Newgioco Group reaches milestone 2,010 webshop locations in Italy

Newgioco Group Inc (OTCQB:NWGI), the global sports betting and gaming technology company, announced Thursday that it has expanded its distribution network to 2,010 webshop locations in Italy. 

The Toronto-based company said it added another 509 new locations in Italy during the second quarter, repeating its successful growth in the first quarter of 2019.

Year-to-date, Newgioco has added 1,010 total locations in Italy to its base of 1,000 locations as of December 31, doubling its retail footprint and expanding its online market share.

READ: Newgioco Group poised with platform, technology and experience to break into global markets

As a result, the company said it now has reached an all-time high for webshop locations, and now has one of the largest webshop distributions offering sports betting in the competitive and highly regulated Italian market.

“The stability and popularity of our ELYS sports betting platform is enabling rapid organic growth throughout Italy,” said Alessandro Marcelli, vice president of operations. “Overall, we expect continued growth in our retail footprint, and anticipate generating 25-30% growth in handle for the full year as locations stabilize following the conversion to the Newgioco platform and as the soccer season commences during the second half of this year.”

US market next?

Newgioco CEO Michele (Mike) Ciavarella said the company’s experience and expanding footprint in Italy is help to prepare it to enter the huge US market.

“The success in Italy should serve as a vital proof point for operators in the United States, helping us to position Newgioco in competitive tenders as the number of states regulating sports betting expands,” he said.

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Story by ProactiveInvestors