Key Highlights

  • Newgioco Group (“company”) is a licensed gaming technology company with an Italian-certified betting and virtual sports betting software platform. The company is both land-based and online in Italy, the largest gaming market in Europe, and offers its gaming products and services through partnerships with 2,010 web cafes, seven corner locations, and 150 agency locations (gaming venues).
  • The company’s revenues increased from $1.7 million in 2014, to $34.6 million in 2018, indicating a compound annual growth rate of 112%.
  • International Expansion: With the U.S. anticipated to legalize sports-betting in the majority of states in the coming years, the company is aiming to offer its betting platform to operators in the U.S.
  • Growth in Online Gambling and Betting: According to consensus estimates, the global online gambling and betting market is expected to grow heavily in the coming years with an expected compound annual growth rate of 10.6% from the period 2017 to 2024, attributed to factors including (1) increasing digitization, (2) higher disposable income, and (3) higher trust in online operators by gamblers.
  • Roll-up Strategy: The Italian market is highly fragmented and competitive, with the top five operators accounting for nearly 60% of the market share. There is opportunity for the company to pursue a roll-up strategy and acquire smaller competing operators or be bought out by a bigger operator.
  • ELYS Platform: Recent deals with the (1) Chippewa Cree Tribe in Box Elder, Montana, (2) a Malta-based operator, and (3) Fleetwood Gaming, citing the strong business intelligence and risk management capabilities of the company’s ELYS platform, speak to the strength and potential of the ELYS platform to expand to other operators.
  • Virtual Sports Opportunity: The company recently acquired, in 2019, a virtual sports platform.

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