Business
Sports Betting Technology Provider, Newgioco CEO Releases Letter to Stockholders and Potential Investors
Sports Betting Technology Provider, Newgioco CEO Releases Letter to Stockholders and Potential Investors.
About this update from Elys Bmg Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / June 5, 2019 / Newgioco Group, Inc. ("Newgioco" or the "Company") (OTCQB: NWGI), a global sports betting and gaming technology company providing fully integrated software solutions to regulated online and land-based gaming and sports betting operators, today announced that its Chief Executive Officer, Mr. Michele (Mike) Ciavarella, released a Letter to Stockholders highlighting current activities and outlining its updated corporate strategy for 2019. The letter is included in its entirety below:Dear Friends and Valued Stockholders,I would like to take this opportunity to report the progress we have made in penetrating and monetizing the Italian sports betting market and to discuss Newgioco's vision for prosperity.As you may recall, about five years ago Newgioco set out on a mission to roll up our distributed agency and partner-based retail betting operations in Italy while testing and preparing our new, leading-edge betting platform, ELYS, that was commercially launched in August 2017. The launch of ELYS was an unequivocal success, as our handle grew from about $200 million in 2017 to over $400 million in 2018 through a variety of access points such as coffee shops, betting shops, bars, restaurants and taverns. The Italian markets' favorable attestation to ELYS reflects the remarkable work and integrity of our operations and development team in Europe and corporate leadership.With the U.S. Supreme Court repeal of PASPA in May 2018, we have the golden opportunity of replicating our success established in Italy in the United States. Newgioco has invested opportunistically to capitalize on the U.S. sports betting market and we believe we are now well poised to gain solid returns on this invested capital.Through the early stages, we were fortunate to have had sage guidance from highly respected experts along with disciplined management and experienced non-executive directors. While we thank our past relationships, we now move forward on the strength of our proven betting software - ELYS; and renewed discipline in driving sustainable earnings and profitability. The next step in driving investor and stockholder value is a plan to list our company shares on a national stock exchange where Newgioco could attract long-term institutional sponsorship. To help achieve this, the corporation has...