Elys Game Technology, an interactive gaming and sports betting technology company, on Tuesday announced its financial results for the fiscal year ending December 31, 2021.
The company said its full-year GAAP revenue reached a record $45.5m, exceeding the management team’s goal by $0.5m and up 22.2% year over year.
Full-year non-GAAP betting handle also reached a record level: $841.9m. Officials said this figure exceeded the goal for 2021 by $91.9m and was up 46.6% YOY.
Disaggregated sportsbook hold continued to perform in double digits at 15.7% through 2021.
Elys said its net loss increased from $9.9m in 2020 to $15.1m in 2021 as it made additional investments. This included obtaining the company’s first US Class B license and initiating operations in Washington, DC.
In addition, Elys completed its acquisition of USBookmaking, including bringing in an experienced US operating team.
“Elys achieved a strong fourth quarter to power our full-year 2021 results,” Michele Ciavarella, Executive Chairman of Elys Game Technology, said in a statement. “Our comprehensive investments in sportsbook technology continue to drive remarkable product performance and critical experiences for our engineering personnel and business operations for expansion in US and Canadian markets.”
According to Ciavarella, these investments and “disciplined management strategies,” coupled with “strong” 2021 performance, position Elys to improve execution efficiency and scale up quickly in 2022 by converting investments into revenue generating deployments that are expected to deliver on the company’s 2023 goals.
“We remain fully committed to drive long-term shareholder value and are completely focused and better organized to deliver substantial sustainable growth not only in our North American go-to-market plan but all potential markets globally,” he said.
