NEW YORK, Aug. 3, 2017 /PRNewswire/ -- Newgioco Group, Inc. (OTCQB:NWGI) a leisure betting technology company providing regulated lottery and gaming products and services through licensed subsidiaries based in Europe, announces the successful launch of our new Betting Platform Technology colloquially named "ELYS."
The ELYS software platform, designed by our world-class software developers at Odissea Betriebsinformatik Beratung GmbH, went live on August 1, 2017. As a result, sports betting operations are now processed in-house through ELYS while skill games, lottery, casino, poker and other entertainment products will continue through our strong relationship with Microgame SpA. Today's launch comes after a highly successful kick-off presentation, in Rome, Italy on July 21, 2017, that attracted over 60 agents and operators from throughout Italy and other regulated European countries. The presentation, delivered by Company President, Alessandro Marcelli and VP of Land-based Operations, Franco Salvagni received immediate accolades from the audience and drew media coverage in most major European gaming news publications. Significantly, the Company signed up to 50 new agency locations, of which 30 are expected to come online by the end of fiscal 2017. When completed, the additional agencies are projected to increase sports bet turnover from Italy facing operations by 40%. Overall, Newgioco Group betting turnover is forecast to reach approximately $200 million for fiscal 2017, with revenues improving to approximately $20 million per year and an estimated 1% improvement in earnings margin.
"Our ELYS betting platform puts Newgioco firmly on the map of world-class gaming technology companies providing lottery and gaming products for government licensed gaming operators. We expect immediate operational and financial benefits, as well as extracting value for our shareholders from this cutting-edge gaming technology," stated Company Chairman and CEO Michele Ciavarella. "In addition to a deep pipeline of available agency locations in Europe, we see a particularly strong opportunity in several regulated countries including the quickly liberalising market in various states throughout the United States and South America. Regulated leisure lottery and gaming is a proven revenue tool for governments seeking supplemental sources of capital for important infrastructure projects, health and education facilities, and a variety of other fiscal initiatives. Newgioco intends to be a lead consideration in their selection process for certified betting software and expertise."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly owned subsidiaries, is a fully integrated and licensed gaming technology company. The company conducts its business primarily through retail neighborhood betting shops and internet-based betting software platform under the registered brand Newgioco through our licensed website www.newgioco.it situated in Italy. The company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, lottery, interactive games and slots, as well as an innovative betting platform (www.odissea.at) providing both B2B and B2C bet processing. Additional information is available on our corporate website at www.newgiocogroup.com.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "forecast," "plans," "intends," "potential" and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.
SOURCE Newgioco Group, Inc.