Elray Resources Inc (ELRA)

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Elray Gaming Acquires www.LotteryDomain.com
Globe Newswire
September 26, 2014: 09:25 AM ET


NEW YORK, Sept. 26, 2014 (GLOBE NEWSWIRE) -- Elray Resources Inc. (OTCPK:ELRA) trading as Elray Gaming announced today that it has finalized an agreement to acquire www.LotteryDomain.com.
Lottery Domain was established in February 2010 and is a reseller of the Oz Lotteries System. Oz Lotteries operates under strict government supervision and is the exclusive online agent for the government licensed NSW Lotteries, run by Tatts Group Limited in Australia. NSW Lotteries is one of the longest established and largest Lotteries in the world. The products offered include Lotto Strike, Lucky Lotteries, Oz Lotto and Powerball.
In terms of the purchase agreement Elray will purchase the Intellectual property and know-how of www.LotteryDomain.com.
Elray plans to build the business and add further licensed lottery products, enabling the sale of lottery tickets across smartphones, tablets and computers through websites and mobile apps. The Lottery market is a rapidly growing market and is expected to continue growing based on evidence in other countries where the percentage of lottery customers playing online has reached 30%.
Global Lottery sales are going from strength to strength. The global lottery scene appears, to be largely immune to localized market volatility as lottery tickets continue to be in demand in both good times and bad.
New lottery games are being introduced all over the world. Jurisdictions that have lottery games are adding new products, and at the same time new Lotteries are being launched in jurisdictions where there were previously none.
The acquisition is in line with Elray's gaming strategy and will generate immediate additional revenues to Elray.
In consideration for the purchase, Elray will issue Preferred Series C stock with a restriction on conversion.
www.ElrayGaming.com