Elys Game Technology Achieves Record Annual Revenue of $37.3 Million for 2020
April 13 2021 - 9:00AM
Business Wire
Web-based gaming turnover increases 54% versus
the same period last year
Elys Game Technology, Corp. (“Elys” or the “Company”)
(Nasdaq:ELYS), an interactive gaming and sports betting
technology company, today provided a business update and reported
financial results for the year ended December 31, 2020. The
complete financial results are available in the Company’s Form
10-K, as filed with the Securities and Exchange Commission on April
12, 2021, which is available at www.sec.gov.
“I am very pleased to report that Elys not only achieved record
revenue for 2020 but also broke through a major milestone by
surpassing our half-billion dollar objective—reaching almost $575
million in gaming turnover despite the challenges brought on by the
global pandemic. These results reflect the success of our
omni-channel approach, and combining the best of both online and
land-based retail betting, with balanced product diversification
backed by our committed management teams,” stated Michele (Mike)
Ciavarella, Executive Chairman of Elys Game Technology, Corp.
Matteo Monteverdi, CEO of Elys Game Technology, Corp.,
commented, “Our multi-faceted approach allowed us to adapt to
evolving market conditions and continue to grow. The increase in
revenue to $37.3 million for the full year of 2020 reflects the
strong growth in our web-based gaming turnover, which increased 54%
versus 2019. This increase was offset by a decline in our
land-based gaming turnover, that has been impacted by the shutdown
of betting shops in Italy due to the COVID-19 pandemic.”
Mark Korb, CFO of Elys Game Technology, Corp., added, “We
believe that we are very well positioned heading into 2021 to
execute our vision of building a premier, end-to-end sports betting
solution for European and US gaming operators. We continue to
carefully manage expenses and have a solid balance sheet with over
$18.9 million of cash as of December 31, 2020, which we expect will
be more than sufficient to fund our planned geographic expansion in
North America.”
Mr. Ciavarella concluded, “Through product preparedness with the
build out of our ELYS U.S. platform, strategic selection of
customers and the sequence of states in which to open, we expect
that 2021 could represent a major inflection point for the Company.
Elys is led by a highly experienced team, with a cutting-edge
betting technology that we are confident can be quickly adopted by
B2C operators throughout the U.S., and we continue to believe that
our disciplined go-to-market strategy could extract long-term value
for our investors and shareholders.”
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global gaming technology
company operating in multiple countries worldwide, with B2C online
and land-based gaming operations in Italy. In Italy, Elys offers
its clients a full suite of leisure gaming products and services,
such as sports betting, e-sports, virtual sports, online casino,
poker, bingo, interactive games and slots.
The Company’s innovative wagering solution services online
operators, casinos, retail betting establishments and franchise
distribution networks. Additional information is available on our
corporate website at www.elysgame.com.
Investors may also find us on Twitter @ELYS_gaming.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words “could,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,”
“predict,” “potential,” “project” and similar expressions that are
intended to identify forward-looking statements and include
statements regarding the Company being very well positioned heading
into 2021 to execute its vision of building a premier, end-to-end
sports betting solution for European and US gaming operators, the
Company’s cash position being more than sufficient to fund its
planned geographic expansion in North America, 2021 representing a
major inflection point for the Company, the Company’s cutting-edge
technology being quickly adopted by B2C operators throughout the
U.S., and the Company’s disciplined go-to-market strategy
extracting long-term value for our investors and shareholders.
These forward-looking statements are based on management’s
expectations and assumptions as of the date of this press release
and are subject to a number of risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
Company’s ability to deliver a premier, end-to-end sports betting
solution for European and US gaming operators as planned, the
Company’s ability to roll-out and fund its planned geographic
expansion in North America, 2021 representing a major inflection
point as expected, our cutting-edge technology being quickly
adopted by B2C operators throughout the U.S. as expected, our
disciplined go-to-market strategy could extract long-term value for
our investors and shareholders as believed, the duration and scope
of the COVID-19 outbreak worldwide, including the impact to state
and local economies, and the risk factors described in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020 and its subsequent filings with the U.S. Securities and
Exchange Commission, including subsequent periodic reports on Form
10-Q and current reports on Form 8-K. The information in this
release is provided only as of the date of this release, and the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210413005707/en/
Crescendo Communications, LLC David Waldman Tel: (212) 671-1020
Email: elys@crescendo-ir.com
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