Elys Game Technology completes acquisition of US Bookmaking21st July 2021 9:48 am GMT
New York-listed sports betting provider Elys Game Technology has expanded its presence in the US sports betting market with the completion of its acquisition of US Bookmaking (USB).
Elys has paid $12m in a cash and stock deal to acquire the Nevada-based business, with up to $41.8m due in potential earnouts based on the company's performance through to December 2025.
USB provides Elys with an operational footprint in New Mexico, Colorado, Michigan and North Dakota, with launches planned in Washington DC and Iowa.
“USB realised that to increase our client base we needed a sportsbook platform that was built for the United States market,” said USB president Vic Salerno. “We spent the last three years vetting virtually every sports betting technology in existence and determined that the Elys platform was superior to all the other platforms.
“The combination of USB’s highly experienced bookmaking team and a technologically advanced and cutting-edge software platform, we expect, will be a formidable parlay in the sports wagering market and we are eager to present these strengths to our pipeline of potential clients.”
Elys executive chairman and interim CEO Michele Ciavarella commented: “We are very proud to welcome USB and all their talented team that share the same passion and dedication for our business that our core family of operations in Europe has fostered during the past two decades.
“We are highly optimistic that the addition of USB to our European expertise could accelerate our growth and product innovation, while solidifying a position at the forefront of our industry servicing large and small casino operators, as well as neighborhood establishments like restaurants and bars across the United States and Canada as regulations permit.”
Shares in Elys Game Technology Corp. (NSQ:ELYS) fell 1.67 per cent to close at $4.11 per share in New York Tuesday.