Esports Technologies, Inc. Enters into License Agreement with Hillside Limited) Software
May 13, 2021 at 02:24 am IST
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On May 6, 2021, Esports Technologies, Inc. exercised its option for an exclusive (except with respect to the licensor and one entity, Hillside (Technology) Limited) software licensing agreement (the “License Agreement”) for the use, distribution, and resale of multiple cash-out patents as well as a lottery and jackpot software platform with Colossus (IOM) LTD, a company registered in the Isle of Man (“Colossus”). The License Agreement will enable the Company to exclusively provide Colossus Jackpot functionality for esports. The License Agreement also stipulates the exclusive usage and distribution rights for the cash-out patents in the portfolio. Furthermore, the License Agreement stipulates that the parties will share equally in any and all revenue payable to Colossus during the term of the License Agreement from the licensing by Colossus of the licensed patents to any third party. The License Agreement has a three-year term, provided that Colossus Bets (LTD) may terminate the license after two years if it has not generated at least GBP £500,000 in revenue during that two-year period, provided that the Company has the option to extend the License Agreement for one year upon the payment of an additional fee of GBP £150,000.
EBET, Inc. operates platforms to provide a real money online gambling experience focused on i-gaming, including casino, sportsbook, and esports events. The Company operates under a Curacao gaming sublicense and under a strategic partnership with Aspire Global plc (Aspire), allowing the Company to provide online betting services to various countries around the world. The Company operates online casino and sportsbook brands consisting of Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP. It operates six online wagering brands, through Websites and mobile applications, where it accepts deposits and funds from its customers and offer its customers the ability to use those funds to wager on slot and table games, live casino games as well as virtual sport computer simulated games and sports betting. The Company is focused on bringing better i-gaming products to market in order to cater to the Millennial and Gen-Z demographics in the wagering space.