Elys Game (ELYS) Achieves Record Annual Revenue of $37.3 Million for 2020
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Elys Game Technology, Corp. (“Elys” or the “Company”) (Nasdaq: ELYS), an interactive gaming and sports betting technology company, today provided a business update and reported financial results for the year ended December 31, 2020. The complete financial results are available in the Company’s Form 10-K, as filed with the Securities and Exchange Commission on April 12, 2021, which is available at www.sec.gov.
“I am very pleased to report that Elys not only achieved record revenue for 2020 but also broke through a major milestone by surpassing our half-billion dollar objective—reaching almost $575 million in gaming turnover despite the challenges brought on by the global pandemic. These results reflect the success of our omni-channel approach, and combining the best of both online and land-based retail betting, with balanced product diversification backed by our committed management teams,” stated Michele (Mike) Ciavarella, Executive Chairman of Elys Game Technology, Corp.
Matteo Monteverdi, CEO of Elys Game Technology, Corp., commented, “Our multi-faceted approach allowed us to adapt to evolving market conditions and continue to grow. The increase in revenue to $37.3 million for the full year of 2020 reflects the strong growth in our web-based gaming turnover, which increased 54% versus 2019. This increase was offset by a decline in our land-based gaming turnover, that has been impacted by the shutdown of betting shops in Italy due to the COVID-19 pandemic.”
Mark Korb, CFO of Elys Game Technology, Corp., added, “We believe that we are very well positioned heading into 2021 to execute our vision of building a premier, end-to-end sports betting solution for European and US gaming operators. We continue to carefully manage expenses and have a solid balance sheet with over $18.9 million of cash as of December 31, 2020, which we expect will be more than sufficient to fund our planned geographic expansion in North America.”
Mr. Ciavarella concluded, “Through product preparedness with the build out of our ELYS U.S. platform, strategic selection of customers and the sequence of states in which to open, we expect that 2021 could represent a major inflection point for the Company. Elys is led by a highly experienced team, with a cutting-edge betting technology that we are confident can be quickly adopted by B2C operators throughout the U.S., and we continue to believe that our disciplined go-to-market strategy could extract long-term value for our investors and shareholders.”
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