Future Of Poker In India Play
Future Of Poker In India Cricket

The poker scene is fast-changing in India. Lots of casinos for live players have already come up and some other casinos are coming up in near future. Casino ct open. So, India’s poker market consisting of both online and live poker is expanding quickly and the day is not far away when India would be the Asian gaming capital and hub for professional poker games. The India Poker Championship is held at the Deltin Royale in Goa and has affordable buy-ins of Rs 5,000, but they can go up to 30,000. Additionally, the tax rates being quite high, tournaments in India haven’t had that much traction in the past. India is a young country with over 75% of its population under the age of 45, making it one of the largest potential markets for online gaming in terms of volume. Texas Holdem Poker and Omaha.

TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (“i3Interactive” or the “Company”) (CSE: BETS) (FRA: F0O3) is pleased to announce that it has closed the previously announced transaction (the “Transaction”) to acquire a controlling interest in an Indian entity (the “Indian Operating Entity”) which owns an active Indian poker brand (the “Indian Poker Operation”). The completion of the Transaction marks the latest step in the Company’s continued efforts to capitalize on the international growth of poker and create long-term value for its shareholders.

“We are thrilled to have completed this Transaction. With the historical and projected growth of poker in India the Company has strategically positioned itself within a key market in order to deliver strong performance and return on shareholder value. This acquisition is a significant step forward in executing on our strategy to identify and pursue growth in strategic markets. The Indian Poker Operation creates an immediate additional stream of recurring revenues from a loyal customer base in an established international market for the poker business,” said Chris Neville, Chief Executive Officer of the Company.

Indian Poker Operation

As of the date of this press release, the Indian Poker Operation is part of one of the largest poker networks in the world with over a million registrations and 100,000 active users. The Indian Poker Operation operates on an internationally award-winning mobile poker platform with industry leading features such as unparalleled welcome bonuses and VIP programs.

The Transaction

The Transaction, which was completed pursuant to the terms of the business combination agreement dated August 10, 2020 (as amended and modified, the “Definitive Agreement”) entered into by and among the Company and an arm’s length, private British Columbia corporation (the “B.C. Corp.”), was completed by way of a three-cornered amalgamation under the Business Corporations Act (British Columbia) (the “Amalgamation”), among the Company, B.C. Corp., and 1260039 B.C. Ltd. (“Subco”), a wholly owned subsidiary of the Company incorporated for the purposes of completing the Amalgamation. Under the Amalgamation, B.C. Corp. and Subco amalgamated to combine their corporate existence, with the entity resulting from the amalgamation continuing as a wholly-owned subsidiary of the Company under the name “i3 India Holdings Corp.” (the “B.C. India Holding Subsidiary”).

Pursuant to the Transaction, the Company acquired all the issued and outstanding shares of B.C. Corp. (the “Target Shares”), and in exchange, issued, to the former shareholders of B.C. Corp., one (1) common share in the capital of the Company (each, a “Common Share”) for each Target Share held prior to the Amalgamation (the “Exchange Ratio”). An aggregate of 7,859,600 Common Shares were issued to the former shareholders of B.C. Corp. As part of the Transaction, Chris Neville, Chief Executive Officer of the Company, was appointed as the sole director and officer of the B.C. India Holding Subsidiary.

Prior to closing the Transaction, B.C. Corp. held a 99.37% ownership interest in an Indian holding entity (the “Indian Holding Entity”), with the Indian Holding Entity holding a controlling 67.47% ownership interest in the Indian Operating Entity. As a result of the Transaction, the B.C. India Holding Subsidiary now holds a 99.37% ownership interest in the Indian Holding Entity. Pursuant to a shareholders agreement entered into by the Indian Holding Entity and the minority shareholders of the Indian Operating Entity, the Indian Holding Entity is entitled to increase its ownership interest in the Indian Operating Entity up to 75% (on a pre-Reorganization basis, as defined below) on or before May 31, 2020, conditional on satisfying certain funding obligations. The Indian Holding Entity is expected to complete a capital reorganization on or before the end of calendar Q1, 2021 (the “Reorganization”). Following completion of the Reorganization, the B.C. 4 queens hotel and casino las vegas nv. India Holding Subsidiary’s ownership interest in the Indian Holding Entity is expected to be reduced to 86.12% (on a post-Reorganization basis), and, assuming that the Indian Holding Entity satisfies its funding obligations, the Indian Holding Entity’s ownership interest in the Indian Operating Entity is expected be reduced to 64.59% (on a post-Reorganization basis).

ABOUT I3 INTERACTIVE INC.

The Company is in the business of developing an online and mobile gaming platform in order to 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, the Company 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.

For additional information on the Company:

Chris Neville
Chief Executive Officer
Tel: (902) 240-4221
Email: Chris@i3company.com

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Future Of Poker In India Play

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. The forward-looking statements in this press release include statements relating to the projections for growth in the Indian online gaming market, the Company’s plans to relaunch the Indian Poker Operation under the brand name “Blitzpoker”, and the timing of the completion of the Reorganization. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements, including, without limitation, (i) the costs of compliance with and the risk of liability imposed under the laws of the jurisdictions in which the Company is operating or will operate (the “Operating Jurisdictions”) including gambling