Elys BMG Group, an important player in the B2B and B2C markets of the gaming industry , has announced the decision to sell its Italian B2C brand to Newgioco. This strategic decision was made public in a document filed with the SEC on April 30, which indicated that Newgioco's parent company, Multigioco Srl, would be acquired by an unknown buyer.

Completion of the transaction is subject to the approval of Italian regulators Agenzia delle Dogane e dei Monopoli (ADM) and the antitrust agency Autorità Garante della Concorrenza e del Mercato. Once all necessary conditions have been met and the transaction has been approved by an Italian notary, Elys will provide detailed information about the sale in its next report on Form 8-K to the SEC.

Newgioco, without occupying a dominant position in the Italian gambling market, has been operating since 2015, when it first received a trademark from the Italian authorities. The brand is part of the journey of the Elys BMG Group, which in 2020 was renamed from the Newgioco Group to Elys Game Technology to better penetrate the growing American sports betting market.

In January 2024, the company transformed into the Elys BMG Group. However, in October 2023, Elys was delisted from Nasdaq due to its share price falling below the $1.00 minimum threshold required by listing rules. Despite this blow, Elys announced its entry into the US B2C market through the newly created SportsBet.com brand that same month.

The strategic sale of Newgioco opens a new chapter in Elys' history, highlighting its focus on expanding its presence in the lucrative US market. The move follows Elys' deal with Caesars in November, which paved the way for the brand to launch in Colorado, its first state.

Review of Elys BMG Group

Founded in 1998, Elys BMG has a rich history in the gaming industry. The company formerly known as Elys Game Technology, Corp. has changed its name to Elys BMG Group, Inc. in January 2024. The company is headquartered in Toronto, Canada, with its main office in Las Vegas, NV.

The Elys BMG Group provides a wide range of gaming products and services in the Italian market, where the company manages a turnover of almost $1 billion and generates annual revenues of approximately $50 million. The company is actively expanding its presence in the United States, already operating in five states and preparing to enter new regions as betting is legalized in additional states.

The history of the company's shares shows ups and downs. The last closing price of Elys BMG shares for October 2023 was $0.41. Despite being delisted from the Nasdaq exchange in October 2023, the company continues to innovate and expand, especially in the US market.

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