Business
Planet Ventures Inc. Signs LOI to Acquire 20% Equity Stake in VIP Bets Inc. - a Premier Legal Web-Based Wagering Sports Book - $1,875,000 Private Placement
(via TheNewswire) Vancouver, British Columbia / TheNewswire / August 1, 2...
About this update from Planet Ventures Inc
[{"type":"text","content":"Planet Ventures Inc. Signs LOI to Acquire 20% Equity Stake in VIP Bets Inc. - a Premier Legal Web-Based Wagering Sports Book - $1,875,000 Private Placement(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / August 1, 2018 - Planet Ventures Inc. (the \"Company\" or \"Planet\") (TSX.V: PXI; FSE: P6U), an investment issuer, is pleased to announce that it intends to acquire $1,500,000 of 12%, 24 month secured convertible debentures of VIP Bets Inc. (\"VIP\"), convertible into that number of shares of VIP equal to 20% of the issued and outstanding shares of VIP. VIP operates a web-based wagering sports book with a Curacao gaming license and is in the process of applying for a Malta gaming license allowing VIP to operate a sports book. The Company's investment is subject to the granting of the Malta gaming license.\n\n \n \nAbout VIP\n\n \n \nVIP specializes in the expanding industry of online sports betting and online gaming portals. The company is an Alberta organized entity with a Belize operating subsidiary that hosts an online sports gaming site targeting the international consumer sports betting market. The company has been operating the site that has been able to establish an initial client base in a small demographic of only 500 active players who wagered over $55 million in a little over 2 years. \n\n \n \nThe ever expanding and global sports betting market is expected to grow at a CAGR 8.7% from 2017-2022 representing $125 billion by 2022. Also fueling expected growth is the recent US Supreme Court ruling that struck down a 25-year federal ban on sports betting outside of Nevada, expanding the potential growth and opportunities.\n\n \n \nVIP is poised to expand its model and plans to expand to multiple betting platforms over the next 1-2 years while complimenting and combining crypto currency into its online platforms. While the main focus is sports betting, the company also offers casino games, live casino, live and in-game betting, as well as the fast growing ESPORTS networks including gaming leagues and tournaments. The ESPORTS video gaming networks are rapidly expanding and becoming more professional and popular with the clients. \n\n \n \nVIP is reorganizing operations to establish a Malta operating subsidiary with Malta gaming license. Expansion to the Malta operations will allow expansion of additiona...