Betting handle grows by 120% as Elys Game Technology reports 2021 H1 financial results

Elys now expects to exceed goals set for 2021.

Elys Game Technology has today reported its financial findings for the second quarter and first half of 2021, ending June 30.

The interactive gaming and sports betting technology company has reported a record year-on-year H1 total turnover of $463.3m, with $220.1m of this coming in Q2. With this in mind, gross gaming revenue came in at $32.3m for the year so far and $14.9m in Q2.

Revenue for H1 increased by 72.5% from the previous year to $25.8m. Meanwhile, Q2 saw revenue increase by 143% to $11.7m.

“We are very pleased with the remarkable growth Elys achieved during the first six months of this year, particularly since the Covid pandemic continues to restrict certain business activities affecting our land-based operations. We expect that some land-based betting shops could re-open by the beginning of the 2021-2022 European soccer season which may provide additional B2C growth in Italy for the remainder of 2021,” stated Michele Ciavarella, Elys’ executive chairman.

“We are also delighted to have completed the acquisition of USBookmaking by means of a Membership Interest Purchase Agreement and have assumed its operations in the third quarter. The transaction represents a fundamentally strategic milestone for the company by bringing a highly talented and dedicated team with extensive US sportsbook experience and strengthens our core European-based trading and risk-management division. USBookmaking immediately opens our US footprint in four states as well as collaboration with existing and new customers on product innovation and dialogue on the next generation of our US sportsbook offerings.”

“The addition, USBookmaking continues the global diversification of Elys’ corporate infrastructure by expanding our B2B footprint into North America while leveraging the strong growth that we are experiencing in our core European-based B2C business.”

Elys reported a loss from operations of $3.3m for H1, $2.7m of these losses occurred in Q2. In regards to the company’s sportsbook performance, hold remained consistent at 15.8% for H1 and 14.5% for Q2.

Ciavarella continued: “With these remarkable second quarter results and the current trends across our businesses, we remain on track to meet or exceed our 2021 objectives. Considering the significant tailwinds boosting the entire sports betting and i-gaming sector in new markets both in Canada and the U.S., 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.”

Henry Moore

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