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Elys Game Technology U.S. Launch Reports Encouraging Results in October 2021
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Elys Game Technology, Corp. (NASDAQ:ELYS) reported strong results from its sportsbook operations at Grand Central Restaurant and Bar in Washington, D.C., achieving a performance hold of approximately 21%, significantly higher than competitors' averages of 4.8% and -2%. The company emphasized its effective U.S. market strategy, which includes a new partnership with Ocean Casino Resort, set to launch in March 2022. Early data reveal that 30% of patrons are engaging with the sportsbook, benefiting small businesses. Elys is expanding its technology into the U.S. and Canada, aiming for rapid adoption.
Positive
Achieved a sportsbook hold of approximately 21%, outperforming competitors.
New partnership with Ocean Casino Resort expected to launch in March 2022.
30% of restaurant patrons are placing bets, enhancing customer engagement.
Expansion plans for the U.S. and Canadian markets with increased adoption of Elys Gameboard technology.
Negative
None.
Official results from DC Lottery in October indicate Elys powered restaurant bar significantly exceeded Sportsbook Hold of almost 21%
Strong Results in DC accentuates Elys’ newly signed partnership with Ocean Casino Resort in Atlantic City
NEW YORK--(BUSINESS WIRE)--
Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq:ELYS)(NEO:ELYS)(BER:3UW), an interactive gaming and sports betting technology company, today is reporting official sportsbook performance for its launch at Grand Central Restaurant and Bar, in Washington, D.C., with the strong results accentuating the new signed partnership with Elys and Ocean Casino Resort expected to launch in March 2022.
“In terms of October operations, Elys Gameboard produced encouraging sports hold performance of approximately 21% compared to peer competitors reaching 4.8% and (-2%) respectively. This validates the Company’s U.S. go-to-market strategy and re-enforces that Gameboard is built specifically for the U.S. market providing a low-cost, turn-key, end-to-end solution, which can apply to a full range of operator sizes, from small independent businesses through large resort casinos,” stated Michele Ciavarella, Executive Chairman of Elys Game Technology. “U.S. operators have been waiting for this solution since the repeal of PASPA in May 2018, the law prohibiting sports betting in the U.S.. With Elys, small venues like restaurants and bars can continue to focus on preparing great food and beverage for their business, while Elys partners with them to install a high performance, safe, and cost-effective solution that could drive clients to attend the business to enjoy food and beverage, while watching sports and enjoying all the benefits that sports betting brings to their venue.”
“In addition, early data indicates that almost 30% of incoming restaurant walk-though patrons drop in to place a ticket and stay for a drink or snack, this a very attractive value proposition for small businesses struggling to recover from the pandemic, that they may not have without having an Elys sportsbook,” continued Mr. Ciavarella. “Both the early results for the restaurant in DC, along with the on-boarding of USBookmaking, have also had the significant effect of accelerating the execution of our U.S. strategies. Elys also recently announced a partnership with the premier Ocean Casino Resort, which is a validation of our high-performance Gameboard technology coupled with the skill, talent and reputation of Vic Salerno and our USBookmaking team.”
Following the launch of the partnership between Elys and Ocean, specifics about a new entertainment experience at Ocean are expected to be made known after this year. Ocean recently announced a $75 million resort reinvestment in the next year, including the construction of more than 460 guest rooms and suites. This follows Ocean’s 2021 property renovations, which included a revamped casino floor with new high-risk activities.
"We are excited to partner with USBookmaking to capitalize on their expertise, offering a best-in-class experience," said Bill Callahan, Interim Chief Executive Officer for Ocean Casino Resort. "As Ocean continues to strengthen its position within Atlantic City, the addition of a renowned organization such as USBookmaking should only serve to bolster our land-based wagering product."
"USBookmaking looks forward to deepening its relationship with Ocean over the next several years. The combination of Ocean's knowledge of the Atlantic City players' market and our collective 125+ years of sports wagering experience make for a formidable recipe for success," said Vic Salerno, President of USBookmaking. "The Atlantic City market may be competitive, but with Ocean as our partner, USBookmaking is more than ready to take on the challenge."
USBookmaking is a subsidiary of Elys Game Technology, Corp. Elys is currently operational in both online and retail channels throughout Italy via approximately 1,200 web-shops and is now live in North America with 6 tribal casino customers. Elys is planning to process applications to offer sports wagering through its leading-edge betting platform in the U.S. and Canada to large and small casinos as well as independent business venues. The commencement of betting transactions at Ocean is subject to USBookmaking and Elys obtaining the required platform certification and Casino Service Industry Enterprise License from the New Jersey Division of Gaming Enforcement.
"We are delighted to partner with Ocean to offer a highly entertaining and competitive sports wagering product," stated Michele Ciavarella, Executive Chairman of Elys Game Technology. "Our cutting-edge technology built in the competitive European market, coupled with the extensive experience of our USBookmaking team represents our capability of deploying our North American go-to-market strategy in a wide range of assignments including large premier casino resorts such as Ocean. We are just starting our global expansion plan and fully expect to see rapid adoption of our advanced Elys Gameboard betting technology in the United States and Canada in the coming months."
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 through its wholly owned subsidiary under the USBookmaking brand in 4 states in the US market.
The Company’s innovative wagering solution, 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
Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" under the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including risks and/or uncertainties as described in the Company's public filings with the Securities and Exchange Commission.
