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Elys Game Technology reported a 2.7% increase in Euro-based turnover for the fiscal year ended December 31, 2022, reaching €730.5 million. However, due to a strong U.S. Dollar, reported turnover decreased by $71.7 million to $770.2 million. The company anticipates Gross Gaming Revenues (GGR) from Euro operations to grow by 3.7% to approximately €50.1 million. U.S. facing operations saw remarkable service-based revenue growth of 150.2% to $2.6 million. Notably, gaming taxes increased by €1.4 million to €12.1 million, representing a 13.1% rise. However, impairment charges are estimated at $20.6 million, impacting overall profitability.
Elys Game Technology has entered into an agreement with Partnersat7238thstse, LLC to operate a sportsbook at The Ugly Mug restaurant and bar in Washington, DC. This partnership aims to establish Elys' eighth retail sportsbook in the area, enhancing local business opportunities in sports betting. Located 10 blocks from Nationals Stadium, The Ugly Mug is expected to create a vibrant atmosphere for sports fans. Michele Ciavarella, Elys Executive Chairman, stated that this collaboration is designed to bolster local entrepreneurs and state resources. The company continues to expand its offerings in the growing gaming market.
On February 9, 2023, Elys Game Technology announced a partnership with T & L Hospitality to operate a sportsbook in Washington, DC. This venue is expected to feature an express betting area and a full sportsbook lounge, enhancing Elys' local presence with its seventh retail sportsbook solution in the area. The agreement has an initial three-year term, with potential two-year extensions. Elys aims to expand its distribution model in DC and other jurisdictions, leveraging local businesses to enhance post-pandemic revenue opportunities. The company believes this model positions it as a potential market leader in the U.S. and Canada.
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