lys Game Technology this week provided a business update and reported financial results for the third quarter ended September 30, 2020.
Michele (Mike) Ciavarella, Chairman and CEO of Elys Game Technology, commented, “I am pleased to report that revenue increased 44% to $9.7 million for the third quarter of 2020, which reflects very strong growth in our web-based gaming turnover of more than 150%. Significantly, we have now surpassed our goal of reaching 100,000 online gaming accounts before the end of 2020, thus strengthening our online and mobile channel. This growth was offset by a decline in our land-based gaming turnover, which has been impacted by the COVID-19 pandemic.
"Nevertheless, we continue to perform exceptionally well compared to our industry peer group and have begun to see improvement in this channel as certain brick and mortar operators re-open. As a result, we believe we are very well positioned for strong organic growth heading into 2021. Moreover, we continue to carefully manage expenses and have a solid balance sheet with over $10.5 million of cash and cash equivalents as of September 30, 2020. We have also fully repaid our convertible debentures since the end of the third quarter and have no long-term debt".
“Overall, we are very excited about the outlook for the business, as we have built an efficient, fully integrated omni-channel gaming company, combining both online and land-based retail channels, and our own cutting-edge betting technology, which services we plan to offer globally on a B2B basis. And where feasible, with our 20-plus years in the leisure betting business, we believe that we have the skill and experience to operate on a B2C basis in regulated markets. With this end-to-end capability, we believe that Elys provides the ultimate solution to startup bookmakers in the rapidly growing U.S. market and now potentially in Canada as well.
"We also completed the process of developing our ELYS U.S. sportsbook platform, certified the retail and kiosk terminals and we are in the formal process of seeking our first U.S. sports betting license in Washington DC. With the recent addition of Matteo Monteverdi who will assume the role of Group CEO in January 2021 providing strategic oversight and execution of global business unit operations, and recently added Robert Lo Giudice as US Head of Legal Affairs to focus on U.S. licensure, we have assembled a first class management team to execute on our vision of building a premier, end-to-end sports betting solution for gaming operators around the world, with a particular emphasis on the U.S. sports betting opportunity,” concluded.