Elys Game Technology, a Canadian sports betting and iGaming company, has announced its results for Q3, reporting a 19.4% annual rise in revenue to $9.6m.
The company stated that the strength of the US dollar stifled what was a stellar European performance this quarter. Its B2C turnover increased by 19.1% from $145.3m to $173m year-on-year in Europe, with a 33% annual net growth revenue to $9.2m.
The company partly attributed this strong European revenue performance to its Multigioco B2C operations in Italy.
Selling expenses in Q3 declined by 12.6% year-on-year to $6.9m as it improved upon its B2C operational margin. Selling expenses accounted for 4.1% of turnover this quarter as opposed to 4.2% of turnover in Q3 of 2022.
In addition, Elys emphasized the streamlining of its operations, which can be seen in its 12.5% annual decrease in general and administrative expenses to $4.2m.
Elys Game Executive Chairman Michele Ciavarella commented: “The road map we set out in 2016 has come full circle with European operations streamlined and returned to profitability through Q3 2022 with substantial headroom for continued growth of revenue and earnings through 2023.”
Despite Elys emphasizing the success of its European operations, Ciavarella did outline the successes of the company’s ventures in the US.
He continued: “Our US strategy has proven to be a tremendous success with the real-money deployment of our small and large retail platform architectures at Grand Central Restaurant Bar and Sportsbook and Ocean Casino Resort, respectively.
“These two extremes of the retail distribution channel put Elys in a league of its own as a key B2B provider for land-based business ventures and casinos throughout the growing and developing regulated US sports betting market.”
