- New B2B revenue-sharing partnership will provide HHRPh with exclusive rights to the LOOT.BET white-label wagering skin in the Philippines
- HHRPh owns one of four online gaming licenses in the Philippines, a large market with a population of more than 130 million
- B2B market has significant growth potential for LOOT.BET’s white-label applications, requiring minimal capital
- Partnership’s goal to launch LOOT.BET skin in the Philippines by April 1, 2023
MONTRÉAL, Nov. 16, 2022 (GLOBE NEWSWIRE) -- React Gaming Group Inc. (“React Gaming” or the “Corporation”) (TSXV: RGG, OTCQB: ITMZF) is pleased to announce that it has signed a definitive subscription master services agreement with HHR Philippines, Inc. (“HHRPh”), allowing HHRPh to hold an exclusive right to use React Gaming’s LOOT.BET cloud-based software (the “Skin”) for the Philippines. The goal of the partnership is to have the Skin operational by April 1, 2023.
“This is major news for React Gaming, as it allows us to tap into the very lucrative and low capital intensive B2B market for the first time,” said Leigh Hughes, CEO of React Gaming. “The Philippines has always been a key target for us due to the size of the market and its interest in esports. Needless to say, LOOT.BET remains very popular within the esports and iGaming community, and entering this market with a large known licensed partner such as HHRPh just made complete sense. We believe that this new B2B business model will allow us to expand our LOOT.BET platform faster and more efficiently, with minimal investment and lower risk, and could represent a win-win solution for both React Gaming and online gaming operators across the globe.”
“Ever since we first looked at LOOT.BET, we have been convinced that it is a great complement to our service offering for our customers in the Philippines, who are online gaming operators and casinos,” said Martin Zupetz, President of HHRPh. “Now that we have finalized our agreement with React Gaming, we are eager to make LOOT.BET available to our customers and are confident that it will be a strong performer. If this model works, we look forward to expanding LOOT.BET’s reach across the Philippines and, in the longer run, to other countries where we do business.”
“It’s also important to understand that this agreement with HHRPh is part of our two-pronged growth strategy to expand LOOT.BET’s reach into the B2C and B2B markets. The advantage of the B2B market is that LOOT.BET’s platform will be offered to established customer bases, thus involving no customer acquisition cost for us. Our partner will offer the white-label LOOT.BET platform as its own to its customers and we will receive a portion of the revenue generated when those customers use the platform. The more popular the platform, the more revenue it will generate. The great thing about this model is that we can replicate it in multiple markets and with multiple online gaming providers at minimal cost,” added Mr. Hughes.
About HHR Philippines, Inc. (HHRPh)
HHRPh is a software and professional service provider of electronic gaming platforms for land-based and online gaming operators. We are registered with the Securities and Exchange Commission of the Philippines and are licensed and accredited by the Philippine Amusement and Gaming Corporation (PAGCOR). We are also the exclusive distributor of Exacta Systems, a leading provider of proprietary systems and games to the historical horse racing industry in the United States of America.
We provide electronic gaming systems and platforms to casinos and electronic gaming hall operators licensed and registered with PAGCOR. Our gaming systems and platforms are either software or website-based and have integrated libraries of electronic games from leading licensed electronic game providers in the industry. These systems and platforms include gaming consoles, player registration, betting and payment gateways that are legally compliant with PAGCOR regulations. HHRPh gaming systems are offered to clients and partners on outright sale or through a revenue-sharing agreement.
About React Gaming Group
React Gaming Group (TSXV: RGG) (OTCQB: ITMZF) is a publicly traded holding company that stands at the forefront of the esports and iGaming industry. By investing in innovative technologies that enhance tournaments, teams, and wagering, we provide our users with gaming platforms that produce non-stop action, exciting outcomes, and unparalleled enjoyment. Through the use of intelligent data, we also connect our sponsors to robust communities within the rapidly evolving industry, ensuring maximum engagement and substantial reward. For more information, please visit us at reactgaming.ca and follow us on LinkedIn, Twitter, Instagram and YouTube.
Forward-looking statements
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations, and include but are not limited to the statements regarding the completion of the Private Placement, payment of a finder’s fee in connection with the Private Placement, the securities to be issued under the Private Placement, closing the Private Placement in tranches, the offering jurisdictions of the Private Placement, effecting the Share Consolidation, mailing of the information circular, and receipt of approval from the TSXV with respect to the Private Placement and Share Consolidation. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Corporation’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Corporation’s control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Corporation’s activities, including: that the Corporation’s assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and gaming; the inability to obtain, or maintain, gaming license(s); and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Corporation, including its results and financial condition. Except as required by securities law, the Corporation does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
REACT GAMING GROUP INC.
Leigh Hughes
1-514-861-1881
info@reactgaming.ca
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2cb4e21a-0e27-4c5b-bb15-9d45b7c584e3
