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ELRA Upgraded, Price Target of $0.20 Per Share

(NEW YORK)--Elray Gaming, Inc. (OTC:ELRA), a provider of online and mobile gaming turnkey solution subsidiary, signs licensing agreement for virtual horse racing platform, a speculative price target of $0.15 to $0.20 per share.

ELRA Highlights

- Developing Virtual Horse Racing Platform
- Launched their First Online Casino
- Operating Binary Option Platform
- To Acquire Mobile Gaming Technologies
- Online Gaming in Strong Demand
- 24 Million Shares Outstanding
- Market Cap only $480,000

Virtual Horse Racing Platform

Elray Gaming entered into an agreement with Virtual Technology Group, LLC to assist in developing, marketing, and supporting their technology of a virtual online horse racing products. The horse racing platform will have three options which include fixed odds, sliding fixed odds and pari-mutuel, which enables worldwide deployment with regional preferences. Each engine calculates the payout based on the engine rule set and odds calculated by the virtual world system. Betting can be accepted as soon as the race is posted, generally 3 days in advance. All betting is closed 10 sec prior to race start when the system calculate the rendering files and sends the animation file to the viewer for the running of the race. This prevents tampering with the odds and payouts. This method offers the greatest security against any players or bots trying the “beat” the game. The system tracks every bet transaction for each user in “cash” or “play for fun” mode that can be viewed by the player from the web page, or by the operators from the call center module.

Video demo -

Binary Option Platform

In addition to their new Golden Galaxy online casino, the company also operates their own binary options trading platform called Golden Matrix Binary. This now gives ELRA two live and operating gaming platforms, and makes it a active player in the online gaming sector. A video of their binary option trading platform can be viewed at

$0.20 Price Target

As of Sept. 27, 2013, the Company had approximately 24 million common shares issued and outstanding. ELRA's stock chart shows very oversold indicators resulting from the investor selling small cap equities over fear of the government shutdown. This selling has seemed to settle sector wide, and thus ELRA may offer some substantial upside from its current levels.

Now that Elray Gaming has settled its long outstanding lawsuit, the Company is anticipated to roll out its gaming projects aggressively into such markets as Asia. With just 24 million shares outstanding, a price of $0.20 would still only equate to a $4.8 million market cap, when compared to others in this sector we feel it is very fair and justifiable.