01:24:38 EDT Thu 23 Sep 2021
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i3 Interactive Inc
Symbol BETS
Shares Issued 137,321,254
Close 2020-11-30 C$ 0.23
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i3 applauds Cdn gov't proposal on sports betting

2020-11-30 11:23 ET - News Release

Mr. Chris Neville reports

i3 Interactive Inc. commends the Canadian federal government for the initiative put forth to legalize single event sports wagering in Canada. The company is eager for this proposal to move forward to enable the company to provide Canadians with its enhanced products and services in the Canadian marketplace.

Federal Justice Minister David Lametti is expected to introduce legislation as soon as Thursday to legalize single-event sports betting in Canada -- ending a decades-old prohibition on gambling. This would allow the Canadian federal government to collect billions of dollars in taxes in the years to come. An estimated $14-billion in annual sports betting -- $10-billion through the black market through bookies and $4-billion more through offshore on-line outlets, according to figures from the Canadian Gaming Association -- is wagered by Canadians through illegal channels beyond the regulatory control of the government.

The chief executive officer for i3 Interactive, Chris Neville, was quoted as saying: "Our company intends to immediately apply for a Canadian licence, once the framework is established, which should be established shortly after the House of Commons passes the legislation in the coming weeks. Our goal is to offer the best-in-class product offering for our current customers and Canadians. Billions of dollars have been lost from taxes that should have been collected on corporate gambling earnings in the past 20 years. This is a sector that also can employee hundreds of thousands of people and allow the government to collect the taxes from bets placed in the Canadian marketplace which are currently flowing into tax-free jurisdictions."

i3 Interactive already offers sports betting, casino and poker in international jurisdictions through its website. Mr. Neville was also quoted as saying: "The on-line gambling industry has been asking for this gambling product for over a decade, which has fallen on deaf ears. It's very well known that large revenues flow to unregulated, illegal operations and offshore Internet sites without providing any financial benefits to Canadians. With the government running a massive deficit due to the implications of the COVID-19, I really do believe there is no better time for this positive change for the Canadians who use gambling as a form of entertainment."

About i3 Interactive Inc.

i3 Interactive is in the business of providing customers with an on-line and mobile gaming platform which will provide sports fans worldwide with a unique and highly engaging social gaming product and sports betting and casino product offering. In an effort to break into the various emerging global markets, i3 has secured partnerships with key industry contacts, including Dan Bilzerian, an internationally renowned and widely respected social media celebrity with over 50 million social media followers.

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