n July 1, 2016, the company completed the acquisition of Odissea Betriebsinformatik Beratung Gmbh, a gaming software development company which owns and operates a proprietary betting platform and product development house which currently processes approximately $400 million in betting turnover on an annual basis. The Odissea betting platform, which is certified under both the Malta and Austrian gaming authorities, is a state-of-the-art gaming technology with an advanced, highly efficient software engine designed and managed by a qualified and experienced team of gaming engineers which become employees of Newgioco as a result of the acquisition. The company is now preparing to launch a new series of online games including Virtual Sports products.
Also on July 1, 2016, Newgioco completed the acquisition of Ulisse Gmbh, a retail gaming distribution group which operates 107 'land-based' gaming agency locations throughout Italy. Ulisse management and staff will also join Newgioco to boost the rapid expansion of our operations in Italy. Ulisse currently operates the locations under a 50% revenue share agreement which produces approximately $1.8 million in net earnings on an annual basis.
With the integration of our in-house betting platform, the company expects to realise a cost savings of approximately 50% to our current online and land-based gaming network overhead and will further attain 100% of the revenue earned by the Ulisse land-based locations upon completion of the license renewal auction. The resulting effect of our 2 new divisions is projected to increase consolidated net earnings by approximately 400%.