Newgioco boosted by online sales in Q1

Newgioco has reported a 90.93% year-on-year increase in online sales for the opening quarter of the year.

The company’s online sales channel, operated through its Multigioco subsidiary, generated $45.8m (€37m) in the three-month period, up from $24m in the first quarter of last year.

Non-GAAP betting turnover at Newgioco was also up 67.2% from $52.7m in Q1 of 2017 to $52.7m, with online sports bets coming in at $6.56m, up 63.7% on the final quarter of last year.

In addition, Newgioco was able to eliminate approximately $570,000 in debt in the quarter and refinance a further $500,000 with more favourable terms.

Michele Ciavarella, chairman and chief executive of Newgioco, said: “We remain proactive towards merger and acquisition opportunities to move the group further towards becoming a premier international leisure betting operator with a market leading software technology and full suite of diversified payment related services for both online and land-based betting retailers.

“Looking forward, we are highly optimistic in new international markets, with South America and the USA becoming key growth engines for Newgioco in the future.”

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