Elys Game Technology reports Q3 revenue growth of 44%
Toronto-based Elys Game Technology posted third quarter revenue of $9.7m, a 44% improvement year-on-year.
Elys, formerly named Newgioco Group, credited its growth to strong online gaming turnover, which countered a drop in brick-and-mortar activity.
Outgoing Elys CEO Michele Ciavarella said that web-based gaming turnover topped 150% for the quarter. The company surpassed 100,000 online gaming accounts.
“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,” Ciavarella said. “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.”
Ciavarella is transitioning from CEO to Executive Chairman of the Company beginning 1 Jan. Former Sportradar US President Matteo Monteverdi will succeed Ciavarella as CEO.
At Sportradar Monteverdi helped lead exclusive distribution deals with the NFL, NBA and MLB.
One of Monteverdi’s first initiatives as CEO will be positioning Elys for Canadian legalization of single-event sports wagering, which is nearing passage from legislature.
“We believe there is strong bi-partisan support for this bill and, if passed, would have a very positive impact for both Elys, given our strong leadership in the space, as well as the overall industry, which has been negatively impacted by the COVID-19 pandemic,” Ciavarella said. “We estimate that approximately CDN$80 Billion is wagered on sports each year in Canada. With our established relationship foothold in Canada, sportsbook experience and cutting-edge Elys betting technology, we believe there is a tremendous opportunity to expand our business across the provinces.”
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