Elray Resources Inc (OTCMKTS:ELRA) continues near its 52 week lows and recently established support levels of $0.0006. ELRA recently announced huge news that Wagering Exceeded 10 Million Dollars for the Month of October.
CEO of ELRA Brian Goodman said earlier this month that ”the Company is making solid progress. The Casino Operations in Asia are performing well and our focus on increasing company revenues and reducing debt have shown excellent results. The Company has reduced its convertible debt by over 1.5 Million Dollars over the last few months and whilst the convertible debt has converted into equity the outlook for Elray is very positive and expectations are that business will continue to grow, new products will be launched, new relationships will be formed and revenues will continue to increase in the coming months.”
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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Conclusion: ELRA is a highly compelling situation trading a tenth of a penny over the stocks 52 week lows and recently established support levels of $0.0006. The market is still digesting the Company’s 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.
ELRA does have revenues however they burn through significantly more money this has led to significant dilution over the past years with ELRA affecting 2 reverse stock splits.
Investors are hoping ELRA can reverse off the $0.0006 lows again as they wait for another catalyst like more EPIC news from the Company. Currently trading at a low market valuation significantly under a million ELRA represents a highly compelling technical setup that still trades very close to its historical lows. The stock does have the type of loyal shareholder base that can drive these subs skyward in a hurry on any good news.
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Disclosure: we hold no position in ELRA either long or short and we have not been compensated for this article.