Elys Game Technology has published it financial results for the first quarter of 2022. Its disaggregated sportsbook hold has remained in the double digits for the quarter, according to the report, reaching almost 19% in Q1 2022.
Both the company’s generally accepted accounting principles (GAAP) revenue and gross revenue reflected increases in the Q1 report, climbing to 7% and 5% respectively. GAAP revenue reached $12.2m in the first quarter.
Selling expenses fell to $9.3m when compared to the previous quarter’s $9.9m.
Elys Game Technology Executive Chairman Michele Ciavarella commented: “Elys continues to improve on its with another strong quarter achieving a turnover growth of $2.7m over an already strong Q4 2021 performance. This growth was predominantly in our online betting channel in Italy while our Q1 2022 GAAP revenue also included an improvement in service revenues to $700,000 from $600,000 in Q4 2021.”
Elys also reported significant growth throughout the US. The company’s joint petition with Atlantic City’s Ocean Casino Resort to begin sportsbook operation was recently approved by the New Jersey Division of Gaming Enforcement (NJDGE). Elys will be operating its sportsbook through its subsidiary, USBookmaking, effective immediately. Players can place bets in Ocean Casino Resort’s temporary lounge.
The petition was granted on a six-month term and is subject to continued approval of NJDGE’s Technical Service Bureau for all product submissions, including new product development.
“We continue to invest in our sportsbook technology to enhance our remarkable product performance. Our betting platform is highly scalable and adaptable, making our cost of entry into new regulated markets highly attractive for our customers and for Elys,” said Ciavarella.
“We are also on track to accomplish our pathway to profitability and remain fully committed to drive long-term shareholder value and are completely focused and better organized to deliver substantial sustainable growth in all our active markets.”
Elys operates in multiple countries worldwide and currently has operations in six US states. It offers gaming products and services, such as sports betting, esports, virtual sports, online casino, poker, bingo, interactive games and slots.
The company also provides wagering solutions and services to online operators, casinos, retail betting establishments and franchise distribution networks.