To facilitate and promote opportunities for food and beverage venues to participate in sports betting, Elys Game Technology inked a memorandum of understanding with the New York State Restaurant Association. The key collaboration is expected to bring unique opportunities for those businesses, increasing their revenue streams, as well as tax revenue for the state.
Elys Game Technology Inks Key MoU with NYS Restaurant Association
Interactive gaming and sports betting technology company Elys Game Technology announced on Tuesday that it inked a memorandum of understanding (MOU) with the New York State Restaurant Association (NYSRA), the voice of the restaurant industry in the state. By collaborating, the duo will seek to promoted and facilitate opportunities for beverage and food venues to participate within the state’s sports betting industry.
Additionally, the partnership seeks to create a cornerstone and structure for future opportunities which may be captured by the State of New York and members of the restaurant association. NYSRA together with Elys will work to “develop and establish policies and procedures to advance sports wagering-related opportunities for food and beverage establishments.” The collaboration is expected to gather information regarding the benefits as well as the security of offering and maintaining betting entertainment within food and beverage establishments.
Bars, Restaurants Need New Revenue Streams
Melissa Fleischut, NYSRA president and CEO, said that the Association is excited to collaborate with Elys. She acknowledged that restaurants and bars within the state have felt the devastating impact of the COVID-19 pandemic in the last 18 months.
“The New York State Restaurant Association is excited to be working with Elys Game Technology to bring sports betting to the restaurant industry here in New York.”Melissa Fleischut, president and CEO at the NYS Restaurant Association
Fleischut stressed that now, more than ever, those venues needed additional revenue streams. In conclusion, she outlined that Elys already has experience in bringing sports betting to restaurants and bars around the globe and that has brought many benefits for those venues.
Bringing Betting to Bars and Restaurants Will Increase Revenue, Taxes
Elys’ Executive Chairman, Michele Ciavarella, revealed that the company is delighted to work with NYSRA. He outlined that the collaboration may effectively bring sports betting to an exciting environment where family and friends often watch sports together.
Ciavarella did not miss noting that Elys has successfully obtained its first US sports wagering license in Washington DC in collaboration with the Grand Central Restaurant and Bar. He added that the first restaurant to be licensed to offer sports betting in North America is expected to open early in October 2021. By using affordable, turn-key sports betting products and technology, designed especially for the US market, Grand Central will be able to benefit from sports betting. Additionally, according to Ciavarella, the venue will be a “showcase for the US sports betting market in the future.”
“We strongly believe that the low setup cost of our highly scalable Elys retail and mobile on-premise platform is a win-win for small businesses and could lend a major boost to a key industry that makes up the core of the New York vibe.”Michele Ciavarella, executive chairman, Elys Game Technology
Another point that Elys’ executive chairman raised is that the company has always thought that small businesses such as bars and restaurants are most suitable to conduct sports betting. Ciavarella said that the partnership with NYSRA presents a unique opportunity for restaurant and bar owners to offer legal sports betting. He outlined that besides boosting the venue’s revenue, the business model will also generate significant tax revenue for the State of New York.