Victory Square Technologies says portfolio company GameOn Entertainment applauds advancement of single-event sport wagering legalization legislation in Canada

Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) reported that its portfolio company GameOn Entertainment Technologies Inc is applauding the passing of Bill C-218 following its second reading in Canada’s House of Commons on February 17, which GameOn Entertainment said demonstrates the strong level of support from all parties for single-event sports wagering in Canada.

GameOn said it anticipates having many opportunities to license and/or joint venture across the 10 provinces and three territories in Canada once the Bill is enacted.

The company estimates a market potential for online gaming in Canada of between $5 billion and $7 billion in annual gross gaming revenue, based on historical data extrapolated from legal online gaming markets in the US and globally.

“The recent advancement of Bill C-218 in the House of Commons will have a significant positive impact on Victory Square portfolio companies; GameOn and FansUnite Entertainment,” Victory Square CEO Shafin Diamond Tejani said in a statement.

READ: Victory Square portfolio company GameOn Entertainment appoints new chairman

He added: “Both GameOn and FansUnite have strategically positioned their respective companies to capitalize upon the upcoming legal sport wagering opportunities in Canada and those legal in the US and beyond.”

“GameOn’s proprietary interactive gaming models will complement live games and gaming operators, while FansUnite’s software will enable it to capitalize upon the legal gaming boon that is soon to come.”

Bill C-218, known as the Safe and Regulated Sports Betting Act, repeals a section of Canada’s criminal code that makes wagering on a single sporting event outcome illegal in Canada.

GameOn CEO Matt Bailey also weighed in on the announcement: “GameOn Entertainment Technologies Inc is a prominent creator, supplier and innovator of gaming software solutions. As a proud Canadian gaming company, we look forward to providing legalized sportsbooks with our white label mobile and TV products and other services and products in regulated jurisdictions both in Canada and globally.”

As well, GameOn recently enhanced its Board and Advisory Council with additions that include:

• J Moses, a respected game industry veteran who has served as a Director at Take-Two Interactive since 2007, and also served as an Advisor for the sports wagering platform Bet.Works, which was recently acquired by Ballys
• Mike Vorhaus, seed investor at DraftKings and Skillz
• Sean Hurley, an experienced sports betting and gaming expert, who previously served as Head of Sportsbook at DraftKings and
• Sabrina Carrozza, a communications consultant who represents some of the biggest brands in sports, media and technology

Victory Square, a Vancouver-based mobile game ventures company, purchased GameOn, a technology firm providing consumers, broadcasters, sportsbooks, venues and brand partners with interactive, social experiences around sports, television and live events, through its portfolio company V2 Games Inc, in December 2020.

Contact Sean at [email protected]

Story by ProactiveInvestors