While the company’s financials are still subject to audit, executives expect full-year net revenue to hit $45.5m for the year ending 31 December 2021, compared with $37.3m for the prior year. 

Gross gaming revenue from its online division is expected to experience significant growth too, increasing to $54.9m from $31.6m. This represents a positive variance of 74%. 

Michele Ciavarella, Executive Chairman, Elys, commented: “We are very pleased with the growth of our European operations, demonstrating the value of early investments we made to develop our Newgioco brand in the Italian market and the streamlining of operations under the Multigioco subsidiary, thereby eliminating the duplication of licence management.  

"We expect to win further B2C margins by streamlining operations, as we grow our omnichannel distribution strategy and establish plans to implement the land-based channel of our powerful Elys Gameboard technology on a B2B basis in Europe.” 

One of the fastest-growing aspects of its business, Elys claims, has been its entry into the US B2B marketplace. Its revenues from this sector added $1m to the total, an increase of 627% year-on-year. 

Ciavarella continued: “As discussed in early 2021, we also began to realise our initial investment in our US-facing sports betting technology, with the launch of our first US operation in October 2021, at the Grand Central Restaurant and Sportsbook in Washington DC. 

“We continue to establish ourselves as one of the world’s leading end-to-end sports betting enterprises and to align our product and service offerings to the needs of our B2B clients, as well as B2C consumers, in order to build a well-managed organisation that is both highly profitable and sustainable.” 

The report also detailed the company’s operating expenses for 2021, which included $36.3m for third-party agents and affiliates across Europe and global administrative expenses of $19.1m.