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Complete corrected text follows. Contagious Gaming Provides Business Update. Contagious Gaming Inc. We are pleased to present a business update on our expanded Goal Time offering and a move into white label sports betting, a pivot of our digital lottery business, and an update on Digitote and a note the Digitote Earn Out," commented Peter Glancy, CEO and Director.

Goal Time Update. The completion of the acquisition of Digitote on December 2, , provides the Company with the technical ability to offer a wider range of gaming content to its Goal Time players on a white label basis. The expanded offering the "Expanded Goal Time Offering" includes:. In order to implement the Expanded Goal Time Offering, the Company is required to achieve the following milestones:.

The Company has been focused on executing on the above requirements to implement the Expanded Goal Time Offering. As part of the larger initiative, the existing Goal Time operations were suspended in early December , in conjunction with the closing of the Digitote acquisition. It shall be relaunched with the completion of the Expanded Goal Time Offering launch. TMG is a significant global partner with an audience that includes Digital Lottery Update.

Contagious Gaming remains committed to becoming a leader in the development of digital instant scratch cards. However, the roll out of its supplier contracts in the US has taken more time than the Company expected. In the state where the Company's content is currently live the lotteries have yet to roll out a full scale marketing campaign which is limiting the performance in the state. Due to the slower than expected pace of digital lottery growth across the US the limited distribution and marketing efforts by the lotteries to date, Management's view is to diversify its Digital Lottery portfolio outside of the US and to pursue distribution networks in Canada, Europe and other regulated markets.

As part of its strategy to diversify away from the US lotteries, the Company announced on April 14, , that it entered into a casino partner agreement with Openbet Limited " Openbet " to have its content portfolio distribution to Openbet's global customer base via its software platform. This integration work required is underway and once completed will provided Contagious with a global base of potential customers for its content. Digitote Limited and Digitote Software GmbH Deutschland's together " Digitote " customers are structured on a month-to-month basis, as there are no long-term agreements in place.

This risk of contract uncertainty was identified as part of the Company's due diligence when acquiring Digitote and was reflected in the structuring of the consideration paid. The Company negotiated earn out consideration in lieu of a vendor take back to account for risk in the lack of long-term contracts with Digitote's key customers at the time of closing.

The Company announced on October 19, a portion of the purchase price of Digitote Limited and Digitote Software GmbH Deutschland together " Digitote " was to be funded by way of earn out the " Digitote Earn Out " as opposed to the previously agreed upon vendor takeback as announced on August 10, the " Vendor Take Back ".

To-date the Company has paid to the Digitote vendors 8,, shares of the Company delivered on closing. Digibet Ltd. The Company will now refocus the resources previously dedicated to Digibet on the near-term launch and support of the expanded Goal Time offering. Following the completion of the Digitote acquisition, key personnel have been focused on the integration of Goal Time and the build out of the expanded offering as well as updating the xTurf platform.

About Contagious Gaming. Contagious Gaming offers sports betting, pool betting and iGaming solutions targeted at the online retail and mobile gaming markets. Our unique offering of content and technology can be delivered as a fully integrated service across a single, modern customer platform or can be offered as standalone verticals. For more information on Contagious Gaming please visit www.

Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. The forward-looking information in this news release describes the Company's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events.

Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events.

However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Sign in Mail Sign in to view your mail.

Finance Home. Marketwired July 5, Digital Lottery Update Contagious Gaming remains committed to becoming a leader in the development of digital instant scratch cards. Story continues. Recently Viewed Your list is empty. What to Read Next. American City Business Journals. Simply Wall St. The Fiscal Times. Yahoo Finance. Yahoo Finance Video. FX Empire.

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