July 8, 2021 3 min read


Elys Game Technology Acquires Bookmakers US for up to $53.8M

Elys Game Technology, a gaming technology provider with an Italian certified betting and virtual sports betting software platform, has announced that it’s acquiring Bookmakers Company US for an upfront price of $12 million in cash and equity.

Elys Aims to Have a Strong Foothold on the US Gaming Market

Elys Game Technology has announced its acquisition of Bookmakers Company US (USB) for $12 million upfront, but the price could go up to$53.8 million due to different earning clauses in the agreement. The deal is part of Elys’ efforts to secure its place in the growing US sports betting market.

According to an issued statement by the companies, in the next four years, USB members could get up to $38 million more along with a potential premium of 10% (or $3.8 million), which would be based upon the achievement of certain earnings before taxes, interest, taxes, depreciation and amortization (EBITDA) milestones. They would be payable 50% in cash and 50% in the stock.

The earnouts would be based on EBITDA metrics, ranging from the loss of $213,850 this year to a positive $19,441,483 for 2025.

Elys Needs Patience Building Up Its Reputation in the US

Elys’ stock increased more than 4% in the early trading on Wednesday after the news of the deal came out, but the shares sold off as the session moved forward. In late trading, Elys’ stock decreased more than 3%, making its year-to-date decline 32%.

In January 2021, Matteo Monteverdi became Elys’ CEO. When commenting on his hire, Monteverdi said, “In light of the shifting US regulatory landscape, Elys will be positioned to capitalize on the emerging trends.”

Still, some analysts believe Elys is not well-priced. The company has a positive cash flow and reported $21.5 million in cash at the end of its Q1. That, according to analysts, makes it a value proposition for investors.

Although the company has a reputation in the Italian market, it will still require patience to build up a business model and prove itself on the US market, according to analyst Debra Fiakas. She said, “Investors will need to school themselves against expecting immediate results in one or two quarters.”

USB Has a Strong Presence in the Us Sports Betting Market

Las Vegas USB was founded in 2016. The company provides consulting and sports wagering services to companies in the gaming sector. USB offers brick-and-mortar sportsbook design for mobile sports betting apps and in-game betting services.

After the Supreme Court ruling in 2018 that allowed states to offer sports gambling, USB launched its sports wagering services. Its services first reached Santa Ana Star Casino in Albuquerque, New Mexico. Later, it expanded its presence in the state, signing deals with Santa Claran Hotel & Casino and Isleta Resort & Casino. After that, USB extended its reach to Colorado at Sky Ute property, and then it signed agreements with the Odawa Tribe in Michigan and the 4 Bears Tribe in North Dakota. The company also has a service agreement in Washington, DC.


Eva is a PR specialist and communications expert with ten years of experience in campaign organizing and creative writing. She is also a published author of fictional stories. Eva recently developed an interest in economics and the gaming industry after discovering the inspirational story of Molly Bloom.

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