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ELYS BMG GROUP INC (symbol: ELYS), also known as Elys Game Technology Corp., is an interactive gaming and sports betting technology company. The company is fully licensed and operates both online and land-based gaming platforms. Elys conducts its primary business through the internet-based gambling and sports betting platform under the registered brand Newgioco, accessible via www.newgioco.it, and through various retail neighborhood betting shops across Italy. Its comprehensive suite of leisure gaming products includes sports betting, virtual sports, online casino games, poker, bingo, interactive games, and slots.
Moreover, Elys offers an innovative betting platform, accessible at www.odissea.at, that caters to both B2B and B2C bet processing. The company has made significant strides in regulated markets globally, including recent expansions in North America.
In the U.S., Elys has introduced a unique small business sportsbook model that enables local businesses to offer sports gambling services. The first U.S. location, Grand Central Sportsbook in Washington D.C., has been a notable success, reporting Gross Gaming Revenue (GGR) of $67,500 per month, significantly exceeding initial expectations. Following this success, Elys has expanded with additional locations in D.C. and plans further growth in other states.
The company's competitive edge is underscored by its 'best odds' model, which provides the most competitive odds on various sports events, prioritizing long-term customer loyalty. This approach sets Elys apart from major players like DraftKings and FanDuel, which focus heavily on marketing spend for short-term gains. As sports betting continues to grow in the U.S., fueled by the popularity of the NFL and other major sports leagues, Elys is well-positioned to become a significant player in the market.
To stay updated on the latest developments, financial conditions, projects, and partnerships, visit the corporate website at www.newgiocogroup.com.
Elys Game Technology reported a 2.7% increase in Euro-based turnover for the fiscal year ended December 31, 2022, reaching €730.5 million. However, due to a strong U.S. Dollar, reported turnover decreased by $71.7 million to $770.2 million. The company anticipates Gross Gaming Revenues (GGR) from Euro operations to grow by 3.7% to approximately €50.1 million. U.S. facing operations saw remarkable service-based revenue growth of 150.2% to $2.6 million. Notably, gaming taxes increased by €1.4 million to €12.1 million, representing a 13.1% rise. However, impairment charges are estimated at $20.6 million, impacting overall profitability.
Elys Game Technology has entered into an agreement with Partnersat7238thstse, LLC to operate a sportsbook at The Ugly Mug restaurant and bar in Washington, DC. This partnership aims to establish Elys' eighth retail sportsbook in the area, enhancing local business opportunities in sports betting. Located 10 blocks from Nationals Stadium, The Ugly Mug is expected to create a vibrant atmosphere for sports fans. Michele Ciavarella, Elys Executive Chairman, stated that this collaboration is designed to bolster local entrepreneurs and state resources. The company continues to expand its offerings in the growing gaming market.
On February 9, 2023, Elys Game Technology announced a partnership with T & L Hospitality to operate a sportsbook in Washington, DC. This venue is expected to feature an express betting area and a full sportsbook lounge, enhancing Elys' local presence with its seventh retail sportsbook solution in the area. The agreement has an initial three-year term, with potential two-year extensions. Elys aims to expand its distribution model in DC and other jurisdictions, leveraging local businesses to enhance post-pandemic revenue opportunities. The company believes this model positions it as a potential market leader in the U.S. and Canada.
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