Home > Finance > Full year results > Elys forecasts 26% revenue increase after online growth Q4

Elys forecasts 26% revenue increase after online growth Q4

| By Robert Fletcher
Elys Game Technology, the online gambling operator and supplier previously known as Newgioco Group, has forecast a 26% year-on-year increase in net gaming revenue for its fourth quarter, primarily due to a 69% jump in web-based revenue.
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Publishing preliminary results for the fourth quarter of its financial year, Elys said unaudited net gaming revenue for the period is expected to reach $13.1m, compared to $10.4m in Q4 of 2019.

Elys said this forecast increase is down to a rise in web-based gross gaming revenue in Q4, which is expected to increase 69% year-on-year.

In terms of geographical performance, Elys said its Italian operation was a major highlight in Q4, with online gaming revenue forecast to increase 65%.

“We credit this growth to our omni-channel distribution approach, which combines the best of both online and land-based retail betting,” Elys chief executive Matteo Monteverdi said.

“We believe that this multi-faceted approach allows us to remain nimble as an organisation and quickly adapt to evolving market conditions such as the current pandemic.”

Monteverdi, who was appointed as CEO in November last year, added that the operator will seek to build on its Q4 success in 2021 by growing it business in other regions, including the US.

“We believe we are extremely well positioned heading into to 2021, as we kick off our US expansion strategy,” Monteverdi said. “In this regard, we anticipate a number of very meaningful near-term milestones and look forward to providing updates on our roll-out as developments unfold.”

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