Elys Game Technology Corp (NASDAQ:ELYS) (NEO:ELYS) has reported that its first-quarter 2021 revenue surged by 39% year over year to a record $14.2 million, as the company’s wager turnover for the period hit a new high of about $243 million.
Elys also noted that its balance sheet is stronger than at any time in its history, with cash and equivalents of $21.5 million and no long-term debt as of March 31, 2021.
“Our web-based gaming turnover increased by an impressive 150% over the same period last year and we continue to generate strong cash flow from operations,” Elys Game Technology CEO Matteo Monteverdi said in a statement.
“Our management team is working to further capitalize on the success of our operations in Italy by focusing product distribution under our strong Multigioco brand,” Monteverdi added.
Elys Game Technology executive chairman Mike Ciavarella also commented, stating: “We are more encouraged than ever by the outlook for the business both in Europe and as we plan our expansion into North America, especially as and when the pandemic begins to wane and land-based operations resume.
“Given the successful track record in Italy, we believe that we are ideally positioned to become a competitive player as regulations evolve, opening up new markets across North America and Europe.”
The company noted that made it “significant” investments to support its US expansion during the quarter, which resulted in a net loss of $0.6 million for the period as it had to incur short-term, non-recurring expenses to address key regulatory and policy requirements.
Elys Game Technology is an interactive gaming and sports betting technology company that offers operators an innovative platform that can be used for sports wagering, virtual games, lottery and casino games. Its 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.
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