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Elys Game Technology Enters into Virtual Sports Retail Distribution Agreements
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Elys Game Technology, Corp. (NASDAQ: ELYS) announced retail distribution agreements with Virtual Generation Limited to launch virtual sports wagering and amusement products in Italy. This initiative targets around 5,000 retail locations, aiming to generate $5-$7 million in annual revenue. The deployment includes various virtual sports events, enhancing Elys's market presence in Italy and beyond. Executive Chairman Michele Ciavarella emphasized that the investment in Virtual Generation positions the company competitively across regulated markets, including the U.S., Canada, and South America.
Positive
Contracts established for VG products in approximately 5,000 retail locations in Italy.
Projected annual revenue from virtual products expected to be $5-$7 million.
Expansion of virtual sports offerings complements Elys's sportsbook growth in North America.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Elys Game Technology, Corp. (“Elys" or the “Company") (Nasdaq:ELYS)(BER:3UW), an interactive gaming and sports betting technology company, announced today that the Company has entered into retail distribution agreements to deploy its Virtual Generation Limited (“VG”) virtual sports wagering and amusement products throughout Italy.
The agreement is expected to place VG products in approximately 5,000 retail locations operated by both the Company’s Multigioco subsidiary and other licensed operators in the Italian market that would allow patrons to wager on a variety of high-definition virtual sports events such as pre-recorded greyhound and horse racing, virtual horse racing, and Italian league play virtual soccer. With these deployments in the robust regulated Italian market in addition to games such as English league virtual soccer, Keno, Colors, American Roulette and others specifically developed for localized markets, VG is now broadly operating in over 110 global markets. The Company’s objective is to generate accretive organic incremental revenue of approximately $5 - $7 million from our suite of virtual products annually.
“We expect our investments in Virtual Generation to pay-off quickly with deployments in multiple regulated markets including Europe, U.S.A. and Canada, Africa, Asia and in April 2020, VG became the first certified provider of online virtual games through Newgioco Colombia based in Bogota, and is now one of the leading providers of localized virtual sports products in South America,” stated Michele Ciavarella, Executive Chairman of Elys. “VG’s efficient mathematical algorithm and certified random number generator technology could offer our retail partners a superior economic proposition and flexibility compared to many peer competitors in the space, while the highly versatile technology stack is perfectly suited to service all potential operator segments through web and mobile applications as well as land-based client and desktop solutions. VG’s pipeline of new virtual sports interface and graphics development continues to impress potential customers, and we believe that our competitive advantages are essential differentiators that could result in the rapid adoption and global growth of our virtual sports products over the coming years. The growth of our virtual product offering is expected to complement our Elys sportsbook expansion in the U.S. and Canadian betting markets and rapidly contribute to our profitability roadmap and schedule.”
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. Elys offers its clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slots in Italy and has operations in five states as well as the District of Columbia in the U.S. market. Elys' vision is to become a global leader in the gaming industry through the development of pioneering and innovative technology.
The Company provides wagering solutions, services online operators, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS_gaming.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding VG products in approximately 5,000 retail locations in Italy, the Company’s objective to generate accretive organic incremental revenue of approximately $5 - $7 million from our suite of virtual products annually, the Company’s investments in Virtual Generation expected to pay-off quickly, offering our retail partners a superior economic proposition and flexibility compared to many peer competitors, technology stack perfectly suited to service all potential operator segments, our competitive advantages being essential differentiators that could result in the rapid adoption and global growth of our virtual sports products, the growth of our virtual product offering expected to complement our Elys sportsbook expansion, and the rapid contribution to our profitability roadmap and schedule. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to place VG products in approximately 5,000 retail locations in Italy, the Company’s ability to generate accretive organic incremental revenue of approximately $5 - $7 million from our suite of virtual products annually, the Company’s ability to pay-off our investments in Virtual Generation quickly, the Company’s ability to offer our retail partners a superior economic proposition and flexibility compared to many peer competitors, the Company’s ability to suit all potential operator segments, the Company’s belief that our competitive advantages are essential differentiators that could result in the rapid adoption and global growth of our virtual sports products, the ability of the Company’s virtual product offerings to complement our Elys sportsbook expansion, and the ability of the Company’s virtual products to rapidly contribute to our profitability roadmap and schedule, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
What is the latest announcement from Elys Game Technology regarding retail distribution agreements?
Elys Game Technology announced retail distribution agreements with Virtual Generation Limited to provide virtual sports wagering products in approximately 5,000 retail locations in Italy.
How much revenue does Elys Game Technology expect from its new virtual products?
Elys Game Technology forecasts to generate approximately $5-$7 million in annual revenue from its suite of virtual products.
In which markets is Elys Game Technology deploying its virtual sports products?
Elys Game Technology is deploying its virtual sports products in Italy, the U.S., Canada, and several other regulated markets globally.
Who is the Executive Chairman of Elys Game Technology?
The Executive Chairman of Elys Game Technology is Michele Ciavarella.
What types of virtual events will Elys Game Technology offer?
Elys Game Technology will offer high-definition virtual sports events, including greyhound and horse racing, as well as virtual soccer.
