Elys Game Technology Reports Record Year-to-Date Betting Handle of $626.9 Million, an Increase of 77% Year-Over-Year, for the 2021 Third Quarter
Third quarter betting handle totals $163.7
million, yielding year-to-date gross gaming revenue of $42.6
U.S. launch has shown encouraging results
Elys Game Technology, Corp. (“Elys” or the “Company”)
(Nasdaq:ELYS)(NEO:ELYS)(BER:3UW), an interactive gaming and
sports betting technology company, today is reporting its financial
and operating results for the nine and three months ended September
Year-to-Date Financial and Operational Highlights (comparable
to same period prior year):
- Betting handle increased 77% to $626.9 million.
- Gross gaming revenue (“GGR”) increased 47.2% to $42.6
- Total revenue increased 37.3% to $33.9 million.
- Sportsbook hold at 14.2%.
- Net loss from operations of $6.4 million, an increase of
Third Quarter 2021 Financial and Operational Highlights
(comparable to same period prior year):
- Betting handle increased 13.9% to $163.7 million.
- GGR decreased 9.3% to $10.3 million.
- Total revenue decreased 17.2% to $8 million.
- Sportsbook hold at 14.8%.
- Net loss from operations of $3.1 million, an increase of
“The Company continues to grow its core business that is
reflected by robust increases in handle and record revenues of
$37.3 million for the first nine months of the year and $8 million
in the third quarter of 2021. Sportsbook operations continued to
perform remarkably well resulting in consecutive double-digit
quarterly sportsbook hold,” stated Michele Ciavarella Elys’
Executive Chairman. "Expenditures during the first nine months
remained focused on technology development and product preparation
for expansion of our operations in the U.S. and Canada.”
Mr. Ciavarella continued, “In the third quarter of 2021, we also
achieved key milestones with the closing of the acquisition of
Bookmakers Company US LLC and onboarding of their trading and risk
management team, and the granting of our first U.S. license, which
led to the commencement of our first U.S. operations at Grand
Central Restaurant and Bar in Washington, DC. Additionally,
subsequent to the quarter period, we also reported major
developments regarding our U.S. expansion through the partnership
with Ocean Casino Resort in New Jersey, and completion of our
agreement with Jefferies, LLC.”
Operational Highlights During 2021 Third Quarter to
- Elys has been granted a provisional MSP license and Grand
Central Restaurant has been granted a license to operate a
sportsbook within its Restaurant and Bar in Washington, D.C. with
grand opening on October 4, 2021.
- DC Lottery reported encouraging results of Grand Central
sportsbook hold of 21%.
- Entered into Memorandum of Understanding with the New York
State Restaurant Association to promote and facilitate
opportunities for food and beverage establishments to participate
in New York’s sports betting industry.
- Completed the acquisition of Bookmakers Company US LLC, a
US-based sports wagering company.
- Assumed agreements with six tribal casinos in 4 states.
- Entered into partnership with Ocean Casino Resort, in Atlantic
City, New Jersey.
Financial Results for the Periods Ended September 30,
The Company continued its strong year-over-year growth on a
blended revenue basis across land-based and interactive channels
and all products combined, including its virtual sports products.
Organic growth in European operations processed a record $626.9
million and $163.7 million in year-to-date and third quarter
betting handle, respectively. Betting handle conversion to gross
gaming revenue (“GGR”) reached $42.6 million and $10.3 million in
the year-to-date and third quarter periods, respectively, resulting
in record total blended revenues of $33.9 million and $8 million
after taking into account gaming taxes for the year-to-date and
third quarter periods, respectively.
The interactive online channel also achieved a year-over-year
gain of 104.5% on a nine month and 37.8% on a three month basis,
while land-based operations remain shuttered due to COVID related
The Company continued investing in technology, licensing and
personnel as well as legal, accounting and due diligence costs
allocated to preparation of our Registration Statement on Form S-3
and At-the-Market Sales Agreement with Jefferies, LLC., that
resulted in general and administrative expenses of $14 million and
$5.1 million for the nine and three months ended September 30,
2021, respectively. Costs related to platform development and
building of US and Canada infrastructure contributed the largest
share of expenses, resulting in a consolidated net loss from
operations consistent with management’s expectations of $6.4
million and $3.1 million for the nine and three months ended
September 30, 2021, respectively.
Conference Call and Webcast The Company will host an
investor day webcast presentation to discuss the results provide
updates on business developments on November 22, 2021 at 8:30 a.m.
Eastern Time (5:30 a.m. Pacific Time). Investors interested in
participating in the live call can access the webcast by
registering at: https://www.webcaster4.com/Webcast/Page/2766/43807.
The event time and date is subject to change and the webcast will
be available on the Investors section of the Company’s website at
https://ir.elysgame.com/.com and archived for 90 days.
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 through its wholly
owned subsidiary under the US Bookmaking brand in 4 states in the
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 Statements in this release
that are not historical facts are "forward-looking" statements and
"safe harbor statements" under the Private Securities Litigation
Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the Company's
public filings with the Securities and Exchange Commission.
version on businesswire.com: https://www.businesswire.com/news/home/20211122006221/en/
Elys Game Technology, Corp. Michele Ciavarella, Executive
Chairman Tel: 1-628-258-5148 Email: firstname.lastname@example.org
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