- Newgioco has been in business for 19 years, first starting out as a simple sports betting company.
- The firm is now a leading provider for regulated B2B and B2C gaming operations.
- ELYS Game Board by Odissea is the name of their gambling platform.
TALLAHASSEE, Fla. – Italian firm, Newgioco Group, Inc. has been providing both land-based and internet wagering amenities and goods to their clients where gambling has been legalized.
The firm currently has over 2,000 web-based locations throughout Italy. Their first quarter in 2019 showed a gross gaming revenue of $10.4 million, an increase of 12.6% from last quarter. Total handle revenue grew by 51% since last year.
“This progress is driving brand recognition and increasing our online channel volume as a direct result,” said Michele Ciavarella, CEO of Newgioco. “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.”
The United States Market
Newgioco believes settling into the United States market will take three to five years to build a proper foundation. During this time, it will also help them to expand to other states and become familiar with each state’s rules when it comes to their sports betting laws.
The firm hopes to have at least 40% of its revenue coming from places outside of Italy by the year 2020. Their expansion into the US will likely aid them in that goal.
“It would take a few more years before the rules for leisure sports betting and online gambling are standardized in the U.S., and we believe that it’s a marathon and not a sprint. Newgioco may take time to get established in the U.S. but will surely become one of the leaders,” said Ciavarella.
Newgioco In Montana
In May, Governor Steve Bullock of Montana legalized sports betting in the state by signing MT HB 725 into law.
The state-tribal compact also allows Class III gaming at Indian casinos. Now, the Northern Winz Casino will be offering sports betting to its customers with the help of Newgioco’s platform. The sports gambling app will be a demo version that is set to go live soon. The company has already been using its ELYS sports betting platform in Montana since 2017 with Fleetwood Gaming.
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.