Strategy

Newgioco rebrands as Elys Game Technology

2 minutes read
Online gambling operator and supplier Newgioco Group has rebranded as Elys Game Technology to reflect its shifting focus towards to developing US sports betting market.

The supplier’s trading symbol will now change from NWGI to ELYS, but the name change will not impact the business’s share structure or shareholder rights.

As such, shareholders will not be required to exchange existing share certificates for new certificates bearing the new Elys name.

The rebrand will bring the name of the supplier in line with its Elys Gameboard betting and gaming software.

“The name Newgioco, which translates to Newgame, is a well-respected brand in the regulated Italian market and since 2016 has been a showcase to develop and prove our state-of-the-art gaming technology designed by our engineers,” Elys chief executive Michele Ciavarella said.

“With the company shifting focus towards the large and rapidly developing US sports betting market, the company is leveraging its innovative Elys technology and extensive know to deliver a world class, end-to-end sports betting solution for gaming operators around the world.”

The rebrand comes after Newgioco in August posted an 18.5% year-on-year fall in revenue for the first half of 2020, but reduced operating costs meant it was able to halve its net loss for the period.

Turnover for the six months to 30 June fell 11.1% to $210.0m, but lower costs meant comprehensive loss for the half was reduced by 50.3% to $2.5m.

In July, the supplier also announced details of a share offering, through which it aimed to raise at least $9.2m to help repay outstanding debts and accumulate working capital.

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