Elys Obtains GLI-33 and GLI-20 Platform Certification for Operational Deployment in Ohio

Rhea-AI Summary

Elys Game Technology, Corp. (Nasdaq: ELYS) has received GLI certification for its self-service betting terminals, complying with standards from the Ohio Casino Control Commission. This certification marks a significant step for Elys as it expands its sports betting operations in the U.S., targeting an estimated market with annual gross revenues potentially reaching $10 billion in 2023 and up to $21 billion by 2026. Elys aims to leverage its extensive experience from the Italian market to establish a strong foothold in the U.S. sports betting landscape, focusing on providing innovative gaming solutions to a largely underserved retail betting market.

Positive

• GLI certification obtained for self-service betting terminals enhances compliance and credibility.
• Potential market for U.S. sports betting estimated at $10 billion in 2023, expanding to $16-$21 billion by 2026.
• Strategic focus on expanding retail sports betting operations, leveraging post-pandemic recovery opportunities.

Negative

• Implementation of self-service terminals may not guarantee immediate revenue growth.
• Dependence on regulatory developments across various states may pose risks to expansion plans.

NEW YORK, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Elys Game Technology, Corp. (“Elys" or the “Company") (Nasdaq: ELYS)(BER:3UW), an interactive gaming and sports betting technology company, is pleased to announce that the Company has received Gaming Labs International (GLI®) certification to the GLI 20 v.2.0: Standards for Kiosks and GLI-33 v1.1: Event Wagering Systems standards for the self-service betting terminal (“SSBT” or “kiosk”) operation of its Elys sports betting platform in accordance with the testing, inspection and compliance standards of the Ohio Casino Control Commission (“OCCC”).

SSBT’s are key to the retail or land-based sports betting market, which is a focal point of Elys’ initial U.S. implementation strategy. The retail sports betting market, outside of brick-and-mortar casino operations, is a largely under-served market which complements existing revenue sources for post-pandemic challenged businesses such as neighborhood restaurants and bars, which can offer socially interactive gaming opportunities to their patrons through licensed hosts in the state of Ohio, and where permitted in future, potentially a wide array of other hospitality establishments throughout the U.S.

“With the GLI 20 and GLI 33 certification of our retail betting platform under the OCCC standards, Elys is continuing to layer the foundational blocks of our expansion throughout the U.S.,” stated Mike Ciavarella, Executive Chairman of Elys Game Technology, Corp. “The U.S. market has grown significantly since the repeal of PASPA in May 2018 with about 37 states now allowing or having passed legislation to permit some form of regulated sports betting. Our internal analysis of available statistics estimates that the annual gross revenue in the U.S. could hit approximately $10 billion in 2023 and could potentially reach approximately $16 to $21 billion by 2026 assuming that the U.S. regulatory landscape expands to 42 states. As previously stated, we continue to hold our estimate that the addressable market for our Elys technology in the U.S. can significantly outsize that of our Italian core operations over the next few years, and thus scaling value creation for our long-term shareholders.

Based on our extensive experience in the highly regulated Italian market and the knowledge of our recently acquired Engage IT team, we apply the highest standards to our certification process to minimize the risk of errors and regulatory fines and instill a sense of confidence in our current and future hosts and customers. The innovative distributed model architecture of our cutting-edge betting technology certainly should make its mark on the global gaming industry in the coming years.”

About GLI® (Gaming Laboratories International)
Gaming Laboratories International (GLI®) is the world’s largest and most experienced independent testing laboratory delivering the highest quality land-based, lottery and iGaming testing and assessment services. Their laboratory locations are found on six continents, and the company holds U.S. and international accreditations for compliance with ISO/IEC 17025, 17020, and 17065 standards for technical competence in the gaming, wagering and lottery industries. For more information, visit www.gaminglabs.com

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. 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. Although the Company believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that any of its expectations will be attained. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to (1) continue layering the foundational blocks of expansion throughout the U.S., (2) minimize the risk of errors and regulatory fines and instill a sense of confidence in our current and future hosts and customers, (3) to scale value creation for our long-term shareholders, (4) make its mark on the global gaming industry in the coming years, the wide array of other hospitality establishments throughout the U.S. being permitted to offer sports betting in future, the estimated annual gross revenue in the U.S. hitting approximately $10 billion in 2023 and reaching approximately $16 to $21 billion by 2026 in 42 states, the U.S. regulatory landscape expanding to 42 states, the Company’s addressable market in the U.S. significantly outsizing that of our Italian core operations over the next few years, the duration and scope of the COVID-19 outbreak worldwide, including the impact to state and local economies, 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 quarterly 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.

Company Contacts:
Elys Game Technology, Corp.
Investor Relations
Tel.: 1-561-838-3325
Email: i.relations@elysgame.com

FAQ

What certification has Elys Game Technology received?

Elys Game Technology has received GLI certification for its self-service betting terminals, meeting the Ohio Casino Control Commission standards.

What is the estimated market size for U.S. sports betting according to Elys?

Elys estimates the U.S. sports betting market could generate approximately $10 billion in annual gross revenue in 2023, potentially increasing to $16-$21 billion by 2026.

How does Elys plan to expand its operations in the U.S.?

Elys aims to expand its operations by focusing on the retail sports betting market, leveraging its experience in the Italian market and targeting underserved hospitality establishments.

What risks does Elys face in its U.S. expansion strategy?

Elys faces risks associated with regulatory developments across various states which could impact its expansion and operational plans.