US Bookmaking acquisition finalized by Elys Game Technology
Deal will boost client base and revenue.
Interactive gaming and sports betting company Elys Game Technology, has today announced the completion of the company’s acquisition of US Bookmaking (USB).
USB will become a central part of Elys’ US division while continuing to operate as its own business, retaining its employees, management and bookmaking team. This acquisition provides Elys with a sports betting foundation in four states: Colorado, Michigan, North Dakota and New Mexico, with Iowa soon to be added.
The deal sees Elys acquire 100% of USB.
The company paid $12m in cash and the rest was purchased through 1,265,823 shares.
USB highlighted the importance of Elys’ technology, while Elys has commented on how its European expertise combined with USB’ knowledge of the North American market will allow both companies to grow their platforms.
The sportsbook also specified that this deal is in line with its goals of diversifying its brand into a more global product.
“USB realized that to increase our client base, we needed a sportsbook platform that was built for the United States market,” said Vic Salerno, president of USB. “We spent the last three years vetting virtually every sports betting technology in existence and determined that the Elys platform was superior to all the other platforms.”
Michele Ciavarella, executive chairman and Interim CEO of Elys added: “We are very proud to welcome USB and all their talented team that share the same passion and dedication for our business that our core family of operations in Europe has fostered during the past two decades. The combination with USB, which we expect to be transformational, gives Elys Game Technology fully integrated solutions with localized bookmaking expertise in two key regulated sports betting markets, underpinned by one of the newest and most advanced microservices betting technology in the industry.”
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