Calgary, AB - TheNewswire - May 1, 2023 - VIP Entertainment Technologies Inc. (TSXV:VIP) (“VIP” or the “Company”) has filed its consolidated audited financial statements and corresponding MD&A for the year ending December 31, 2022 (" 2022") on SEDAR.

Management Commentary

VIP CEO Joel Donais said: "In 2022, we embarked on the process of becoming one of the first regulated sports betting and online casino companies listed on the Toronto Stock Exchange Venture. After working closely with the regulators, the exchange, and all parties involved in the go-public process, VIP is now working towards expanding its business in the iGaming world, opening further jurisdictions through additional licensing, as has been made evident through our recent press-releases regarding licensing inside of Canada, and the United Kingdom. We are very optimistic about our future growth and encouraged by the expected results of resuming operations in what have been historically strong revenue generating markets, very soon.

Looking ahead to 2023, we eagerly anticipate the ‘re-launch’ of our products inside of Canada and the UK, while we continue to examine and evaluate strategic partnerships and potential acquisition targets to further expand the reach and value to all stakeholders of VIP Entertainment Technologies Inc."

2022 Highlights

• On July 6, 2022, the Company closed its qualifying transaction (“QT”) with VIP Entertainment Group Inc. by way of a reverse takeover in accordance with the policies of the TSXV (the “RTO”), as part of the QT the Company changed its name from ANC Capital Ventures Inc. to VIP Entertainment Technologies Inc. 

• During the year, VIP launched its new platform, a new free-to-play program, and its Daily Fantasy Sports products. As VIP expands its jurisdictions for its sports betting and casino operations, these new free to play users, will have the opportunity to convert to VIP’s pay-to-play products and services. 

• On February 14, 2023, the Company began the application process for its Kahnawake Gaming Commission operators license giving it the ability to operate under a regulated process inside of Canada, outside of Ontario. 

• On April 5, 2023, the Company entered into an agreement to acquire a United Kingdom Gaming License via the acquisition of all issued and outstanding shares of Contagious Sports Limited. 

About VIP Entertainment Technologies Inc.

VIP delivers sports betting, casino games and poker through its VIP Bets platform. In addition, it has recently launched its Free to Play platform, VIPFree2Play. The Company has plans to continue to expand its offering to the gaming industry. Since 2016, VIP has handled approximately $150,000,000 in wagers through its licensed online gaming services.

For further information please visit www.vipentertaingroup.com or contact:

VIP Entertainment Technologies Inc.

Joel Donais, Chief Executive Officer

Email: joel@vipentertaingroup.com

Phone: +1-587-436-5635

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that VIP anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking statements are based on assumptions. While VIP considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive and other risks set out in public disclosure recorded and filed under the Company’s profile on www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of VIP Entertainment Technologies which are available on SEDAR at www.sedar.com. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. VIP Entertainment Technologies Inc disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law