Growing business II
May 07, 2018 (ACCESSWIRE via COMTEX) -- NEW YORK, NY / ACCESSWIRE / May 7, 2018 / Newgioco Group, Inc. (otcqb:NWGI) ("Newgioco" or the "Company") a leisure betting technology company providing regulated lottery and gaming products and services through licensed subsidiaries based in Europe, is pleased to announce the signing of two new online operators based in Rome and Sardegna expanding its distribution network in western Italy.
The new urls www.782-sport.it and www.gamesmart.it go live on May 15th and are expected to grow the Company's online player base by approximately 500 new registrations per month and increase annual betting turnover by approximately $18 million representing an estimated 2.5% increase in net gaming revenue.
In addition, the Company continues to outperform 2018 guidance with strong growth in non-GAAP online betting turnover in all categories apart from virtual betting which nonetheless remains consistent, and which was offset by a significant gain in live horse-race betting. Sequential bi-monthly product sales trended as follows:
Product January – February 2018 March – April 2018 % Change
Sportsbook: $ 3,552,538 $ 6,022,574 70 %
Casino: $ 16,031,081 $ 19,149,372 19 %
Live Horse-racing: $ 56,174 $ 187,185 233 %
Online Poker & Skill Games: $ 84,153 $ 97,500 16 %
Cash Games: $ 260,059 $ 310,447 19 %
Virtual Bets: $ 60,328 $ 48,212 -20 %
Overall Change: $ 20,044,333 $ 25,815,291 29 %
The Company plans to report full first-quarter results of operations on form 10-Q with the Securities and Exchange Commission prior to May 15, 2018.
"We are quite pleased thus far with first quarter transactional performance as our Newgioco branding continues strong momentum throughout our core market in Italy. The recently acquired online casino network and the opening of our regional office in Napoli continued to drive remarkable organic top-line growth" said Company President, Alessandro Marcelli. "With federal elections and the Bersani online renewal behind us and with the land-based license auction looming ahead, we expect acquisition activity and growth to accelerate through 2018. Delivering customized solutions for regional online gaming operators, with our leading-edge ELYS betting platform, demonstrates our commitment to high margin, a technology-driven business that will drive greater shareholder value going forward."
