VLTY.L Share News (VLTY)

(Sharecast News) - Online marketing and operating company for the gaming industry Veltyco Group announced on Tuesday that its wholly-owned subsidiary Sheltyco Enterprises has agreed with Betsson Services, the sports book operator, to renew its marketing agreement until May 2021.The AIM-traded firm said that under to the new agreement, it would continue to exclusively market Betsson's Betsafe brand in Germany on broadly similar terms as the previous agreement.Betsson is part of the Betsson AB group - a Sweden-quoted investor and manager of companies in the online gaming industry, with a market capitalisation of around €885m.Veltyco said Betsafe is "one of the leading" global online gaming brands with more than 450,000 customers from over 100 countries.There was an "increasing" global recognition of the Betsafe brand, it claimed, as demonstrated by Betsson's sponsorship of London-based Saracens Rugby Club and boxer Tony Bellew.Veltyco had been working with Betsson since March 2012 as its exclusive marketing partner for the German-speaking market, receiving a share of all revenues generated from the Betsafe brand in German-speaking countries, in recognition of its marketing activities.Historically, Veltyco had increased the visibility and recognition of the Betsafe brand through premium marketing partnerships with top German Bundesliga clubs, and other high-profile sporting events.The renewal of the marketing agreement with Betsson was further to the disclosure in Veltyco's 2017 annual report, in which it confirmed that it had - subject to documentation - reached agreement with Betsson to further extend its existing marketing agreement.If Veltyco's relationship with Betsson was expanded beyond the current geographic arrangement, that would be subject to further agreement and further announcements would be made as appropriate, the board added."Since inception, Betsafe has formed a core part of the group's operations," said Veltyco chairman Gilles Ohana."The partnership jointly leverages both companies' respective strengths including Betsson's and Betsafe's clear operational excellence and Veltyco's core expertise in Germany."Betsson's confidence in Veltyco in extending its marketing agreement in Germany through to 2021, further strengthens our relationship and we very much look forward to continuing the expansion of the Betsafe brand in Germany to the benefit of all parties."