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Gaming company Elys Game Technology established a joint venture with Cloakbook, LLC, a certified business entity out of Washington, D.C. It is a standard class B joint venture US sports betting operator license.
The license will allow The Cloakroom Gentlemen’s Club DC to start sportsbook operations. The duo announced the grant by the District of Columbia’s Office of Lottery and Gaming (DCOLG).
Elys and Cloakbook partner to open Washington DC sportsbook
Michele Ciavarella, Executive Chairman of Elys Game Technology, said via a statement:
“We are delighted to have been granted the first joint venture license with our partners at Cloakbook to commence sports wagering services within the Cloakroom Gentlemen’s Club and the Over Under rooftop lounge, our second small business sportsbook installation in Washington, D.C.”
The company also believes that this segment of retail sports betting is within neighborhood establishments. Elys stated this deal could become a key driver for local employment. And help boost economic recovery at the community level throughout the US and Canada.
Ciavarella went on to add: “This retail distribution model offers an alternative to mobile betting that has not commonly existed in the United States other than very limited access in a few grandfathered states prior to the repeal of PASPA in 2018.”
Tony Cavasilios, Managing Member of Cloakbook, LLC commented:
“We are eagerly looking forward to commencing our sportsbook operations within the Cloakroom and all-new Over Under lounge on the rooftop above the club, and to provide a whole new experience to our patrons in D.C.
This new venture has given us the opportunity to create 15 new jobs in D.C. and offer customers a chance to parlay an evening of enjoying a meal and beverage in the Over Under lounge while wagering on their favorite team, and to top it off with a celebration within the award-winning Cloakroom Gentlemen’s Club.”
Cavasilios also emphasized that the process started almost two years ago. He said Cloakbook, LLC gained a deep respect for the compliance framework of installing the sportsbook.
The company is also grateful for working closely with regulators to provide a great product and a safe gaming environment.
US sports betting licensing framework sets an example for other states
The new licensing framework was developed through cooperation between Elys, Cloakroom, the DSLDB and the DCOLG. As well as the experiences gained through the Grand Central operation.
This licensing framework, founded in D.C., could set a precedent model for other states and jurisdictions to replicate the economic opportunities of neighborhood sportsbooks in the community.
Together with Cloakbook, Elys expects to play a key role in the community business ecosystem. To do so, the company plans to host bi-annual seminars on the process of obtaining a sports betting license.
