Elys Game Technology Enters into Virtual Sports Retail Distribution Agreements
May 09 2022 - 8:00AM
Business Wire
Elys Game Technology, Corp. (“Elys" or the
“Company") (Nasdaq:ELYS)(BER:3UW), an interactive gaming and sports
betting technology company, announced today that the Company has
entered into retail distribution agreements to deploy its Virtual
Generation Limited (“VG”) virtual sports wagering and amusement
products throughout Italy.
The agreement is expected to place VG products in approximately
5,000 retail locations operated by both the Company’s Multigioco
subsidiary and other licensed operators in the Italian market that
would allow patrons to wager on a variety of high-definition
virtual sports events such as pre-recorded greyhound and horse
racing, virtual horse racing, and Italian league play virtual
soccer. With these deployments in the robust regulated Italian
market in addition to games such as English league virtual soccer,
Keno, Colors, American Roulette and others specifically developed
for localized markets, VG is now broadly operating in over 110
global markets. The Company’s objective is to generate accretive
organic incremental revenue of approximately $5 - $7 million from
our suite of virtual products annually.
“We expect our investments in Virtual Generation to pay-off
quickly with deployments in multiple regulated markets including
Europe, U.S.A. and Canada, Africa, Asia and in April 2020, VG
became the first certified provider of online virtual games through
Newgioco Colombia based in Bogota, and is now one of the leading
providers of localized virtual sports products in South America,”
stated Michele Ciavarella, Executive Chairman of Elys. “VG’s
efficient mathematical algorithm and certified random number
generator technology could offer our retail partners a superior
economic proposition and flexibility compared to many peer
competitors in the space, while the highly versatile technology
stack is perfectly suited to service all potential operator
segments through web and mobile applications as well as land-based
client and desktop solutions. VG’s pipeline of new virtual sports
interface and graphics development continues to impress potential
customers, and we believe that our competitive advantages are
essential differentiators that could result in the rapid adoption
and global growth of our virtual sports products over the coming
years. The growth of our virtual product offering is expected to
complement our Elys sportsbook expansion in the U.S. and Canadian
betting markets and rapidly contribute to our profitability roadmap
and schedule.”
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. 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 in Italy and has operations in
five states as well as the District of Columbia in the U.S. market.
Elys' vision is to become a global leader in the gaming industry
through the development of pioneering and innovative
technology.
The Company provides wagering solutions, 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 VG products in approximately 5,000 retail
locations in Italy, the Company’s objective to generate accretive
organic incremental revenue of approximately $5 - $7 million from
our suite of virtual products annually, the Company’s investments
in Virtual Generation expected to pay-off quickly, offering our
retail partners a superior economic proposition and flexibility
compared to many peer competitors, technology stack perfectly
suited to service all potential operator segments, our competitive
advantages being essential differentiators that could result in the
rapid adoption and global growth of our virtual sports products,
the growth of our virtual product offering expected to complement
our Elys sportsbook expansion, and the rapid contribution to our
profitability roadmap and schedule. 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 place VG products
in approximately 5,000 retail locations in Italy, the Company’s
ability to generate accretive organic incremental revenue of
approximately $5 - $7 million from our suite of virtual products
annually, the Company’s ability to pay-off our investments in
Virtual Generation quickly, the Company’s ability to offer our
retail partners a superior economic proposition and flexibility
compared to many peer competitors, the Company’s ability to suit
all potential operator segments, the Company’s belief that our
competitive advantages are essential differentiators that could
result in the rapid adoption and global growth of our virtual
sports products, the ability of the Company’s virtual product
offerings to complement our Elys sportsbook expansion, and the
ability of the Company’s virtual products to rapidly contribute to
our profitability roadmap and schedule, and the risk factors
described in the Company's Annual Report on Form 10-K for the year
ended December 31, 2021 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/20220509005381/en/
Elys Game Technology, Corp. Michele Ciavarella, Executive
Chairman Tel: 1-628-258-5148 Email: m.ciavarella@elysgame.com
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