Novibet To Combine With Artemis Strategic Investment Corporation; Novibet Pre-Transaction Enterprise Value Of $625M

Novibet is a Fast-Growing GameTech Operator that Offers iGaming and Online Sports Betting and Features an Internationally Recognized Brand, Efficient Digital Marketing Strategy and a Proprietary Vertically Integrated Technology Platform

Novibet Expects to Generate $156 Million in Net Gaming Revenue and EBITDA of $20 Million in 2022 from iGaming and OSB Operations in Four Regulated European Markets

Novibet Achieved Average New User Breakeven in Less than Two Months in 2021

Poised to Begin Leveraging Track Record of New Market Entry in North America by the end 2022; Entered into a Market Access Agreement for Pennsylvania and Negotiating Market Access Agreements for Six Additional States

Expected to Have Approximately $135 Million of Unrestricted Cash at Closing (assuming no redemptions) as well as Continued Positive Cash Flow from Existing Operations to Drive Global Expansion

Novibet Pre-Transaction Enterprise Value of $625 Million

PHOENIX & VALLETTA, Malta--(BUSINESS WIRE)-- Artemis Strategic Investment Corporation (NASDAQ:ARTE) (“Artemis”), a publicly traded special purpose acquisition company, and Logflex MT Holding Limited (doing business as “Novibet”), an established and profitable technology-enabled operator, jointly announced today that the companies entered into a definitive agreement for a business combination, whereby Artemis will merge into a new wholly-owned subsidiary of Novibet in a transaction based on Novibet’s pre-transaction enterprise valuation of $625 million. Following completion of the transaction, Novibet’s ordinary shares will be listed on the Nasdaq Stock Market. Artemis founders and existing Novibet stakeholders will hold approximately 75% of the combined company at close.1

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220330005807/en/

Founded in 2010, Novibet currently operates iGaming and online sports betting actively across four regulated European markets: Greece, Ireland, Italy, and Malta. Over the last four years, Novibet has grown gross gaming revenue at a compound annual rate of approximately 107% for the full year ended December 31, 2021, with EBITDA during this period increasing at a compound annual rate of approximately 182%.

Novibet’s current operations and offerings include:

• An iCasino platform that offers one of the largest online slots portfolios in the global gaming industry, including more than 5,000 casino games and 180 progressive jackpot games;
• An online sports book platform that has strong brand awareness across its markets, with an opportunity to establish a differentiated brand in North America based in part on an internal team that covers more than 400,000 events across more than 20 sports;
• A scalable and flexible technology offering that positions Novibet to efficiently address future growth with emerging iCasino verticals such as live games; and,
• A proprietary platform for customer relationship management and technology.

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1 Assumes no redemptions from Artemis stockholders and $50 million of cash consideration paid to Novibet’s sole shareholder

Note: Novibet’s reporting currency is Euros. The exchange rate provided for US dollars is 1.1828 (due to fluctuating currency exchange, this rate is provided for convenience only and is based on the average for 2021)

Multi-Pronged Growth Strategy

The proceeds from the business combination and expected ongoing positive cash flow growth from existing operations are expected to favorably position Novibet to execute on a multi-pronged growth strategy that will grow its presence in the total addressable market (TAM). Novibet’s near-term strategic growth initiatives include:

• Leveraging its strong operations and proprietary technology to continue to grow market share in existing core markets and enter additional European markets
  • European markets represent an estimated $29+ billion 2026 regional TAM opportunity: In addition to continued growth in Greece, Italy and Ireland, Novibet has developed a multi-phase European expansion plan to enter Sweden, the Netherlands, Romania, Belgium, Hungary, Germany, France and Spain via a joint venture partnership or strategic, accretive M&A
• Deploying its ability to enter into new markets to enter emerging and regulated iGaming markets in North America and multiple Latin American markets
  • U.S. and Canada represent an estimated $37+ billion 2026 regional TAM opportunity: Novibet has entered into market access agreements for iGaming in Pennsylvania and is finalizing market access agreements for six additional U.S. States, while seeking a direct license to operate in Ontario and in other Canadian provinces as they become regulated
  • Latin America represents an estimated $4+ billion 2026 regional TAM opportunity: Novibet believes it is close to finalizing a market access agreement for Mexico with a land-based operator and is seeking to enter additional Latin American markets (Peru, Chile, Brazil, Colombia and Argentina) via a joint venture partnership or through strategic, accretive M&A
• Pursuing a return-focused acquisition strategy to acquire complementary iGaming operators to further diversify its markets and sources of revenue and grow cash flow
  • Novibet is reviewing several pipeline targets in key new regulated markets that can increase its scale and reach, provide technology synergies, and/or provide new licenses in locally regulated markets

Initial execution against these multi-year growth initiatives is expected to help drive growth in full year 2023 projected net gaming revenue to approximately $200 million and EBITDA to approximately $37 million.

Management Commentary