- On 11 July 2019
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NEW YORK, July 11, 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 regulated online and land-based gaming and sports betting operators, today announced that it has expanded its distribution network to 2,010 webshop locations in Italy by adding another 509 new locations during the second quarter, repeating its successful growth in the first quarter of 2019.
Year-to-date, Newgioco has added 1,010 total locations in Italy to its base of 1,000 locations at December 31, 2018, doubling its retail footprint and expanding its online market share. As a result, Newgioco has now reached an all-time high for webshop locations, and now has one of the largest webshop distribution offering sports betting in the competitive and highly regulated Italian market.
“The stability and popularity of our ELYS sports betting platform is enabling rapid organic growth throughout Italy,” stated Newgioco VP of Operations, Alessandro Marcelli. “Overall, we expect continued growth in our retail footprint, and anticipate generating 25-30% growth in handle for the full year as locations stabilize following the conversion to the Newgioco platform and as the soccer season commences during the second half of this year.”
“This progress is driving brand recognition and increasing our online channel volume as a direct result,” added Newgioco CEO, Michele (Mike) Ciavarella. “We continue to leverage our solid footing in Italy and market experience as we seek to enter the U.S. market. The success in Italy should serve as a vital proof point for operators in the United States, helping us to position Newgioco in competitive tenders as the number of states regulating sports betting expands.”
About Newgioco Group, Inc.
Newgioco Group, Inc., is a global leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as in retail neighborhood betting shops throughout Italy.
Newgioco offers clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information is available on our corporate website at www.newgiocogroup.com.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as continuing growth in our retail footprint, generating 25-30% growth in handle for the full year as locations stabilize following the conversion to the Newgioco platform and as the soccer season resumes during the second half of this year, entering the U.S. market, and the success in Italy serving as a vital proof point for operators in the United States, helping to reinforce our position in competitive tenders. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to grow our retail footprint, our ability to generate growth in handle for the full year, our ability to enter the U.S. market as planned, and our ability to use the success in Italy as a vital proof point for operators in the United States to reinforce our position in competitive tenders, and the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2018 and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
For further information, please contact:
Brett Maas (646) 536-7331