Elys Game Technology Corp (NASDAQ:ELYS) (NEO:ELYS) announced that its preliminary, unaudited net gaming revenue rose 26% to approximately $13.1 million during 4Q 2020, compared with $10.4 million for the same period last year.
The company also noted that it grew 56% by gaining market share in the highly-competitive Italian market, which experienced 37.5% year-over-year growth in online sports betting, while further strengthening its competitive position in the mobile and online channel.
Elys added that its web-based gross gaming revenue for quarter surged about 69% year over year.
“We continue to generate very strong year-over-year revenue growth in our foundational operations despite the impact of COVID-19. Moreover, our online gaming performance in Italy increased by 56% in 2020, and we believe that we have been able to navigate the current market far better than many of our peers,” Elys Game Technology CEO Matteo Monteverdi said in a statement.
He added: “We credit this growth to our omni-channel distribution approach, which combines the best of both online and land-based retail betting. We believe this multi-faceted approach allows us to remain nimble as an organization and quickly adapt to evolving market conditions such as the current pandemic.”
Monteverdi continued: “Our goal is to not only establish ourselves as one of the world’s leading sports betting enterprises but, more importantly, aligning our product and service offerings to the needs of our B2B clients as well as B2C consumers in order to build a well-managed organization that is both highly profitable and sustainable.”
He added: “As a result, we believe we are extremely well positioned heading into to 2021, as we kick off our US expansion strategy. In this regard, we anticipate a number of very meaningful near-term milestones and look forward to providing updates on our roll-out as developments unfold.”
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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