Proactiveinvestors USA & Canada Newgioco Group https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Newgioco Group RSS feed en Tue, 23 Jul 2019 12:36:10 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Newgioco Group reaches milestone 2,010 webshop locations in Italy ]]> https://www.proactiveinvestors.com/companies/news/223778/newgioco-group-reaches-milestone-2010-webshop-locations-in-italy-223778.html Newgioco Group Inc (OTCQB:NWGI), the global sports betting and gaming technology company, announced Thursday that it has expanded its distribution network to 2,010 webshop locations in Italy. 

The Toronto-based company said it added another 509 new locations in Italy during the second quarter, repeating its successful growth in the first quarter of 2019.

Year-to-date, Newgioco has added 1,010 total locations in Italy to its base of 1,000 locations as of December 31, doubling its retail footprint and expanding its online market share.

READ: Newgioco Group poised with platform, technology and experience to break into global markets

As a result, the company said it now has reached an all-time high for webshop locations, and now has one of the largest webshop distributions offering sports betting in the competitive and highly regulated Italian market.

“The stability and popularity of our ELYS sports betting platform is enabling rapid organic growth throughout Italy,” said Alessandro Marcelli, vice president of operations. “Overall, we expect continued growth in our retail footprint, and anticipate generating 25-30% growth in handle for the full year as locations stabilize following the conversion to the Newgioco platform and as the soccer season commences during the second half of this year.”

US market next?

Newgioco CEO Michele (Mike) Ciavarella said the company’s experience and expanding footprint in Italy is help to prepare it to enter the huge US market.

“The success in Italy should serve as a vital proof point for operators in the United States, helping us to position Newgioco in competitive tenders as the number of states regulating sports betting expands,” he said.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Thu, 11 Jul 2019 12:43:00 -0400 https://www.proactiveinvestors.com/companies/news/223778/newgioco-group-reaches-milestone-2010-webshop-locations-in-italy-223778.html
<![CDATA[News - Newgioco Group poised with platform, technology and experience to break into global markets ]]> https://www.proactiveinvestors.com/companies/news/223536/newgioco-group-poised-with-platform-technology-and-experience-to-break-into-global-markets-223536.html Newgioco Group Inc (OTCMKTS:NWGI) is a growing betting technology company, which offers operators an innovative platform, which can be used for sports wagering, virtual games, lottery and casino games.

The Toronto-based company currently makes a 100% of its revenues from Italy but hopes to break into markets in the USA and South America.

It has been in the Italian market since the early 1990s, mainly in the south and mid- region but hopes to expand into the northern cities and follow the top Tier football league (the Serie A), which features clubs like Juventus and Milan.

Its betting platform ELYS provides both B2B (business to business) and B2C (business to consumer) bet processing. It can manage tens of thousands of pre-match events and more than 200 live events.

The online market in Italy is highly regulated and having successfully navigated that territory, Newgioco believes that should make it easier for the company to break into the US. 

Its US chances were bolstered when in May this year, the Supreme court decided to get rid of a federal law, which bans gambling on football, basketball, baseball and other sports in most states, giving states the go-ahead to legalize betting on sports. The previous 1992 law barred state-authorized sports gambling with some exceptions. Nevada was the only state where you bet on the results of a single game

Newgioco's unique technology begins with offering a shop-client architecture so that casino and gaming operator businesses can offer their own product line-up and be their own bookmaker without having to farm it out to a franchise bookmaker.

Newgioco also assists retail operators in understanding end-user needs and relates this data back to gaming product and technology.  It aims to establish itself as a US listed company with base operations in a strong European retail core market.

The company intends to be an early mover into the US market and believes that the market is still young when it comes to the regulatory and technological aspect so it could take some years before the industry is standardized.

How it is doing

The firm had a strong start to 2019, it told investors in its first quarter results to end March. It struck two agreements in the US state of Montana, for its ELYS sports betting platform where it is due to begin a free-play pilot location.

The group expanded its sales and marketing budget and increased its presence at trade shows to build awareness for the platform, which has directly led to strong brand recognition and a growing sales pipeline.

Also, the sports betting business continues to enjoy robust growth, giving us the available resources to judiciously invest in growing our emerging SaaS business with our mainline focus on the U.S.,”

"Total handle grew 51%, gross gaming revenue was up 12.6% and total revenue was also up 7.8% on a same period basis last year," said CEO Michele (Mike) Ciavarella.

He said the group continued to invest strategically in the US, which did and will continue to contribute to our general and administrative costs for the foreseeable months.

"We consider the US market as a significant greenfield opportunity requiring a three to five-year investment and stabilization period, we are therefore continuing our discretionary spending to reinforce our presence in the markets we currently serve both inside and outside of Italy. In addition, while individual states enact their rules, and will likely fine tune them through this stabilization period, our rapid ex-Italy global deployments also represent significant growth catalysts for our ELYS platform. Therefore, our ex-Italy, US and global outlook both represent attractive business multipliers over the near-term.”

The group's revenue in the three months came in 7.8% higher than the comparable period, at $9.3 million versus $8.6 million 2018, while gross gaming revenue (GGR) came in at $10.4 million, up 12.6%.

Outlook

In June, the firm announced it had rolled out a new flagship mobile web platform for use in sports betting markets around the world, with an emphasis on the US.
The second-generation technology was designed based on performance data collected from the first.

Also, at the beginning of this month (July),  the group revealed that experienced finance executive Mark J Korb had been hired as its new chief financial officer, saying his international experience should directly benefit Newgioco as it expands into new markets such as South Africa, South America and the USA.

What the company says:

Ralph Garcea, vice-president of corporate development, has said of the firm's technology:  "I think we are one of the more modern platforms. We released a new integrated product back in August of 2017. It allows you to do different skins for different regions of a country. I think that's why Italy was a great market for us and then you can use that to expand that into other countries or other regions."

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Mon, 08 Jul 2019 14:22:00 -0400 https://www.proactiveinvestors.com/companies/news/223536/newgioco-group-poised-with-platform-technology-and-experience-to-break-into-global-markets-223536.html
<![CDATA[News - Newgioco Group taps finance executive Mark Korb as CFO ]]> https://www.proactiveinvestors.com/companies/news/223287/newgioco-group-taps-finance-executive-mark-korb-as-cfo-223287.html Newgioco Group Inc (OTCMKTS:NWGI), the global sports betting and gaming technology company, announced Wednesday that it has appointed Mark J Korb as its new chief financial officer.

Korb has over 28 years of experience in finance in both multinational businesses and startup operations. Working in a leadership capacity as CFO, he led full group financial functions through mergers and acquisitions.

The new finance executive was also responsible for leading IT strategy and implementation for Foodcorp (Proprietary) Limited, a large consumer goods company in South Africa.

READ: Newgioco Group adds Clive P. Kabatznik as an independent director

Korb’s experience in change management, GAAP and SEC reporting as well as IPOs will directly benefit Newgioco as it looks to list on a major exchange, according to the company’s CEO.

“Mr. Korb will provide valuable consulting services to the company, including the financial expertise and compliance required of public companies in light of the company’s planned listing of its common stock,” said CEO Michele (Mike) Ciavarella in a statement.

“Mark’s international experience and established relationships should directly benefit Newgioco as we seek to expand our geographic presence into new markets such as South Africa, South America and the United States.”

Toronto-based Newgioco provides a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Wed, 03 Jul 2019 08:38:00 -0400 https://www.proactiveinvestors.com/companies/news/223287/newgioco-group-taps-finance-executive-mark-korb-as-cfo-223287.html
<![CDATA[News - Newgioco Group adds Clive P. Kabatznik as an independent director ]]> https://www.proactiveinvestors.com/companies/news/222975/newgioco-group-adds-clive-p-kabatznik-as-an-independent-director-222975.html Newgioco Group Inc (OTCMKTS:NWGI) has announced the appointment of Clive P. Kabatznik as an independent director of the board, effective June 26, 2019.

Kabatznik will serve on the audit, compensation, corporate governance and nominating committees of the global gaming technology Company.

“Clive, along with Paul Sallwasser and Steven Shallcross, who were appointed to our board recently, will significantly improve our corporate governance and provide meaningful business expertise to our board,” said Newgioco CEO Michele (Mike) Ciavarella in a statement.

WATCH: Newgioco Group looks to take online betting platform to new markets

The Toronto-based Company said Kabatznik’s corporate and strategic business skills include use of digital and computational platforms to solve marketing and technological challenges facing both new and established businesses.

Kabatznik has played key roles with a variety of entities and brings more than 35 years of global business expertise to the board, the company said. He’s also been instrumental in raising capital and bringing several South African companies to US exchanges, including Nasdaq.

His board memberships include 40K LLC, Datos Health, Harbor Inland Rum Company, and Icagen Inc. In the C-suite, he’s founder and CEO of Silverstar Holdings, and co-founder of Fluid Spirits Holdings.

Kabatznik also serves on the board of governors at Hebrew University of Jerusalem, as well as president of American Friends of the Hebrew University in the US.

Contact Paul Curcio at paul.curcio@proactiveinvestors.com

Follow him on Twitter @GoCurcioGo

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Thu, 27 Jun 2019 10:26:00 -0400 https://www.proactiveinvestors.com/companies/news/222975/newgioco-group-adds-clive-p-kabatznik-as-an-independent-director-222975.html
<![CDATA[Media files - Newgioco Group looks to take online betting platform to new markets ]]> https://www.proactiveinvestors.com/companies/stocktube/11498/newgioco-group-looks-to-take-online-betting-platform-to-new-markets-11498.html Thu, 06 Dec 2018 11:49:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11498/newgioco-group-looks-to-take-online-betting-platform-to-new-markets-11498.html