Elys Game Technology Corp Reports Triple-Digit Revenue Growth in 2Q, Thanks to Strong European Operations

The company said its European operations processed $ 220.1 million in the second quarter, while the conversion of bet handles to gross gaming revenue reached $ 14.9 million.

Elys Game Technology Corp (NASDAQ: ELYS, FRA: 3UW, NEO: ELYS) Released Second Quarter Results Showing 143% Revenue Growth to $ 11.7 Million, Thanks to Strong European Betting Activity .

The company said its European operations processed a record $ 463.3 million and $ 220.1 million in bet handles since the start of the year and the second quarter, while the conversion of Wagering handles in gross gaming revenue (GGR) reached $ 32.3 million and $ 14.9 million in year-to-date and second quarter periods.

Its second-quarter betting processing increased 134% from the previous year to $ 220.1 million, while the GGR rose 153.8% from the previous year to 14. $ 9 million.

READ: Elys Game Technology to Launch New US Retail Sports Betting Platform at National Indian Gaming Association Trade Show in Las Vegas

“We are very pleased with the remarkable growth Elys has achieved in the first six months of this year, especially as the COVID pandemic continues to restrict certain business activities affecting our land operations,” said the Executive Chairman Michele Ciavarella in a press release accompanying the results. .

Ciavarella said the company expects some land-based betting shops to reopen by the start of the 2021-2022 European football season, which could provide additional B2C growth in Italy for the remainder of 2021.

Its net loss amounted to $ 2.7 million from $ 2 million in 2Q 2020, which Elys said was in line with expectations after investing heavily in licensing, product development and personnel in States. -United.

The focus is on the United States

With Europe looking strong, Elys is now focusing on the gaming opportunity in the US following the completion of the USBookmaking acquisition, giving it a presence in four states.

“The transaction represents a fundamentally strategic step for the company by bringing a highly talented and dedicated team with extensive experience in sports betting in the United States and strengthens our leading European-based trading and risk management division,” said Ciavarella to the shareholders. “USBookmaking immediately opens our footprint in the United States in four states as well as working with existing and new customers on product innovation and dialogue on the next generation of our sports betting offerings in the United States.

USBookmaking plans to integrate Elys’ recently launched US Elys Gameboard system into a pipeline of new operators over the next six to 12 months, according to the president, culminating with the conversion of existing operators as those contracts expire in late 2022.

“With these remarkable second quarter results and the current trends in our business, we remain on track to meet or exceed our targets for 2021,” added Ciavarella.

“Considering the significant favorable winds that are boosting the entire sports betting and electronic gaming industry into new markets in Canada and the United States, and a number of strategic growth opportunities on the radar in Europe, we remain confident in the sustainability of our long-term vision. and growth strategy.

Elys ended the quarter with $ 19 million in cash on its balance sheet.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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