LottoKings and WinTrillions parent company Kings Entertainment Group has received conditional approval to list on the Canadian Securities Exchange (CSE), the business announced on Monday. The global lottery and casino group is set to trade under the symbol “JKPT.”
The group said it has satisfied all escrow release conditions under its previously announced brokered subscription receipt financing, thereby effecting “the automatic conversion of an aggregate of 17,789,000 subscription receipts” of the company into the equivalent number of common shares, and the release of $8.9 million in gross proceeds to the company.
Moreover, the Vancouver-based company has also obtained a receipt from the British Columbia Securities Commission for its long-form final prospectus, dated December 30, 2021, states a press release. The group will issue a news release announcing the commencement of trading once a date has been confirmed.
Kings Entertainment Group is the parent company of LottoKings. Its flagship brand, LottoKings was established in 2005, and remains a profitable online service provider for lottery, casino and sportsbook gambling in the international gaming space.
Its continued success allowed LottoKings to expand its operations and offerings into new verticals, including live dealer casino games. Both LottoKings and its sister company, WinTrillions, have “attracted and retained millions” of player sign-ups since inception.
Kings Entertainment describes itself as led by “a team of experienced industry players,” among them CEO Steve Budin, “a pioneer of the modern sports gambling industry.” The group has established partnerships with global companies in the casino space to offer gaming, combined with programs designed to attract, engage, retain and grow gaming clients.
“The launch on the CSE will provide access to a much larger investor base and accelerate our global expansion,” said Budin, CEO of Kings Entertainment. “This is the first of several key steps in our long-term capital formation strategy.”
Fueled by the significant growth experienced in the online sports gambling and casino sectors globally, Kings Entertainment expects to capitalize on its strong Latin American player base to expand the company’s reach into North America and Europe.
According to a press statement, the group is currently focused on obtaining the required licensing and software infrastructure for the new jurisdictions it aims to enter, and will leverage its in-house marketing and operations expertise “to quickly build leadership positions” in these new markets.
The company cites figures which show the global market for online gaming surpassed $55 billion in 2019 as proof of the sector’s growth. The global market is further anticipated to grow at 16.5% CAGR between 2020 and 2026, while the US sports betting market is expected to nearly double over the next eight years, approaching $10 billion by the end of the decade.
Kings Entertainment also describes continued progress in the legalization of gambling in European countries, including France, Germany, Spain, Malta and Italy, and European market diversification as supporting an opportunity there.
However, the group remarks Latin America remains “a key market for growth” for Kings Entertainment. Lottery, casino and sportsbooks in the region are expected to generate a combined $3.3 billion by the end of 2021, the company says.
Original article: https://www.yogonet.com/international/news/2022/01/17/60980-lottokings-and-wintrillions-parent-company-approved-to-list-on-canadian-securities-exchange
