Elys clocks up record annual revenue for 2020 driven by its web-based gaming turnover

Elys Game Technology Corp (NASDAQ:ELYS) (NEO:ELYS) has revealed it clocked up annual revenue of 37.3 million for the year ended December 31, 2020, which was a record for the interactive gaming and sports betting technology company.

In a statement, Elys CEO Matteo Monteverdi said: “Our multi-faceted approach allowed us to adapt to evolving market conditions and 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 coronavirus (COVID-19) pandemic,” he added.

READ: Elys Game Technology comments on the status of legislation, Bills C-218 and C-13, to legalize single-event sports betting in Canada

Elys CFO Mark Korb pointed out that the company continued to “carefully manage expenses” and have a solid balance sheet with over $18.9 million of cash as of December 31, 2020. The finance chief expects the sum “will be more than sufficient” to fund the firm’s expansion in North America.

“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,” added Korb.

Meanwhile, Michele Ciavarella, who is the executive chairman of Elys, also weighed in on the company’s financial performance.

“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,” said Ciavarella. “Elys not only achieved record revenue for 2020 but also broke through a major milestone by surpassing our half-billion dollar objective — reaching $575 million in gaming turnover despite the challenges brought on by the pandemic.”

Ciavarella noted that through “product preparedness” with the build-out of the ELYS US platform and the sequence of states in which to open, he expected 2021 could be “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 US,” Ciavarella added.

Elys is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. The company’s innovative wagering solution, services online operators, casinos, retail betting establishments and franchise distribution networks. It has completed the product regulatory requirements to start B2B operations in the United States.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors