The purchase is a 100% acquisition of shares, making Engage a subsidiary of Elys – while the leadership team from Engage will remain in place due to the equity nature of the transaction.

Now that the deal has been concluded, Elys believes the acquisition will enhance user development, business intelligence, digital transformation consulting and project management.

Michele Ciavarella, Executive Chairman of Elys Game Technology, said: “With the acquisition of Engage, we fulfil our strategy of creating a prominent in-house engineering base for the Group.

“Engage brings the perfect blend of engineering excellence, overlapping corporate culture, and regional presence that we are confident will make a lasting positive impact on Elys, leveraging their resources and years of experience to expand our service offerings and enhance our services to our customers and employees.

"Prior to the acquisition of Engage, our global team of strategists, designers, and technologists had worked almost exclusively with Engage to create powerful digital experiences for users and platforms designed to facilitate rapid development and delivery of customised sportsbook applications."

The news comes after Elys and the New York State Restaurant Association submitted comments at a joint public hearing on mobile sports betting in New York.

Ciavarella submitted written testimony to the Senate Standing Committee On Racing, Gaming, And Wagering – pointing out the benefits of expanding legalised sports wagering to retail business establishments throughout New York.

Elys' deal is one of several M&A transactions to have taken place since the turn of 2023 in gambling.