Business
Contract renewed, receivables, launch of own brand
Contract renewed, receivables, launch of own brand.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3611Y Veltyco Group PLC 21 August 2018 \n\n21 August 2018\n \nVeltyco Group plc \n(\"Veltyco\", the \"Company\" or the \"Group\")\n \nBetsson Services contract renewed, update on receivables\nand launch of own regulated brand\n \nBetsson contract renewed\n \nVeltyco Group plc (AIM:VLTY), the online marketing and operating company for the gaming industry, is pleased to announce that its wholly owned subsidiary, Sheltyco Enterprises Ltd, has agreed with Betsson Services Ltd (\"Betsson\"), the sports book operator, to renew Veltyco's marketing agreement until May 2021. Pursuant to the new agreement, Veltyco will continue to exclusively market Betsson's Betsafe brand in Germany on broadly similar terms as the previous agreement. \n \nBetsson is part of the Betsson AB group, the Swedish quoted investor and manager of companies in the online gaming industry, with a market capitalisation of approximately €885 million. Betsafe is one of the leading global online gaming brands, with over 450,000 customers from over 100 countries. There is an increasing global recognition of the Betsafe brand, as demonstrated by Betsson's sponsorship of London-based, Saracens Rugby Club and boxer Tony Bellew.\n \nVeltyco has been working with Betsson since March 2012 as its exclusive marketing partner for the German speaking market, receiving a share of all revenues generated from the Betsafe brand in German speaking countries, in recognition of its marketing activities. Historically, Veltyco has increased the visibility and recognition of the Betsafe brand, through premium marketing partnerships with top German Bundesliga clubs and other high-profile sporting events.\n \nThe renewal of the marketing agreement with Betsson is further to the disclosure in Veltyco's 2017 Annual Report and Accounts, in which the Company confirmed that it had, subject to documentation, reached agreement with Betsson to further extend its existing marketing agreement. If Veltyco's relationship with Betsson is expanded beyond the current geographic arrangement, this will be subject to further agreement and further announcements will be made as appropriate.\n \nCommenting on the contract renewal, Gilles Ohana, Chairman of Veltyco, said: \"Since inception, Betsafe has formed a core part ...