LONDON, UK: ChallengerX, a company that helps amateur and semi-professional sports clubs to professionalise their operations, announced today that it has acquired an exclusive licence for the rights of FlashBet Wheel App’s design and technology in UK and Europe.
The app is an innovative parlay/accumulator betting product that aims to improve the way bettors engage with online betting.
The licence agreement was signed with Flash Corp Technologies Ltd, a company that develops and promotes technology for the sports betting and gaming industry. The consideration for the licence was satisfied by the issue of 80 million new ordinary shares of ChallengerX at a market price of 0.55p, representing 18.91% of the enlarged issued share capital of ChallengerX. The licence is renewable for 13 months, with an option to extend it on a year-by-year basis for a royalty fee equal to 10% of ChallengerX’s yearly revenue. ChallengerX also has the right to acquire the exclusive rights to the intellectual property relating to FlashBet Wheel App Technology in perpetuity for a consideration of 900 million shares.
The FlashBet Wheel App is a patented digital gaming platform that simplifies the process of placing parlay/accumulator bets via a gamified “betting wheel”. The app allows users to select multiple events and outcomes, spin the wheel, and place their bets with one click. The app also offers various features such as live odds, cash out options, and social sharing. The app is intended to be integrated into gaming operation portfolios, as well as to attract direct-to-customer users at scale.