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Newgioco Group subsidiary secures five distribution agreements in Africa for Color Lotto games

Published: 10:22 24 Mar 2020 EDT

Person holding phone with sports betting on it it front of laptop and pumping fist
Newgioco conducts its business primarily through an internet-based betting distribution network on its website, as well as in retail neighborhood betting shops

Newgioco Group Inc (NASDAQ:NWGI) announced Tuesday that the Color Lotto game launched by its subsidiary Virtual Generation Limited has generated five new distribution agreements in Africa.

Virtual Generation will provide a variety of virtual sports products, including the Color Lotto games, through agreements in Kenya and other regulated regions in Africa. The first location opened on March 4, the company said.

"The recent suspension of live sports events around the world has given rise to greater demand for non-sports online entertainment products,” CEO Michele Ciavarella said in a statement. “As an alternative to live sports, the superior technology of our Virtual Generation virtual sports and games provide a highly entertaining solution for gaming operators, and further reflects the strength of our diversified product portfolio."

READ: Newgioco updates coronavirus quarantine impact on its Italian sports-betting operations

Ciavarella noted that Africa is one of the fastest-growing gambling markets in the world, generating gross gambling revenue of roughly $500 million in 2018 with expectations of reaching $820 million by 2025.

"As part of executing our global diversification plans, we are taking both our virtual and real sports solutions to many of the largest betting regions in the world,” Ciavarella said. This growth is driven in large part by a rise in the availability of online sports betting and African’s passion for sports. By establishing a foothold in the region, we are positioning Newgioco to capture a meaningful share of gaming revenue in Africa."

Outside of Africa, Virtual Generation recently announced operator contracts in Central and South America. The company has developed a strong niche in creating regionally-focused virtual sports games and is currently developing virtual Keno, American Roulette and indigenous virtual games for tribal markets in the US.

Toronto-based Newgioco conducts its business primarily through an internet-based betting distribution network on its website, as well as in retail neighborhood betting shops.

It offers a suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots.

The group also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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