclaim.

When was Bill C-218 approved by the Canadian Senate?

Bill C-218 was approved by the Canadian Senate on June 23, 2021.