Kings Entertainment Group Inc. and Sports Venture Holdings Inc. (“SVH“), the parent company of the market-leading Bet99 brand, are pleased to announce that SVH subsidiary, 1000007698 Ontario Inc. (“CanCo“), has been approved for registration as an internet gaming operator with the Alcohol and Gaming Commission of Ontario (“AGCO“). CanCo operates and markets BET99.ca to residents of Ontario.
“Receipt of our license as a regulated gaming operator with the AGCO is an important milestone for SVH and the BET99 brand,” said Jared Beber, CEO of Sports Venture Holdings. “Ontario is a key market within the emerging Canadian online sports betting and casino space and as the sports betting season heats up with summer sports peaking and the football, hockey, and basketball seasons getting started shortly, this is perfect timing for us to hit the ground running.”
BET99.ca expects to launch in the regulated Ontario market following the execution of an operating agreement with iGaming Ontario.
The receipt of the registration as an internet gaming operator with the AGCO satisfies an important condition of the previously announced business combination between Kings Entertainment and SVH (the “Business Combination“), as more fully described in the press release dated May 25, 2022. With this condition now satisfied, closing of the Business Combination is targeted for the first half of Q4 2022.
