Victory Square Technologies Portfolio Company, GameOn Entertainment Applauds Advancing Legislation to Legalize Single-Event Sport Wagering in Canada

• The near unanimous vote demonstrated the strong level of support from all parties for single-event sports wagering in Canada.
• GameOn provides legalized sportsbooks with gaming software solutions, including patent-pending first-screen technology that lets fans make bets with remote controls.
• GameOn recently announced advisors with deep sports betting experience: J Moses, a respected game industry veteran who also served as an advisor for the sports wagering platform Bet.Works (recently acquired by Ballys), Mike Vorhaus, seed investor at DraftKings and Skillz, Sean Hurley, 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.
  

VANCOUVER, British Columbia, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square'') (CSE:VST) (OTC: VSQTF) (FWB:6F6) portfolio company, GameOn Entertainment Technologies Inc. (“GameOn'' or the “Company”), a leader in providing consumers, broadcasters, sportsbooks and partners with interactive, social experiences around sports, TV and live events, is pleased to announce that Bill C-218 was voted on and passed at second reading in the House of Commons on February 17, 2021. The near unanimous vote demonstrated the strong level of support from all parties for single-event sports wagering in Canada.

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

“We are pleased to see the vast support by the House of Commons for legislation in legalizing single event sports wagering in Canada. This Bill has been 12 years in the making and will give our company a great opportunity to service, when approved, the important legalized sports wagering industry in Canada,” said Matt Bailey, CEO, GameOn Entertainment Technologies Inc.

Once the Bill is enacted, the Company anticipates many opportunities to license and or joint venture across the 10 provinces and 3 territories in Canada and also in the legalized global markets. According to the Canadian Gaming Association, over $14 billion is wagered offshore by Canadians and through illegal bookmaking operations in Canada. GameOn 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 U.S. and globally.