Elys paid an initial $12.0m (£8.8m/€10.2m) up front to take ownership of USB, with this being split as 50% cash and 50% in 1,265,823 common shares. Certain earnouts could increase the overall value of the deal, which was initially stuck on July 7, to $41.8m by December 2025.
USB becomes a wholly owned subsidiary of Elys and will continue to operate as a wholly owned business, forming part of the Elys US-facing brand.
Elys said the deal provides it with an operational footprint in four states – New Mexico, Colorado, Michigan and North Dakota – with a further two regions to follow in the form of Washington D.C. and Iowa.
Operator Elys added that the acquisition represented a “fundamental strategic partnership” that completes an important pillar of its business plan to build out in the US and Canadian sports betting markets.