B2B global gaming technology company Elys Game Technology reported on Thursday a “significant sequential growth” across all metrics of its US sportsbooks operations in November. Bet tickets and betting handle increased over 200% and 139%, respectively, reflecting a “successful follow-through” for Elys’ US betting technology platform.
The interactive gaming and sports betting business now claims it expects the sequential growth across metrics to continue in December. Elys’ North American betting platform first launched in October, and since then KPIs have shown growth period-over-period.
The company has also provided an update on its plans for the new year: Elys intends to “further accelerate growth” by expanding its betting technology beyond small business, at the Ocean Resort Casino in Atlantic City, expected to commence in March of 2022.
This growth demonstrates “the versatility of Elys being able to service the full spectrum” of brick-and-mortar locations, ranging from restaurants and bars to large resorts casinos, states a press release on the subject.
"2022 is shaping up to be a major inflection point as the company expects to ramp up deployment of a strong pipeline of clients in both Canada and the US,” said Michelle Ciavarella, Ely’s Executive Chairman. “The Company's North American go-to-market strategy has been performing exceptionally well since the launch of its newly developed U.S. facing betting platform in October.”
$ELYS "2022 is shaping up to be a major inflection point as the Company expects to ramp up deployment of a strong pipeline of clients in both Canada and the US." Mike Ciavarella, CEO of Elys Game Technology pic.twitter.com/DAOehc9hZV— Elys Game Technology (@ELYS_Gaming) December 17, 2021
Ciavarella further described the performance of Elys’ small business strategy as having so far exceeded initial expectations, delivering significant month-over-month growth “with little to no local marketing” in place.
“It is an early validation of our unique go-to-market model, and the effective combination of our cutting-edge technology combined with the skill of USBookmaking,” the executive said. “The increase in sportsbook demand and revenue could also mean better ROI for not only the state regulators, but also the restaurants, bars and other targeted locations we have in our pipeline.”
Elys, which entered the US market through the acquisition of Bookmakers Company US, secured its first US license by partnering with the Grand Central Restaurant and Bar in Washington, DC. It marked the first sportsbook in a restaurant/bar in the US.
The company sees this segment as a potentially profitable one. “Where Elys stands out is in the fact that we were able to open a full-service sportsbook inside a small business at a very low cost and one that performed extremely well due to the very focused fan base that the venue services,” Ciavarella told Yogonet in an exclusive interview earlier this month. “We are very bullish on this segment of the market.”
Results so far show that, from October to November, month-over-month bet tickets increased more than 200% from 2,508 to 7,951 in the company’s second month of operation in the country. This led to an increase of approximately 139% or $288,000 in wagers handled at Elys’ first small-business partnership.
Elys said it “strategically used” this period to test its new US platform and technology. Thus, the growth was achieved with “little to no market outreach,” which the company sees as demonstrating high organic consumer demand, as well as the loyalty of restaurant visitors.
"We are very pleased with our full-service partnership with Elys thus far,” said Brian Vasile, owner of the Grand Central Restaurant. “The sportsbook has created ancillary revenue for our restaurant, not only during football and basketball events, but also during boxing, MMA, and soccer matches.”
Elys claims that, by leveraging its platform, restaurants and bars can drive further revenue from the sportsbook, which generates its own stream while also aiding in driving additional food and beverage sales.
The business states the initial success reported by its small business strategies could continue with increased marketing and promotions, as well as additional terminals, and a potential expansion to additional floor space in the near future.
“The exceptional results of the Elys platform within a single small-business location represents the tremendous potential for scalability across the US and Canada,” reads a press statement.