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Red Days for Elray Resources Inc (OTCMKTS:ELRA)

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Elray Resources Inc (OTCMKTS:ELRA) is dropping lower in recent weeks as Investors lose interest and move to greener pastures. The stock exploded in January after the Company announced huge news that Wagering Exceeded 10 Million Dollars for the Month of October 2014.

In recent news ELRA said its Joint venture Partner, AsiaLink has signed three new Online Casino Operators. The new operators have over 8,000 New Players that have registered and played within the newly launched online casinos in less than a month and over 8 Million CNY (Approximately 1,100,000 USD) has also already been waged by the new players the last few weeks.

In terms of the agreement, Elray acquired a 25% stake in AsiaLink with options to acquire additional percentages based on AsiaLink achieving profit milestones.

Elray Resources Inc (OTCMKTS:ELRA) is an established Gaming entity which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks and Player Databases. Whilst Elray is a US company, we have a global presence with offices in London, South Africa, Sydney and Curacao, homes of the largest gaming operators, which helps us actively manage and serve our clients.

ELRA sophisticated patented software automatically declines any gaming requests from within the United States, in strict compliance with current US law. Our Sydney office allows us to tap into skilled resources and some of the world’s largest client base, for regular, personal interaction.

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ELRA recently announced that it has finalized an agreement to acquire the domain lotterydomain.com which 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.

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%.

On October 28 ELRA announced that wagering in one of its JV Licensed Live Dealer Casino Facilities in Manila has already surpassed 10 Million USD for the month of October.

Brian Goodman, CEO stated that, “This is very encouraging as Elray has recently overcome some technical challenges in delivering the product into Asia and the encouraging and incremental wagering is as a result of the system now being stable and highly competitive in the world’s largest gaming arena – Asia. The expected yield of the live studio is around 2.5% of wagering and the facilities are highly scalable. Elray will shortly roll out additional Asian facing gaming products including a new fully integrated E-store and exclusive VIP club specifically targeting the Chinese market and in addition to gaming will also offer high ticket branded fashion and electronic items.”

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Currently drifting into oblivion ELRA recently announced enormous news that wagering in one of its JV Licensed Live Dealer Casino Facilities in Manila has already surpassed 10 Million USD for the month of October. This was followed by heavy dilution however that has resulted in a collapsing stock price. The stock does have a loyal shareholder base that has been supporting the stock. We will be updating on ELRA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ELRA.

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Disclosure: we hold no position in ELRA either long or short and we have not been compensated for this article.

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