Business
Newgioco Group Acquires Online and Retail Gaming Business of Mid-Sized Operator in Italy
Newgioco Group Acquires Online and Retail Gaming Business of Mid-Sized Operator in Italy.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / December 11, 2017 / Newgioco Group, Inc. (OTCQB: NWGI) (\"Newgioco\" or the \"Company\"), a leisure betting technology company providing regulated lottery and gaming products and services through licensed subsidiaries based in Europe, is pleased to announce that it has closed a deal with a group to acquire an online and retail gaming business, adding 50 webshop locations and 500 registered online customers the Company's existing network throughout Italy.The Company will open a new administrative office in Napoli, one of the largest sports betting centers in Italy, to service our growing distribution in southern Italy due to the acquisition. Integration and rebranding of the acquired locations are expected to be completed by the end of Q2 2018. The group also increases the Company's foothold in several key northern cities including Genova, Torino, and Milan and generates approximately $25 million per year in betting turnover sales resulting in approximately $1.5 million per year in revenue representing a 9% increase over our current results.\"This key acquisition brings Newgioco much closer to reaching our 2018 milestone of one-quarter billion in betting turnover sales much sooner along our business roadmap and is expected to boost operating margins since the business bolts directly onto our core operations,\" stated Company CEO, Michele Ciavarella. \"Significantly, we are delighted with the team of highly-respected field agents situated throughout Italy that have chosen Newgioco on the strength of our leading-edge ELYS betting platform, the prime driver of our recent growth, over several quality competitors in the marketplace. Our view is that this scale-up acquisition serves as a strong litmus test as we head into the highly anticipated license renewal auction in Italy and positioning Newgioco Group for a listing on a senior stock exchange in the near future.\"About Newgioco Group, Inc.Newgioco Group, Inc., together with its wholly-owned subsidiaries, is a fully integrated, 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, si...