IXUP Awarded A$10 Million Online Gambling Self-Exclusion Contract in Ontario
IXU (IXU) Share Update August 2024 Thursday 1st
IXUP Secures A$10 Million Online Gambling Self-Exclusion Contract in Ontario
IXUP Limited, in partnership with IC360, has secured a significant contract to provide a centralized self-exclusion platform for the Province of Ontario, marking a strategic entry into the North American market.
Instant Summary:
- IXUP and IC360 awarded a contract to provide a self-exclusion register for Ontario, Canada.
- The contract is valued at over A$10 million over an initial 5-year term.
- The contract is expected to be cashflow accretive from year one.
- The contract was awarded by iGaming Ontario, Ontario's online gaming government agency.
- This win marks IXUP's entry into the North American gambling player protection market.
- IXUP's core collaboration technology will be applied in a global solution for secure online gambling self-exclusion.
Contract Details
IXUP Limited, in collaboration with its North American partner IC360, has been awarded a significant contract to provide a centralized self-exclusion platform for the Province of Ontario. This contract, valued at over A$10 million, spans an initial five-year term with the possibility of three one-year extensions.
The contract was awarded by iGaming Ontario, Ontario's online gaming government agency, following a highly competitive Request for Proposal (RFP) process. The new state-of-the-art centralized self-exclusion solution (CSE) will enable effective self-exclusion for problem gamblers in Ontario's online gambling market.
Strategic Importance
This contract marks a strategic entry for IXUP into the North American market, complementing its existing operation of Australia's BetStop - National Self Exclusion Register. BetStop has successfully operated since August 2023, completing over 15 billion self-exclusion checks in its first 11 months.
The Ontario CSE will feature IXUP's world-leading secure data collaboration engine, positioning IXUP and IC360 as leading providers of centralized self-exclusion solutions in North America. This market is expected to offer similar contract opportunities in the near future.
Company Statements
IXUP's CEO, Mr. Al Watson, expressed his enthusiasm, stating, 'The awarding of this contract is a watershed moment for our Company, taking us into the rapidly expanding North American gaming market. We believe this Ontario contract confirms our position as a global market leader in the RegTech sector.'
iGaming Ontario's Executive Director, Martha Otton, commented, 'This project reflects our ongoing commitment to world-leading player protections. With IC360's tech-first expertise and IXUP's demonstrated success with BetStop in Australia, we're confident they will help us build a first-in-class self-exclusion system for Ontarians.'
IC360 President, Eric Frank, added, 'IC360 in partnership with IXUP will generate a system that brings the highest standard of responsible gaming tools to one of the world's leading gaming jurisdictions.'
This contract win is expected to positively impact IXUP's revenue and cash flow from the first year of operation. The strategic entry into the North American market positions IXUP and IC360 for future opportunities in the gambling player protection sector. This could lead to increased investor confidence and a potential rise in stock value.
Investor Reaction:
Analysts are likely to view this contract win as a significant milestone for IXUP, enhancing its market position and growth prospects. The immediate accretive impact on revenue and cash flow is expected to be well-received by investors.
Conclusion:
Investors should monitor IXUP's progress in implementing the Ontario CSE and its potential to secure additional contracts in North America. This strategic move could provide substantial growth opportunities for IXUP in the emerging RegTech sector.