Business
Newgioco Reports Operational Progress Through June 30, 2019
Newgioco Reports Operational Progress Through June 30, 2019.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"\n Year-to-Date Handle Increases 23.9%, GGR up 9.5% and Revenue up 3.2% in Q2 New York, Aug. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Newgioco Group, Inc. (“Newgioco” or the “Company”) (OTCQB: NWGI), a global sports betting and gaming technology company providing fully integrated software solutions to online and land-based gaming and sports betting operators, announces that it reported its financial and operating results for the three and six months ended June 30, 2019 with the Securities and Exchange Commission. Key Business Highlights Doubled retail distribution in Italy;Half year betting handle on pace to meet stated guidance;Online betting channel grows at a double-digit rate;Management and corporate reorganization completed;Substantial reduction in expenses meeting commitment to stockholders. Year to Date Financial Highlights compared to same period last year Handle reaches $236.2 million, up 23.9% compared to $190.6 million;Gross Gaming Revenue of $20.6 million up 9.5% compared to $18.8 million;Revenue of $18.3 million, up 3.2% compared to $17.4 million;Cash of $5.2 million, down 16.9% compared to $6.3 million;Net loss of $4.8 million compares to reclassified net loss of $0.48 million. Year to date net loss reflects an increase in general and administrative expenses mainly due to increased payroll expenses, professional fees and discretionary spend on gaming related trade shows and conferences aimed at developing U.S. sports betting market. These expenses have been curtailed with effect from May 2019. “We are quite pleased with the continuing operational performance of both our retail operations and the rapid adoption of our leading-edge Elys betting platform. We also experienced corporate dynamics with key leadership changes along with a commitment to our stockholders to achieve profitability on the investments we made since the repeal of PASPA in the U.S. To this end, we continue to grow our total gaming handle, generating 23.9% year-to-date growth, significantly exceeding $200 million, and putting us on pace to achieve our outlook of $500 million for the full year,” commented Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. “The lack of major European sports impacted our land-based sports betting volume during the quarter, particularly compared to last year w...