US expansion fuels Q3 growth for Elys Game Technology
The company is spending hard to prepare for further growth.
Elys Game Technology has released its earnings report for the third quarter (ending September 30) as well as for the first three quarters of the financial year. The gaming and sports betting technology had a strong performance in that time, with a $626.9m sports handle, a year-on-year increase of 77%.
The quarter also saw the Canadian-based company enter the American market for the first time, after their technology was installed at the Grand Central Restaurant and Bar in Washington DC. There were also announcements made pointing toward further infiltration in the US market, namely a partnership with Ocean Casino Resort in New Jersey and an agreement with Jeffries, LLC.
There are other figures from the year that inspire confidence: gross gaming revenue increasing by 47.2% to $42.6m, a total revenue increase of 37.3% to $33.9m, a sportsbook hold at 14.2%. Net loss from operations increased by 371.1% to $6.4m, though management maintains that inordinate expenditures were required to prepare for further expansion into the US market.
The third quarter results reveal a more complicated picture: betting handle saw a 13.9% increase to $163.7m, gross gaming increased saw a 9.3% decrease to $10.3m, total revenue saw a 17.2% to $8m, the sportsbook hold remained steady at 14.8%. Net loss from operations increased even more dramatically by 408.8% to $3.1m.
Despite the net loss in operations, management has remained upbeat about the company’s prospects. Said Executive Chairman Michele Ciavarella: “The company continues to grow its core business that is reflected by robust increases in handle and record revenues of $37.3m for the first nine months of the year and $8m in the third quarter of 2021. Sportsbook operations continued to perform remarkably well, resulting in consecutive double-digit quarterly sportsbooks hold.”
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