A major reason for the decrease in GGR was due to the company’s hold percentage declining, primarily due to a change in the percentage of turnover that came from sports betting compared to online casino. The company said that the closure of Elys’ Italian retail locations led to higher-margin sports betting declining, while turnover for the lower-margin vertical of online casino rose. As a result blended hold fell from 7.9% to 6.3% year-on-year.
In Q3 2020, sports betting made up 31.4% of turnover, compared to sports betting representing 19.2% of turnover in Q3 2021. Casino games, however, grew to represent 80.1% of turnover in the third quarter of 2021, compared to 67.8% in Q3 2020.