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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, 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.
Elys Game Technology announced the acquisition of Engage IT Services, enhancing its engineering capabilities in sportsbook and gaming applications. The equity acquisition includes the issuance of approximately 3,018,462 shares valued at €1.08 million. Engage, based in Italy, specializes in SQL databases and Microsoft's cloud platform, contributing to the development of Elys' sportsbook technology. The deal's strategic importance lies in expanding Elys' service offerings and supporting its ambition to become a leading provider of end-to-end sportsbook solutions. Key employees at Engage have received long-term incentives, ensuring alignment with Elys' interests.
Elys Game Technology, Corp. (Nasdaq: ELYS) presented written testimony at a New York Joint Public Hearing on Mobile Sports Betting on January 31, 2023. Executive Chairman Michele Ciavarella advocated for expanding the legalization of retail sports betting to local businesses, promoting economic growth and convenience for bettors. Highlighting the success of mobile betting, Ciavarella emphasized potential tax revenue benefits and job creation from retail betting establishments. The New York State Restaurant Association, represented by CEO Melissa Fleischut, supported this initiative, noting its potential to enhance restaurant revenues and economic recovery.
Elys Game Technology has announced a partnership with U.S. Integrity to enhance sports betting operations in the U.S. This collaboration will focus on event monitoring, market intelligence, and fraud prevention. Elys plans to expand its presence throughout the North American sports betting market in 2023, utilizing USI's analytics to identify suspicious wagering in real time. This strategic alliance aims to improve the safety and integrity of betting environments, particularly in the restaurant and bar sectors.
Elys Game Technology announced that its subsidiary, Elys Gameboard Technologies, received a five-year Type C sports gaming proprietor license from the Ohio Casino Control Commission, effective January 1, 2023. The company is set to commence betting operations in Ohio, pending compliance requirements, while programming its technology to meet local regulations. Elys plans to launch its services at over 100 signed host locations in phases during the first half of 2023, aiming for a successful entry into the Ohio market in time for major league sports seasons beginning in mid-August.
Elys Game Technology, Corp. (Nasdaq: ELYS) announced its annual meeting of shareholders scheduled for December 30, 2022, at 8 a.m. EST in Rome. In light of increasing COVID-19 cases, the Company emphasizes social distancing measures for in-person attendees. Shareholders are encouraged to vote by proxy beforehand. The meeting will also feature a conference call option for those unable to attend. Elys provides a comprehensive range of gaming products, including sports betting and online casino services, aiming to lead the global gaming market through innovation.
Elys Game Technology, a gaming and sports betting tech firm (Nasdaq: ELYS), recently updated shareholders on its growth trajectory despite market challenges. The company has expanded from a small Italian business to a multinational entity with about 127 employees across 12 countries. Elys reported a surge in annual betting turnover from $30.5 million in 2014 to $841.9 million in 2021. With several strategic partnerships and a focus on land-based operations in the U.S., Elys aims for profitability and growth, stressed by the need to improve stock valuation and adapt to changes in the competitive landscape.
Elys Game Technology has secured a Standard Class B Joint Venture Sports Wagering Operator License from the District of Columbia's Office of Lottery and Gaming. The soft launch of sportsbook operations is set for December 29, 2022, at Cloakroom Gentlemen’s Club and Over Under Sportsbook Rooftop Lounge in Washington, D.C. The joint venture aims to drive local employment and economic recovery through retail sports betting. Elys expects to replicate this model in other jurisdictions and enhance community engagement through educational seminars and service support.
Elys Game Technology, Corp. has received conditional approval for Type C sports gaming proprietor licensure from the Ohio Casino Control Commission, effective January 1, 2023. This license will be valid for five years, allowing the company to commence betting transactions in Ohio, subject to further certifications and compliance. Elys is programming its technology platform to meet Ohio Lottery specifications and has ordered 100 point of sale and self-service betting terminals for local host locations. The company aims to meet all requirements to start operations swiftly.
Elys Game Technology reported a strong quarterly performance with B2C turnover increasing by 19.1% to €166.2 million and net gaming revenue (NGR) margin improving by 33.3% to €8.9 million. Over the nine-month period, turnover rose 2.5% to €537.1 million. Despite currency fluctuations adversely affecting revenue reporting, the company achieved profitability of $0.3 million in Europe. Elys is poised for significant growth in 2023 with over 100 signed host locations in Ohio and a U.S. mobile partnership with Lottomatica set for launch, along with a mid-2023 launch of its new Virtual Generation product.
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