TruGolf and D3 Sports Tech Announce Plans to Create a Strategic Collaboration to Revolutionize Golf Simulation Experience
Rhea-AI Summary
TruGolf Holdings (NASDAQ: TRUG) has announced a strategic collaboration with D3 Sports Tech to enhance golf simulation experiences through skills-based wagering integration. The partnership aims to create more gamified experiences in TruGolf's ecosystem by implementing D3's Digital Wallet with Wagering as a Service, which operates in over 100 countries and is certified by Nevada and New Jersey gaming boards.
The collaboration will enable players to participate in various betting formats like 'Closest to the Pin' contests, Nassau, Skins, or Dots games, either locally or remotely. According to Golf Datatech, 84% of golfers are likely to wager on their own golf game while playing. Through D3ST's enterprise fintech solution, TruGolf can collect up to 15% game admin fee and enhance player engagement through cashless digital wallet transactions.
Positive
- Partnership enables revenue generation through 15% game admin fee on wagers
- Expansion into 100+ countries and 46 US states through D3's certified platform
- Integration of new revenue streams through digital wallet and e-commerce capabilities
- Market validation with 84% of golfers likely to wager on their games
Negative
- None.
News Market Reaction
On the day this news was published, TRUG declined 8.51%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Salt Lake City, Utah, Dec. 20, 2024 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, is excited to announce it has entered into a letter of intent to create a strategic collaboration with D3 Sports Tech, a pioneer in peer-to-peer skills-based wagering for sports. This collaboration will focus on innovations to enhance gameplay with more realistic and exciting experiences.
By leveraging D3 Sports Tech’s expertise in skills-based wagering and compliance, TruGolf intends to create more gamified experiences throughout its ecosystem for golf and multisport arcade games and franchises. The collaboration partnership will also elevate TruGolf’s advanced game and player data analytics to provide insights that increase engagement to ultimately provide more exciting virtual experiences that surpass what can be done out on the course.
“Golfers want to ‘play for something,’ just like when they are out on the course,” said Nate Larsen, CXO of TruGolf. “Having something on the line, whether it’s a beverage after the round or cash, makes the whole experience more meaningful, win or lose. We are thrilled to join forces with D3 Sports Tech to bring new features to our game challenges and provide all our users with an even more immersive and rewarding experience.”
Golf Datatech reports, “There is no participation sport in the United States that is as closely connected with wagering than the game of golf,” said John Krzynowek, co-founder of Golf Datatech. “Most recreational golfers wouldn’t consider playing a round of golf with friends without some kind of bet on the outcome, whether it was for a beer, a
D3 Sports Tech specializes in turn-key digital wallet solutions that provide the required FinTech legal compliance for skills-based gaming with cash payouts in over 100 countries. Their state-of-the-art Digital Wallet with Wagering as a Service will be seamlessly integrated into TruGolf’s simulators through 3 simple APIs that ensure reliable and compliant challenges for real-money. D3’s solution has been certified by both the Nevada and New Jersey gaming boards which ensures Players can legally challenge others and play for something like they do on course, with the added benefit of using those funds to spend immediately in real time across TruGolf’s ecosystem. Players will be able to join a ‘Closest to the Pin’ contest against friends in the room, or across the globe. They will be able to play side games like Nassau, Skins, or Dots in person, or remotely with a friend on the other side of the country.
“We are excited to partner with the team at TruGolf,” said Tom Naramore, CEO of D3 Sports Tech. “Their advances in technology that provide more realistic experiences, together with their use of AI through watson.ai technology from IBM, complements our vision for the future where we are having more fun and leveraging technology for more immersive experiences.
“Both companies are committed to delivering what no one thought possible in golf simulation technology just a few short years ago. D3 Sports Tech’s patent pending digital wallet services & compliance engine will enable TruGolf to operate tournaments, contests and challenges in over 100 countries including 46 US states. This collaboration will bring a new level of player engagement and revenue and loyalty to TruGolf’s brand, helping golfers of all levels improve their game and enjoy the sport even more.” added Naramore. With the D3ST enterprise fintech solution, TruGolf can collect up to a
About TruGolf Holdings
TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhance its image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since its founding, TruGolf has redefined what is possible in golf through technology. TruGolf’s suite of Hardware, Software, and Web Products make it easier to Play, Improve, and Enjoy the game of golf.
About D3 Sports Tech
D3ST is a B2B sports tech development company that builds products that allows for players to compete and play for something. Since the company’s inception in 2018, they have focused on their technology for golf wagering and fan engagement. In 2023 they built a licensable digital wallet for wagering, allowing any skill-based game to settle wagers legally.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the timing and completion of the reverse split. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained in the Company’s reports filed with the SEC, which are available on the SEC’s website, www.sec.gov.
For more information about the partnership and upcoming innovations, please visit TruGolf.com and D3SportsTech.com.
Media Contacts:
TruGolf: Michael Bacal: Phone: 917-886-9071; mbacal@darrowir.com Web: TruGolf.com LinkedIn: @TruGolf
D3 Sports Tech Scott Keith, Chief Marketing Officer Phone: 833-926-2238 Web: D3SportsTech.com LinkedIn: @d3-sports-tech
FAQ
What is the revenue potential for TRUG from the D3 Sports Tech partnership?
How many countries will TRUG's wagering features be available in?
What types of wagering games will be available on TRUG's platform?
Is TRUG's wagering platform legally compliant?
What percentage of golfers are likely to use TRUG's wagering features?
