Small business strategy

Elys to expand Washington D.C. restaurant sportsbook after strong Q4 results

Grand Central Restaurant and Sportsbook in Washington DC.
United States
Reading time 2:57 min

Gaming and sports betting technology company Elys Game Technology revealed on Thursday promising results in its first US small business location, at Grand Central Restaurant and Sportsbook in Washington DC. Thus, Elys is now announcing accelerated expansion plans, which will see an increase in the number of player terminals within the establishment.

Elys first launched its small business strategy in October of last year with Grand Central, through a Class B Operator license, at the time “believed to be the first sportsbook of its kind to be operated within an independently owned business establishment in the U.S.”

The company has now reported “strong” results for the first quarter of its US small business operations. December, in particular, marked a highly-successful month for Grand Central, with revenues exceeding $90,000, as well as approximately $735,386 in total sports wagering handled by the sportsbook.

Michele Ciavarella, Elys' Executive Chairman.

"We wanted to make a significant impact in sports betting in DC - and we are doing that with Elys as our Management Services Provider,” said Brian Vasile, owner of Grand Central. “Having a partner whose knowledge and experience in sports betting, complemented by their ability to efficiently resolve any situation, has been critical to Grand Central Sportsbook's success.”

Elys provides Grand Central with the turnkey retail betting solution on POS and kiosks hardware, as well as managed services to operate the sportsbook, including back-office and business intelligence, odds and event offerings, risk management and trading services. So far, results have been promising for the company.

"2022 is shaping up to be a major inflection point as the company continues to ramp up on a strong pipeline of clients both in Canada and the U.S.,” said Michele Ciavarella, Elys' Executive Chairman. “The company's North American go-to-market strategy has been performing exceptionally well since the launch of its newly designed U.S. betting platform in October." 

November to December month-over-month bet tickets nearly doubled from 7,951 to 12,661 in the company’s third month of operation in the US. This represents a more than fivefold increase in bet tickets and more than three times the bets wagered from October, while the hold remained “firmly in double digits,” according to a press release.

"The early performance at Grand Central has been extremely encouraging for Elys and has garnered considerable attention from potential operators in nearby states,” added Ciavarella. “Remarkably, the results at Grand Central are generated from only one kiosk and one point of sale terminal (POS or Ticket Window) and is a testament to the strong relationship between small businesses and their patrons.”

Elys' Executive Chairman further announced that, on the back of the success shown so far, the company is “actively working” with Grand Central to double the number of access points, which would increase capacity and customer convenience.

Moreover, the business anticipates continued revenue growth month-to-month, and expects these trends to continue this year. “The exceptional results of the Elys platform within a single small-business location represents the tremendous potential for scalability across the U.S. and Canada,” Elys stated in a press release.

In March, the company expects to further expand its US presence with its first large venue retail location at the Ocean Resort Casino in Atlantic City, New Jersey. According to the company, this growth in both small business and casino locations demonstrates “the versatility of Elys servicing the full spectrum” of brick-and-mortar locations.

In conversation with Yogonet in December last year, Ciavarella said that while the market in New Jersey might be crowded, it wasn’t uncharted territory for Elys because the company has already established a strong brand and is navigating its way to the top ten in a very competitive market like the Italian one, where it is up against a number of large operators.

“We are confident in our capability in this environment,” Ciavarella told Yogonet. “Elys can provide value on two key fronts here: the first is through our highly experienced and reputable bookmaking team, as well as our highly scalable and very cost-effective technology for operators such as large casinos and small businesses like restaurants and bars.”

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