Elys Game Technology predicts 26% revenue growth in the fourth quarter of 2020
NEW YORK–(COMMERCIAL THREAD) –Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS) (NEO: ELYS) (BER: 3UW), an interactive gaming and sports betting technology company, today announced that preliminary, unaudited gaming net revenue rose 26% to approximately $ 13.1 million in the fourth quarter of 2020, from 10, $ 4 million for the same period the year before. Additionally, gross web gaming revenue grew by around 69% in the fourth quarter of 2020 compared to the same period a year earlier.
As reported by AGIMEG (Agenzia Giornalistica sul Mercato del Gioco), the leading Italian news agency on gambling, betting and gaming, spending in the online sports betting sector in Italy has reached almost 1 , $ 2 billion (997.7 million euros) for the whole of 2020, an increase of around 37.5% compared to 2019 according to statistics provided by the Italian regulator “ADM”. Despite the very competitive market in Italy, Elys grew by 56%, gaining market share while further strengthening its competitive position on the mobile channel and online.
Matteo Monteverdi, CEO of Elys, commented, “We continue to generate very strong year-over-year revenue growth in our core operations despite the impact of COVID-19. In addition, our online gaming performance in Italy increased by 65% in 2020, and we believe we have been able to navigate the current market much better than many of our peers. We attribute this growth to our omnichannel distribution approach, which combines the best of online and land-based retail betting. We believe this multi-faceted approach allows us to remain agile as an organization and quickly adapt to changing market conditions such as the current pandemic.
“Our goal is not only to establish ourselves as one of the world’s leading sports betting companies, but, more importantly, to align our product and service offerings with the needs of our B2B customers as well as B2C consumers. in order to build a well-managed organization. which is both very cost effective and sustainable. As a result, we believe we are extremely well positioned as we approach 2021 as we launch our expansion strategy in the United States. In this regard, we anticipate a number of very significant near-term milestones and look forward to providing updates on our deployment as developments unfold. ”
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a global B2B game technology company operating in multiple countries around the world, with B2C online and land-based gaming operations in Italy. In Italy, Elys offers its customers a full range of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slot machines.
The Company’s innovative betting solution, services to online operators, casinos, retail betting establishments and franchise distribution networks. The Company has met the product regulatory requirements to begin its B2B business in the United States.
Additional information is available on our corporate website at www.elysgame.com.
Investors can also find us on Twitter @ELYS_gaming.
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 “may”, “believe”, “anticipate”, “” have l ‘intention to’, ‘estimate’, ‘expect’, ‘may’, ‘continue’, ‘anticipate’, ‘potential’, ‘plan’ and similar expressions which are intended to identify forward-looking statements and include statements regarding the Company’s expected revenues and profitability for the fourth quarter of 2020, the Company’s omnichannel distribution approach allowing it to remain agile as an organization and to adapt quickly to market conditions such as the current pandemic , making the Company a leading sports betting company, aligning the Company’s product and service offering to the needs of its B2B clients as well as B2C consumers, the Company builds ant a well-managed organization that is both highly profitable and sustainable, being extremely well positioned for 2021, and the future outlook of the Company by reaching significant near-term milestones and providing updates on rolling out its expansion strategy in the United States as developments unfold. 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 and which could cause results to be achieved. actuals differ materially from current expectations and assumptions from those stated or implied by forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of the Company to successfully launch its operations in the United States, the regulatory environment in all jurisdictions, the ability to ” increase market share in new and existing markets, The Company’s ability to quickly adapt to market conditions such as the current pandemic, the Company’s ability to make Elys a world leader in sports betting , the ability of the Company to align its product and service offering with the needs of its B2B clients and B2C consumers, the ability to build a well-managed, highly profitable and sustainable organization, the ability of the Company to achieve its objectives at short term and complete its deployment in the United States as planned, the duration and extent of the COVID-19 epidemic around the world, including the impact on national economies ion and local, and the risk factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its subsequent filings with the United States Securities and Exchange Commission, including reports subsequent periodicals on Form 10-Q and current reports on Form 8-K. The information in this press release is provided only as of the date of this press release, and the Company assumes no obligation to publicly update or revise 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 unforeseen events, except as required by law.