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Elys Game Technology Announces Decision of Nasdaq Hearings Panel to Delist Common Shares

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Elys Game Technology, an interactive gaming and sports betting technology company, announced that on October 13, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) notifying the Company that trading of its common shares will be suspended as of the opening of business on October 17, 2023.

The Company’s common stock did not maintain a minimum closing bid price of $1.00 (Minimum Bid Price Requirement) per share as required by Nasdaq Listing Rule 5550(a)(2). Accordingly, the Nasdaq Hearings Panel has determined to delist the Company’s shares from Nasdaq. Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (SEC), following the expiration of relevant appeal periods.

The Delisting Letter provides that the Company may request the Nasdaq Listing and Hearing Review Council to review the delisting decision within 15 days from the date of the Delisting Letter. The Company is currently carefully evaluating whether such an appeal of Nasdaq’s decision is warranted. The Company’s evaluation will take into account various factors, including the board’s assessment of the likelihood of the Company regaining and maintaining compliance with the continued listing requirements, through a reverse stock split. Additionally, the evaluation will encompass an analysis of the benefits of continuing to list on Nasdaq compared to the substantial costs, including the extensive commitment of management’s time and resources for complying with various listing requirements.

The Company estimates that its expenses related to maintaining its Nasdaq listing are approximately $1.6 million annually. These expenses are expected to rise significantly in the coming years due to the compliance requirements of the Sarbanes-Oxley Act (SOX) and ESG initiatives, among others. In anticipation of realizing substantial cost savings, the Company sees opportunities to streamline operations through delisting and deregistration. These benefits include lower operating costs, reduced management time commitment to compliance and reporting activities, and a simplified corporate governance structure. The decision to appeal Nasdaq’s decision will be consistent with the Company’s previously announced cost-saving measures. The Company acknowledged that the delisting and cessation of trading on Nasdaq could have a material adverse effect on the liquidity and trading price of its common shares.

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The Company has initiated the process of transferring the quotation of its common stock to one of the over-the-counter markets operated by OTC Markets Group Inc. The shares of the Company’s common stock will continue to trade under the symbol “ELYS”.

The transition to the OTC markets will not alter the Company’s commitment to continue operating as usual. The Company will remain subject to the public reporting requirements of the SEC post-transfer. The Company intends to continue providing information to its stockholders and taking actions within its control to facilitate the quoting of its common stock on the Pink Sheets or another OTC market, thereby ensuring the existence of a trading market for its common stock. However, there is no guarantee that a broker will continue to make a market in the common stock or that trading of the common stock will continue on an OTC market or elsewhere.

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Travis Sztainert Joins ICRG as Director of Research and Education

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The International Center for Responsible Gaming (ICRG) has welcomed Dr. Travis Sztainert as its new director of research and education. Dr. Sztainert, a distinguished researcher and knowledge translation professional, brings a wealth of experience and expertise in responsible gambling research to the ICRG. With a proven track record in effectively bridging the gap between knowledge, policy, and practice, he will help further the impactful work of the ICRG.

“We are delighted to welcome Dr. Travis Sztainert to the ICRG team. His extensive background in responsible gambling research and his commitment to transforming data into actionable knowledge align perfectly with our organization’s mission. We look forward to leveraging Travis’s insights to advance our efforts in promoting responsible gambling practices,” Arthur Paikowsky, President at ICRG, said.

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RotoWire Launches “Picks & Props” App

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RotoWire.com, a leading provider of expert sports news and advice, has launched its latest innovation: the “Picks & Props” app. Unveiled within the app store earlier this month, it is now easier than ever to stay up to date on recommendations and predictions for all fantasy pick’em and players props from any mobile or tablet device.

“The Fantasy Pick’em and legal Player Props betting market has had explosive growth and we’ve seen strong user demand for RotoWire’s leading player news and information for these products. We’re excited to launch the Picks & Props app that gives players access to the top recommendations for all the leading Fantasy platforms and major sportsbooks based on RotoWire’s projections, lineups and player news,” said Peter Schoenke, Co-Founder of RotoWire and former Chairman of the Fantasy Sports & Gaming Association.

Capitalizing on the surge and substantial growth seen recently within the fantasy Pick’em market segment, total traffic to RotoWire’s “Picks & Props” tool on its website has increased by 266% in the last 9 months, prompting the need to build a standalone app.

The mobile app delivers an extensive array of real time recommendations and information across all fantasy sports. It also includes lines from all the major fantasy and sports betting platforms to ensure users have a fast and convenient way to access recommended fantasy sports picks and predictions. To make projections for every play in every major sport the app combines four key prediction factors: Lines set by Sportsbooks; recommendations from Daily Fantasy Sports (DFS) Pick’em Sites; RotoWire Projections; Hit Rate.

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By analyzing markets from leading sportsbooks and DFS platforms, comparing them to RotoWire projections, and assessing historical performance, the app generates a score ranging from -100 (strong lean toward LESS) to +100 (strong lean toward MORE). Each prediction factor has its own rating and is assigned a “weight” that gives it the impact on the total score. Additionally, the app provides users with real time updates on injuries and playing time by leveraging RotoWire’s comprehensive fantasy and sports data. Furthermore, its intuitive and streamlined user interface ensures seamless navigation and user comfort when accessing the app via any mobile device.

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Mohegan Appoints Nelson Parker as Chief Strategy Officer

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Mohegan, a global leader in premium entertainment and gaming resorts, announced the promotion of Nelson Parker as the company’s Chief Strategy Officer. Parker was previously the Senior Vice President of Strategic Development for Mohegan. In this new role, Parker is responsible for identifying, assessing, and executing growth opportunities and strategic new ventures for the company.

“Nelson has vast experience and a proven track record in strategic development and growth within the gaming and hospitality sectors. His skills will be invaluable as we continue to expand our footprint globally and explore new opportunities,” Ray Pineault, President and Chief Executive Officer of Mohegan, said.

Before joining Mohegan in 2022, Parker served as a Managing Director at Driftwood Capital, a private equity fund focused on hospitality investments. Parker brings to Mohegan extensive experience in the gaming industry, having previously served as the Senior Vice President of Corporate Development at Penn National Gaming, Senior Vice President of Hotel & Casino Development at Hard Rock International, Vice President of Development at Foxwoods Resort Casino, and Corporate Director of Development at Argosy Gaming.

Under his new position, Parker plays a critical role in future growth and capital planning, initiating and vetting growth opportunities and collaborating across all functional areas to ensure successful implementation. He will work closely with the executive team to align strategic initiatives with Mohegan’s long-term goals and vision.

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“I am honored to be a part of Mohegan’s executive leadership team and contribute to the company’s dynamic growth and strategic vision. Leveraging my experience in the gaming and hospitality sectors, I look forward to identifying new opportunities and driving initiatives that will enhance our offerings and expand our global footprint,” Nelson Parker, Chief Strategy Officer for Mohegan, said.

Parker’s leadership will strengthen Mohegan’s position at the forefront of the entertainment and gaming industry, providing continuity and driving several strategic initiatives to support the company’s long-term goals of innovation, growth, and meaningful community partnerships.

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