Newgioco Reports Q1 2020 Financial Results
Summary
The growth in revenue may be attributed to the ongoing conversion to online and mobile gaming from the traditional land-based venues and the market adoption of Newgioco’s proprietary sports book solution. Our Elys betting software is performing as effectively as it was designed for, and this has translated not only to substantial improvement in business metrics but also into acquisition and retention of new customers,” stated Michele (Mike) Ciavarella, CEO Newgioco Group. The Company’s innovative alternative wagering system services online operators, resort concept casinos, retail neighborhood betting establishments and franchise distribution networks. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes, among other aspects, statements regarding performing as effectively as Elys was designed for, having one of the most modern and innovative sports betting value propositions in the market, preparing to obtain GLI certification of our U.S. facing products, our state-of-the-art technology stack driving the innovation of managing risk on sports books, expectation of launching our unique alternative wagering system to U.S. operators in 2020, having the flexibility to serve throughout the U.S. from destination casino operators to franchise distribution networks such as airports, sports bar and restaurant venues or convenience stores, kiosks and coffee shops. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to perform as effectively as Elys was designed for, have one of the most modern and innovative sports betting value propositions in the market, prepare to obtain GLI certification of our U.S. facing products, our state-of-the-art technology stack’s ability to drive the innovation of managing risk on sports books, expectation of launching our unique alternative wagering system to U.S. operators in 2020, have the flexibility to serve throughout the U.S. from destination casino operators to franchise distribution networks such as airports, sports bar and restaurant venues or convenience stores, kiosks and coffee shops as expected, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the state and local economies, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K.