Elys Game Technology Revenue Increases 44% to $9.7 Million for the Third Quarter of 2020
02 December 2020 - 1:00AM
Business Wire
Web-based gaming turnover increases 154% versus
same period last year
Elys Game Technology, Corp. (“Elys” or the “Company”)
(Nasdaq:ELYS), an interactive gaming and sports betting
technology company, today provided a business update and reported
financial results for the third quarter ended September 30, 2020.
The complete financial results are available in the Company’s Form
10-Q with the Securities and Exchange Commission, which is
available at www.sec.gov.
Michele (Mike) Ciavarella, Chairman and CEO of Elys Game
Technology, Corp., commented, “I am pleased to report that revenue
increased 44% to $9.7 million for the third quarter of 2020, which
reflects very strong growth in our web-based gaming turnover of
more than 150%. Significantly, we have now surpassed our goal of
reaching 100,000 online gaming accounts before the end of 2020,
thus strengthening our online and mobile channel. This growth was
offset by a decline in our land-based gaming turnover, which has
been impacted by the COVID-19 pandemic. Nevertheless, we continue
to perform exceptionally well compared to our industry peer group
and have begun to see improvement in this channel as certain brick
and mortar operators re-open. As a result, we believe we are very
well positioned for strong organic growth heading into 2021.
Moreover, we continue to carefully manage expenses and have a solid
balance sheet with over $10.5 million of cash and cash equivalents
as of September 30, 2020. We have also fully repaid our convertible
debentures since the end of the third quarter and have no long-term
debt.
“Overall, we are very excited about the outlook for the
business, as we have built an efficient, fully integrated
omni-channel gaming company, combining both online and land-based
retail channels, and our own cutting-edge betting technology, which
services we plan to offer globally on a B2B basis. And where
feasible, with our 20-plus years in the leisure betting business,
we believe that we have the skill and experience to operate on a
B2C basis in regulated markets. With this end-to-end capability, we
believe that Elys provides the ultimate solution to startup
bookmakers in the rapidly growing U.S. market and now potentially
in Canada as well. We also completed the process of developing our
ELYS U.S. sportsbook platform, certified the retail and kiosk
terminals and we are in the formal process of seeking our first
U.S. sports betting license in Washington DC. With the recent
addition of Matteo Monteverdi who will assume the role of Group CEO
in January 2021 providing strategic oversight and execution of
global business unit operations, and recently added Robert Lo
Giudice as US Head of Legal Affairs to focus on U.S. licensure, we
have assembled a first class management team to execute on our
vision of building a premier, end-to-end sports betting solution
for gaming operators around the world, with a particular emphasis
on the U.S. sports betting opportunity.”
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. 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.
The Company’s innovative wagering solution services online
operators, casinos, retail betting establishments and franchise
distribution networks. The Company has completed the product
regulatory requirements to commence B2B operations in the United
States. 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 and include
statements regarding being very well positioned for strong organic
growth heading into 2021, belief that we have the skill and
experience to operate on a B2C basis in regulated markets, belief
that Elys provides the ultimate solution to startup bookmakers in
the rapidly growing U.S. market and now potentially in Canada, plan
to distribute globally on a B2B basis, and executing on our vision
of building a premier, end-to-end sports betting solution for
gaming operators around the world, with a particular emphasis on
the U.S. sports betting opportunity. 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. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the Company’s ability to achieve strong
organic growth heading into 2021, the Company’s ability to operate
on a B2C basis in regulated markets as expected, the Company’s
ability to provide the ultimate solution to startup bookmakers in
the rapidly growing U.S. market and now potentially in Canada as
expected, plan to distribute globally on a B2B basis as planned,
the Company’s ability to build a premier, end-to-end sports betting
solution for gaming operators as planned, the duration and scope of
the COVID-19 outbreak worldwide, including the impact to the 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, 2019, and its subsequent filings with the U.S. Securities and
Exchange Commission, including subsequent periodic 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201201005544/en/
Crescendo Communications, LLC David Waldman Tel: (212) 671-1020
Email: elys@crescendo-ir.com
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