Business
Newgioco Group Announces Strong 2017-Q4 Transaction Growth
Newgioco Group Announces Strong 2017-Q4 Transaction Growth.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"Newgioco Group, Inc. Announces Strong Betting Transaction Growth for the Fourth Quarter of 2017NEW YORK, NY / ACCESSWIRE / January 16, 2018 / 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 very pleased to announce an all-time record in its non-GAAP betting transaction volume and revenue growth in the fourth quarter of 2017.Sports betting volumes in the fourth quarter of 2017 were up dramatically compared to last year increasing by 25% to $32 million, representing gross gaming profits (GGR) of $6.5 million which were the highest in company history for any previous quarter, increasing by 82% over the same period in 2016. Casino and all other brands sales increased by 10% to $23 million or 11% and Virtual Bets jumped by 59% to $8.17 million, while Poker rake declined on a seasonal basis as expected by 23% to $5.26 million leaving a GGR of approximately $260,000 for this product line.Significantly, our mobile betting processing volume also grew to 38% from 31% of transactional volume and has seen solid continuous growth since the launch of our new mobile betting app in Q4'17.Overall, total betting turnover processed for the fourth quarter of 2017 exceeded $69 million while GGR hit a record $10.7 million. On an annual basis, the Company expects to have exceeded projected 2017 sales by approximately 10% to $220 million and anticipates that GGR should report an all time high of approximately $24 million which the Company expects to report in its annual earnings on or before April 15, 2018.Growth can be attributed to the added sales volume due to the launch of our ELYS betting platform by Odissea and the recent acquisitions of Ulisse, new web agents as well the strong organic brand growth of New Gioco from the Multigioco subsidiary in Italy.Company Chairman and CEO remarked, \"We are extremely pleased at the remarkable growth in our bet processing, and are also very pleased to see the growth in our mobile app business compared to previous years. The successful execution of our revenue growth plan is now yielding results which are exceeding our business plan projections well in advance of the implementation of our 2018 acquisition strategy. This positive surprise gives u...