Las Vegas, NV - (NewMediaWire) - December 12, 2022 - Elray Resources Inc. (OTCPK: ELRA), a developer and licensor of online gaming technology and systems, today announced it has acquired Online Casino Crypto Technology, from Luxor Capital LLC. The Crypto Technology will enable Elray to build and supply full turnkey Crypto Technology systems to online crypto gaming operators.

The crypto platform, branded as EBS (Elray Blockchain System), is expected to launch in the coming months.

Elray also announced it has reached an Exclusive Distribution Agreement with Golden Matrix Group Inc. (NASDAQ: GMGI), wherein it will acquire all its gaming content for crypto operators from Golden Matrix. As a result, Elray Gaming’s B2B online crypto casino systems and technology will feature content provided exclusively by Golden Matrix Group Inc. Elray Gaming's new website can be found at www.elraygaming.com.

Luxor Capital LLC, is a Nevada Company, wholly owned by Anthony Brian Goodman.

Mr. Goodman and Ms. Feng are related parties, Board Members of Elray Resources Inc., and Golden Matrix Group Inc. as well as Mr. Goodman is the Sole Managing Member of Luxor Capital LLC.

The global crypto gambling industry, according to MBN Market Business News, is predicted to reach $93 Billion By 2024. [1]

Cathy Feng, CFO, said, “Bitcoin casinos are now one of the latest trends in the online gambling industry and they will shape the future of online gambling as we know it. Crypto Casinos have many advantages over traditional casinos, such as faster payments, improved security, and better transparency. Some of the best Bitcoin casinos on the market already have hundreds of thousands of active players hailing from all corners of the world.”

“Some interesting Casino Stats, that you should be aware of, the global casino industry is worth over 231 billion dollars [2], since 2014, players have wagered more than 5.4 Billion Dollars in Bitcoin, Crypto gamblers place 337 bets every second, 60% of all Bitcoin transactions are related to gambling. The latest Bitcoin gambling statistics show that the interest in crypto gambling is on the rise as players continue to choose cryptocurrencies for the many advantages that they offer.”

Elray Resources Inc., based in Las Vegas, owns Blockchain/Crypto gaming technology and will provide online crypto casinos and crypto gaming technology to online crypto casino operators.

Golden Matrix Group, based in Las Vegas, NV, is an established gaming technology company listed on Nasdaq that develops and owns online gaming IP and builds configurable and scalable white-label B2B gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The Company's platform can be accessed through both desktop and mobile applications. Additionally, Golden Matrix generates revenues in Great Britain from RKings Competitions’ scalable B2C tournament platform, and has recently launched a licensed proprietary B2C online casino in Mexico.

Forward-Looking Statements

Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws, including within the meaning of the Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). These forward-looking statements represent the Company’s current expectations or beliefs concerning future events and can generally be identified using statements that include words such as “estimate,” “expects,” “project,” “believe,” “anticipate,” “intend,” “plan,” “foresee,” “forecast,” “likely,” “will,” “target” or similar words or phrases. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to, the impact of the COVID-19 pandemic on the Company; the need for additional financing, the terms of such financing and the availability of such financing; the ability of the Company and/or its subsidiaries to obtain additional gaming licenses; the ability of the Company to manage growth; the Company’s ability to complete acquisitions and the available funding for such acquisitions; disruptions caused by acquisitions; dilution caused by fund raising, the conversion of outstanding preferred stock and/or acquisitions; the Company’s ability to maintain the listing of its common stock on the Nasdaq Capital Market; the Company’s expectations for future growth, revenues, and profitability; the Company’s expectations regarding future plans and timing thereof; the Company’s reliance on its management; the fact that the Company’s chief executive officer has voting control over the Company; related party relationships; the potential effect of economic downturns, recessions, increases in interest rates and inflation, and market conditions, decreases in discretionary spending and therefore demand for our products, and increases in the cost of capital, related thereto, among other affects thereof, on the Company’s operations and prospects; the Company's ability to protect proprietary information; the ability of the Company to compete in its market; the Company’s lack of effective internal controls; dilution caused by efforts to obtain additional financing; the effect of current and future regulation, the Company’s ability to comply with regulations and potential penalties in the event it fails to comply with such regulations and changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; the risks associated with gaming fraud, user cheating and cyber-attacks; risks associated with systems failures and failures of technology and infrastructure on which the Company's programs rely; foreign exchange and currency risks; the outcome of contingencies, including legal proceedings in the normal course of business; the ability to compete against existing and new competitors; the ability to manage expenses associated with sales and marketing and necessary general and administrative and technology investments; and general consumer sentiment and economic conditions that may affect levels of discretionary customer purchases of the Company's products, including potential recessions and global economic slowdowns. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we provide no assurance that these plans, intentions or expectations will be achieved. Consequently, you should not consider any such list to be a complete set of all potential risks and uncertainties. More information on potential factors that could affect the Company's financial results is included from time to time in the "Special Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's periodic and current filings with the OTC Markets. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

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Elray Resources Inc.

Contact: Vincent Cai

Email: info@elraygaming.com

[1] MBN Market Business News https://marketbusinessnews.com/global-crypto-gambling-industry-to-reach-93-billion-by-2024/304964/

[2] Statista https://casinosblockchain.io/bitcoin-casino-statistics/

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