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Sunday, November 27, 2022

Was a Correction Overdue for Elray Resources Inc (OTCMKTS:ELRA)?

Elray Resources Inc (OTCMKTS:ELRA) is holding strong in recent days after the stock dropped from the run-up it made at the end of October when the Company announced that Wagering Exceeds 10 Million Dollars for the Month of October.

This was big news for ELRA and shareholders are hoping for more updates; prior to that the stock had been drifting for months after the 1 for 10 split reverse stock split in February.

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.”

Conclusion: ELRA is making a highly explosive move up out of sub penny land on record breaking volume after the enormous news from the Company 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.

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News on this scale cannot be digested by the market in a day or 2 and usually is the catalyst for long term runs that thrust these bb’s into a whole new stratosphere! 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 recent news coming from this Company is nothing short of spectacular. At the same time ELRA is quickly developing the type of loyal following that can drive these pennies skyward. All this makes ELRA a stock to watch and might just provide a spectacular trade opportunity in the weeks and months ahead.

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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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