Elys Game Technology sees 3Q revenue soar 44% as web gaming turnover growth climbs

Elys Game Technology Corp (NASDAQ:ELYS) posted a third-quarter results on Tuesday that saw its revenue jump 44% year-over-year on the back of strong growth in its web-based gaming turnover which more than doubled.

For the period ended September 30, 2020, the global sports betting and interactive gaming technology company posted $9.7 million, compared to the third quarter in 2019.

In a statement, Elys CEO Michele Ciavarella said the company’s reveue expansion reflected ”very strong growth in our web-based gaming turnover of more than 150%.”

“Significantly, we have now surpassed our goal of reaching 100,000 online gaming accounts before the end of 2020, thus strengthening our online and mobile channel. This growth was offset by a decline in our land-based gaming turnover, which has been impacted by the COVID-19 pandemic,” added Ciavarella.

“Nevertheless, we continue to perform exceptionally well compared to our industry peer group and have begun to see improvement in this channel as certain brick and mortar operators re-open. As a result, we believe we are very well positioned for strong organic growth heading into 2021. Moreover, we continue to carefully manage expenses and have a solid balance sheet with over $10.5 million of cash and cash equivalents as of September 30, 2020. We have also fully repaid our convertible debentures since the end of the third quarter and have no long-term debt.”

READ: Elys Game Technology takes new name as it is poised with platform, technology and experience to break into US markets

Elys Game Technology added that overall, he was “very excited” about the outlook for the business, as the company has built “an efficient, fully integrated omni-channel gaming company,” combining both online and land-based retail channels, and its own cutting-edge betting technology, which services the company plans to offer globally on a B2B basis.

“And where feasible, with our 20-plus years in the leisure betting business, we believe that we have the skill and experience to operate on a B2C basis in regulated markets. With this end-to-end capability, we believe that Elys provides the ultimate solution to startup bookmakers in the rapidly growing US market and now potentially in Canada as well,” said Ciavarella.

The company also noted that it has completed the process of developing its ELYS US sportsbook platform, while certifying the retail and kiosk terminals, and is in the “formal process” of seeking its first US sports betting license in Washington DC.

Elys Game Technology said it plans to build a “premier, end-to-end sports betting solution for gaming operators around the world, with a particular emphasis on the US sports betting opportunity.”

The company currently offers operators an innovative platform that can be used for sports wagering, virtual games, lottery and casino games, with the capability of managing tens of thousands of pre-match events and more than 200 live events.

Contact Sean at [email protected]

Story by ProactiveInvestors