Business
Newgioco Reports 2018 Third Quarter Results
Newgioco Reports 2018 Third Quarter Results.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / November 21, 2018 / Newgioco Group, Inc. ("Newgioco" or the "Company") (OTCQB: NWGI), a sports betting and gaming technology company providing regulated online and land-based gaming and wagering through licensed subsidiaries in Italy and Austria, and headquartered in Toronto, Canada, today reported its financial and operating results for the third quarter ended September 30, 2018.Financial Highlights Non-GAAP gaming turnover increased by 82.6% to approximately USD $87.9 million for the three months ended September 30, 2018 as compared to approximately USD $48.1 million during the same period last year; Non-GAAP gaming turnover increased 85.2% to approximately USD $278.5 million for the nine months ended September 30, 2018 as compared to approximately USD $150.4 million during the same period last year; GAAP revenue for the nine months ended September 30, 2018 increased 92.8% to $25.2 million on a year over year basis from $13.1 million for the nine months ended September 30, 2017 and increased 52.7% year over year to approximately USD $7.8 million for the three months ended September 30, 2018 as compared to approximately USD $5.1 million for the three months ended September 2017; Total assets grew by 84.8% to approximately USD $22.6 million, compared to approximately USD $12.2 million at December 31, 2017; and Cash position remained strong at approximately USD $5.8 million at September 30, 2018, compared to approximately USD $6.5 million at December 31, 2017.Corporate Highlights Substantial design and development work on new, innovative technologies with new products expected to go to market in Q4; Significant personnel additions including additions to the Company's board of directors and management team; and Technological readiness for expansion into the U.S. sports betting market."In the third quarter of 2018, which is seasonably a weak quarter for us, we again delivered strong year over year sales growth while continuing to invest in our cutting-edge sports betting platform, ELYS, a one-stop sports betting solution for licensed casinos and gaming retailers. On the back of this strong operational performance, the Company is increasing its non-GAAP betting turnover guidance to $325 million for the 2018 fiscal year. With industry-leading capabilities, Newgioco's betting platfo...