Connect with us
European Gaming Congress 2024

Berlin:3UW

Elys Game Technology 2022 Fiscal Year Results Expected by April 18, 2023

Published

on

NEW YORK, April 05, 2023 (GLOBE NEWSWIRE) — Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq:ELYS), an interactive gaming and sports betting technology company, today reported that growth continued in our licensed Italian facing B2C market as our Euro based turnover increased by 2.7% for the fiscal year ended December 31, 2022, to €730.5 million from €711.4 million for the fiscal year ended December 31, 2021. The average U.S. Dollar exchange rate strengthened by over 10% from $1.1834 in 2021 to an average rate of $1.0543 in 2022, which resulted in the Company reporting a net decrease in reported turnover of $71.7 million from $841.9 million to $770.2 million, a net currency impact of approximately $94.2 million.

Management expects Gross Gaming revenues (“GGR”) from Euro based operations to increase by approximately 3.7% to approximately €50.1 million from €48.3 million for the fiscal year ended December 31, 2022 and 2021, respectively, subject to final audit verification. The strengthening of the U.S. Dollar against the Euro resulted in the Company reporting GGR of $52.9 million a decrease of $4.3 million compared to $57.2 million in the prior year report, a net adverse foreign currency swing of approximately $6.4 million, subject to final audit verification.

The streamlining of our European operations towards our Multigioco subsidiary resulted in gaming taxes increasing by €1.4 million or 13.1% to €12.1 million from €10.7 million for the years ended December 31, 2022 and 2021, respectively, which fell in line with our expectations after shutting down our Ulisse operations in the prior year. Multigioco activated 53 acquired location rights during the second half of 2022 and expects to activate the remaining 47 locations over the first half of 2023, that we expect will continue to positively impact operating results over the next 12 – 18 months. Gaming taxes as a percentage of revenue increased from 22.1% to 24.2%. The strengthening of the U.S. Dollar against the Euro resulted in reported gaming taxes of $12.8 million compared to $12.7 million for the years ended December 31, 2022 and 2021, respectively, subject to final audit verification.

Our go-to-market strategy for our first full year of U.S. facing operations reflected remarkable service-based revenue growth of 150.2% or $1.6 million to $2.6 million, subject to final audit verification. During the fiscal year ended December 31, 2022, the Company continued to invest in U.S. expansion through technology and licensing strategies, and as a result we expect to launch our U.S. ready mobile solution in multiple states and Canada in the near future.

The Company took prompt action to address disappointing cost control performance in the recently acquired US Bookmaking (“USB”) division which led to a dispute and legal proceedings with the former management of USB. The swift decisions of Company management led to immediate improvements in Q4-2022 and put the group back onto to the pathway-to-profitability that we mandated in Q1-2022. These actions are expected to provide year-over-year comparisons beginning in Q1-23. Salient points about operating expenses, before impairment charges, which includes selling and general and administrative expenses are anticipated to be as follows:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • Selling expenses, which consists primarily of commissions paid to third party agents on our B2C operations in Europe and calculated as a percentage of turnover reported in U.S. dollars, of approximately $32.7 million decreased by approximately 9.9% for the fiscal year ended December 31, 2022, compared to approximately $36.3 million in the prior year. Selling expenses were primarily Euro denominated and also affected by the strengthening of the exchange rate over the prior year, increased by €0.1 million from €30.7 million to €30.8 million, or 0.3%, based on an increase in Euro based turnover of 2.7%, in line with our strategy to reduce operating expenses.
  • General and administrative expenses reported in U.S. dollars, and are aggregated group-wide, increased by approximately $2.5 million or 14.3% from approximately $17.5 million in 2021 to approximately $20.0 million in 2022, subject to final audit verification. The increase fell in line with our 2022 roadmap expectations and is primarily related to an increase in non-cash stock based compensation expense of $2.3 million, and a one-time severance cost of $1.2 million, offset by a reduction in platform related fees linked to the closure of our Ulisse operations in the prior year.

Impairment charges, which are non-cash, are preliminarily estimated to be $20.6 million for 2022, subject to final audit verification. The impairment charges are related to our US Bookmaking operation’s goodwill of $14.5 million and an additional impairment charge of $6.1 million related to non-compete agreements and customer relationships, this is offset by the reduction of the remaining contingent purchase consideration due to the selling shareholders of $12.9 million. In the prior year we had impaired goodwill relating to US Bookmaking of approximately $12.5 million, offset by a reduction in contingent purchase consideration of $11.9 million, and an impairment of Ulisse licenses of approximately $4.8 million. We are currently in dispute with the selling shareholders of US Bookmaking and are pursuing legal remedies against them.

About Elys Game Technology, Corp.

Elys Game Technology, Corp., is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slots on a B2C basis in Italy and has B2B operations in five states as well as the District of Columbia in the U.S. market. Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative technology.

The Company provides wagering solutions, services online operators, casinos, retail betting establishments and franchise distribution networks. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS_gaming.

Forward-Looking Statements

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and include statements regarding the estimated increase in GGR, the estimated increase in non-GAAP measured turnover, the estimated increase in gaming tax in Italy, the estimated decrease in selling expenses, the estimated increase in general and administrative expenses, the expected positive impact from activating additional locations in Italy, the expected growth in service-revenue, the expected expenses related to the Company’s investment and the expected launch of mobile product in the U.S. Market, the expected growth in the Italian B2C market, the results expected from the pathway to profitability plan, and the expected increase in impairment charges. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to continue growing the licensed Italian facing B2C market, to streamline European operations, to activate the remaining 47 locations and to positively impact operating results over the next 12 – 18 months, to launch our U.S. ready mobile solution in multiple states and Canada in the near future, to put the group back onto to the pathway to profitability mandate initiated in Q1-2022, to demonstrate year-over-year results beginning in Q1-23, to continue cost reduction efforts and to keep general expenses in line with roadmap expectations, and to resolve the dispute with USB selling shareholders and obtaining legal remedies against them, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the state and local economies, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

The preliminary, estimated financial results for the fiscal year 2022 contained in this press release contain forward-looking statements and are subject to the completion of management’s and the audit committee’s final reviews and our other financial closing procedures and are therefore subject to change. You should not place undue reliance on such preliminary information and estimates because they may prove to be materially inaccurate. The preliminary information and estimates have not been compiled or examined by our independent auditors and they are subject to revision as we prepare our financial statements as of and for the fiscal year ended December 31, 2022 including all disclosures required by U.S. generally accepted accounting principles, and as our auditors conduct their audit of these financial statements. While we believe that such preliminary information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material.

Company Contacts
Elys Game Technology, Corp.
Investor Relations
Tel.: 1-561-838-3325
Email: [email protected] 

Powered by WPeMatico

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading
Advertisement

Berlin:3UW

Elys BMG Group Announces Approval for The Ugly Mug Sportsbook in Washington, DC.

Published

on

elys-bmg-group-announces-approval-for-the-ugly-mug-sportsbook-in-washington,-dc.

NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) — Elys BMG Group, Inc. (“Elys” or the “Company”) (OTC: ELYS), an interactive gaming and sports betting technology company, today announces that The Ugly Mug in Washington D.C. (“Ugly Mug”) has been granted provisional approval from the District of Columbia Office of Lottery and Gaming Regulation and Oversight Division (DCOLG) to open its sportsbook at 723 8th St. SE. As the fourth privately owned sportsbook venue in the District powered by Elys’ innovative Gameboard betting technology, The Ugly Mug stands as a testament to Elys’ commitment to bringing cutting-edge solutions to local businesses and sports enthusiasts.

The grand opening for The Ugly Mug sportsbook is anticipated to occur during the week of April 27th. Elys will unveil the grand opening festivities, promotions, and events as the date draws closer.

With easy access to sports wagering and a classic American menu in a relaxed setting, The Ugly Mug sportsbook is set to become a premier destination in the Navy Yard region of Washington D.C. and is another step forward for Elys becoming the leading betting technology provider for neighborhood sportsbooks in the USA.

About Elys BMG Group, Inc.
Elys BMG Group, Inc. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in three states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino and sportsbook software. Additional information is available on our corporate website at www.elysgame.com.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Investors may also find us on Twitter @ELYS_BMG; Instagram @elys_BMG; LinkedIn Elys_BMG; YouTube @Elys_BMG; and on Facebook @ElysBMG.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Beatriz Oni
Account Communications Manager
561-838-3325
[email protected]

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Berlin:3UW

Elys BMG Group Announces New Installation at The Ugly Mug Sportsbook in Washington, DC.

Published

on

elys-bmg-group-announces-new-installation-at-the-ugly-mug-sportsbook-in-washington,-dc.

NEW YORK, March 28, 2024 (GLOBE NEWSWIRE) — Elys BMG Group, Inc. (“Elys” or the “Company”) (OTC: ELYS), an interactive gaming and sports betting technology company, today announces the completion of its sportsbook installation at The Ugly Mug restaurant and bar situated at 723 8th St SE, in Washington, DC. This collaboration underscores Elys’ commitment to providing unparalleled sports wagering experiences for small and local businesses across America.

Opening of the Ugly Mug Sportsbook is subject to final approval from the District of Columbia Office of Lottery and Gaming (DCOLG) and will represent the Company’s fourth privately owned sportsbook in the District.

The venue is ideally located just blocks away from Nationals Stadium and is in close proximity to popular destinations such as Capitol Hill and the Marine Barracks. The Ugly Mug is poised to become a premier destination in the Navy Yard area of Washington, D.C. ensuring convenient access for sports fans and bettors to enjoy a classic American menu in a casual atmosphere, further enhancing the neighborhood sportsbook experience provided by Elys.

About Elys BMG Group, Inc.
Elys BMG Group, Inc. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in three states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino and sportsbook software. Additional information is available on our corporate website at www.elysgame.com.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Investors may also find us on Twitter @ELYS_BMG; Instagram @elys_BMG; LinkedIn Elys_BMG; YouTube @Elys_BMG; and on Facebook @ElysBMG.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Beatriz Oni
Account Communications Manager
561-838-3325
[email protected]

Continue Reading

Berlin:3UW

Elys BMG Group Announces Grand Opening Event For Grand Central’s H Street Sportsbook in Washington, DC.

Published

on

elys-bmg-group-announces-grand-opening-event-for-grand-central’s-h-street-sportsbook-in-washington,-dc.

NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) — Elys BMG Group, Inc. (“Elys” or the “Company”) (OTC: ELYS), an interactive gaming and sports betting technology company, today announces that the Grand Central H-Street Sportsbook (“Grand Central”) will host its grand opening at 625-D H Street NE in Washington, D.C., on March 21, 2024. The grand opening begins at 10 A.M. EST with an invitational event with media and government officials, followed by the general opening of wagering windows and kiosks at 11:30 A.M. EST.

“Grand Central is proud to partner with Elys on our second location together,” said Brian Vasile, owner of Grand Central. “We are grateful to the OLG, District Council, and Mayor’s Office for their visionary leadership in creating room for small businesses to thrive in the dynamic sports betting market.”

“We are excited to extend our collaboration with Grand Central to launch their second joint venture site,” said Mike Ciavarella, CEO of Elys. “This is more than just a business expansion; it’s a testament to our commitment to providing exceptional services and creating unforgettable experiences for our patrons and partners. We are eager to immerse ourselves in the rich tapestry of the D.C. community and to have a positive impact on the evolution of the District’s sports betting landscape while fostering initiatives of small and local business builders like Brian.”

Alongside its sportsbook, Grand Central H-Street offers patrons fresh desserts by Tissy Sweets Bakery & Cafe, assorted snacks, and non-alcoholic beverages.

About Elys BMG Group, Inc.
Elys BMG Group, Inc. is a global gaming technology company operating in multiple countries worldwide. Elys offers its clients a full suite of omnichannel leisure gaming products and services, such as online sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and online slots on a B2C basis in Italy and has B2B operations in three states as well as the District of Columbia in the U.S. market. The Company provides sports betting software, online casino software, services for commercial and tribal casinos, retail betting establishments, and franchise distribution networks.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative online casino and sportsbook software. Additional information is available on our corporate website at www.elysgame.com.

Investors may also find us on Twitter @ELYS_BMG; Instagram @elys_BMG; LinkedIn Elys_BMG; YouTube @Elys_BMG; and on Facebook @ElysBMG.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar expressions that are intended to identify forward-looking statements and include statements regarding Elys. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact:
Beatriz Oni
Account Communications Manager
561-838-3325
[email protected]

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania