VANCOUVER, British Columbia – April 21, 2020 – Planet Ventures Inc. (TSX-V: PXI; FSE: P6U) (“Planet” or the “Company”) is pleased to announce that its subsidiary, First Eleven Ltd. (First XI), a UK & Brazil based eSports, gaming and media company, through its wholly owned subsidiary, Contagious Sports UK, has renewed its annual “Remote Operating Gaming Licence” issued under Part 5 of the UK Gambling Act 2005.
“I am delighted to confirm that the company has met with the UK Gaming Commissions meticulous and stringent legal requirements, as required by the Commission to renew this licence” states Peter Glancy, founder of 1st Eleven. “A UK Gaming license is considered by International standards to be a tier 1 licence due to the thorough procedural detail required by the UK gaming authorities. The renewal was issued on March 31st 2020 and is valid for the next twelve months with an annual renewal date on the 31st of March, 2021.”
Mr. Glancy went on to comment: “the licence will enhance our business portfolio, including our advanced influencer platform and proprietary tournament hosting technology. 1st Eleven is well positioned and intends to become a leading International eSports/ gaming and media business combining passion for gaming / eSports and influencers with cutting edge gaming technology.”
The UK Gambling Commission Licence authorises the company to carry out the following activities:
- to provide facilities for real event live in play and pre-match betting and white label to other third-party operators;
- to manufacture, supply, install or adapt gambling software;
- to provide facilities for pool betting;
- additionally, the remote gaming licence provides Contagious Sports with additional Business to Business (“B2B”) capabilities to provide the product to other third-party gambling operators who will transact directly with their customers
Zula Kropivnitski, Planet’s Chief Financial Officer states: “The renewal of the license will provide our subsidiary 1st Eleven and Contagious Sports the ability to monetize directly to the customer via business to client (“B2C”) and direct to businesses via a business to business (“B2B”) model. In addition, it will give us the capability to provide white label solutions to third party clients. The licence also accommodates live in play sports betting, across all global sporting events, including eSports.”
“The global eSports gambling sector is projected to be worth around $12.9 Billion by 2020 (according to research by Eilers & Krejcik Gaming”) adds Peter Glancy. “It’s a market that simply cannot be ignored. To put that $12.9 Billion into perspective, the total handle for sportsbook in Nevada on all sports was around $4.8 Billion in 2017 (according to research by NJGames.org). If we compare that number to the $5.5 Billion bet on eSports in 2016, that number would mark a 136% increase in just 4 years. Market research providers such as Newzoo have predicted a 14.4% compound annual growth rate of the global eSports audience between 2016 and 2021 to approximately 307 million. We look forward to capturing a portion of that audience and cementing ourselves as a leader in the industry.”
About Planet Ventures Inc.
Planet Ventures Inc. (TSXV:PXI), is an investment issuer listed on the TSX Venture Exchange, that is focused on investing in disruptive companies and industries that have high growth potential. Our unique portfolio driven investment policies provide our investors access to emerging and high-growth opportunities while shielding them from any formidable downside.
For more information, please visit our website: planetventuresinc.com
ON BEHALF OF THE BOARD
Chief Financial Officer and Director
INVESTOR RELATIONS CONTACT
Peter Glancy, Founder of First Eleven
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.