Business
Newgioco Continues to Gain Market Share in Italian Sports Betting Market
Newgioco Continues to Gain Market Share in Italian Sports Betting Market.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / December 20, 2018 / Newgioco Group, Inc. ("Newgioco" or the "Company") (OTCQB: NWGI), today announced that the Company increased its share of the Italian sports betting market in November, according to a recent report of the leading gambling, betting, and gaming news agency AGIMEG - Agenzia Giornalistica sul Mercato del Gioco ("AGIMEG"). Newgioco is a vertically-integrated leisure gaming technology company, headquartered in Toronto, Canada, with fully licensed online and land-based gaming operations in Italy and Austria, and innovative betting technology platforms that provide bet processing for casinos and other gaming operators.According to AGIMEG, the sports betting sector in Italy reached €148.5 million ($170 million) in Gross Gaming Revenues (GGR) for November 2018, an increase of approximately 1% year over year and approximately 11% month over month. Newgioco, through its wholly owned subsidiary Multigioco S.R.L ("Multigioco"), increased its market share rank (as a percent of GGR) to 22nd in November, up from 25th in the October ranking. Newgioco showed the 7th largest increase on the list, improving its share by 0.10% to a total of 0.49%.Michele Ciavarella, CEO of Newgioco, said, "Our continued market share gains in Italian sports betting are driven by robust organic transaction growth in both our online sales channel and land-based retail sales channel. In Italy, Newgioco also continues to maintain strong market share in poker betting (rank 6th in October 2018) and has made a marked improvement in casino betting with GGR more than doubling on a year on year basis from about $295,000 in November 2017 to $664,000 in November 2018."Company CFO Elizabeth MacLean added, "In addition to impressive growth in market share and revenues, we have recently begun to generate higher profits as a percentage of betting handle, resulting from the increased efficiency of our innovative betting technology platform. Newgioco's successful gaming business in Italy and strong leadership should provide a solid foundation for our expansion into the U.S. sports betting market through our leading edge technology platforms beginning in 2019."About Newgioco Group, Inc.Newgioco Group, Inc., together with its wholly-owned subsidiaries, is a vertically-integra...