Newgioco Group forms Elys Gameboard Technologies subsidiary to expand sports betting operations into US

Newgioco Group Inc (NASDAQ:NWGI) has completed the formation of its wholly-owned subsidiary, Elys Gameboard Technologies LLC, which will be the online gambling company’s vehicle to expand its sports betting operations into the US.

The company said it is in the process of seeking its first sports betting license in Washington, DC and anticipates launching its new US sports betting platform with its first US operator client, Handle 19 Inc, in the Capitol Hill area by the third quarter of 2020.

Newgioco said it is currently coding its leading-edge Elys betting platform for US certification and will provide investors with timely updates as this key development progresses.

READ: Newgioco Group says it has started reopening sports betting shops in Italy

“As part of a long-term global expansion plan, Newgioco takes in a prudent and strategic approach for launching in new markets and we are executing our plan to enter into the US market in the same manner,” said Newgioco CEO Michele (Mike) Ciavarella in a statement.

“Our 20 plus years of regulated sports betting experience, has taught us that long-term success in the US market means thorough planning and preparation before taking steps to deploy a product that will work properly in this market. We are thrilled with the progress of the Elys US development program and look forward to launching our platform in the very near future.”

The ELYS betting platform provides both B2B (business to business) and B2C (business to consumer) bet processing. It can manage tens of thousands of pre-match events and more than 200 live events.

Toronto-based Newgioco currently makes 100% of its revenues in Italy where it first established operations in the early 1990s. 

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Story by ProactiveInvestors