February 2, 2022 2 min read

Elys Game Technology Approved for DC Sports Betting Expansion

Elys Game Technology, Toronto-based interactive gaming and sports betting tech firm, announced today the DC Office of Lottery and Gaming, Regulation and Oversight Division approved the company’s Grand Central Restaurant and Sportsbook in Washington for operation expansion.

Expanding Sports Betting Operation

The new approval granted by the DC regulator will allow Nasdaq-listed Elys to increase the number of authorized ticket window terminals and self-service betting kiosks at disposal to sports bettors. The increased number of terminals and betting kiosks will in turn lead to increased traffic and improved customer experience and wager velocity.

“Our partnership with Grand Central has been mutually successful and we are confident that the onboarding rate for our small business deployment will increase significantly through 2022.”

Michele Ciavarella, Executive Chairman, Elys Game Technology

Commenting further on the announcement, Ciavarella outlined the company’s “three-pronged approach” to revenue growth and expansion, in which growth in the “small business sector” across North American gaming markets is forming just one part. He also underscored the importance of the progress at the Ocean Casino Resort in Atlantic City and the company’s ongoing developments in the digital and mobile gaming space.

Last month, Elys submitted to the New Jersey Division of Gaming Enforcement (DGE) its US Gameboard sports betting platform, in partnership with Ocean Casino Resort in Atlantic City, applying for a transactional waiver to speed up the approval process and launch operations in the Garden State.

“With our fast moving U.S. deployment, we have continued to prove our cutting-edge betting technology by performing well against recognized industry leaders, and with the strong belief that we will continue to have a better retention rate, we expect to gain a stronghold in the U.S. marketplace.”

Michele Ciavarella, Executive Chairman, Elys Game Technology

Impressive 2021 Financial Performance

Elys recently released its December and full-year 2021 results, comparing its performance against market leaders such as Caesars Entertainment and BetMGM to outline its edge in the marketplace.

The company’s Grand Central operation, the first Class B small business location of its kind in the US, generated in December $735,385.80 in total wagers to contribute to a full year handle of $1,437,738.49.

For comparison, Caesars and BetMGM accounted for nearly 16x and 3x in December and more than 31x and 3x in full-year 2021, respectively, yet both registered much lower average hold percentage than Elys, 5% and 3% against 12% in December, and 10% and 5% against 14% in 2021.

Lead Author

With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.

Leave a Reply

Your email address will not be published.