The operator reported revenue of $35.6m for 2019, a rise of 3% year-on-year.

Newgioco attributed the revenue increase in part to growth in betting handle, which rose by 10% in 2019 to $454.1m. This was on target with the company’s aims for growth in Italy.

Over the course of the year, Newgioco also saw an increase in online betting handle of 39% - something the company attributes to its efforts in converting customers towards online gaming.

Operational losses amounted to $3m, a rise of $2.8m from 2018. This rise was attributed to an increase in commission paid to retail agents, interest on convertible debentures, the costs linked to listing Newgioco shares on the NASDAQ stock exchange and costs of US expansion.

The company also incurred costs in its acquisition of Virtual Generation in February 2019. Newgioco purchased the virtual gaming software developer for $4.5m in a combination of cash and stock.

Newgioco CEO Michele Ciavarella, said: “We are very pleased with the results in our Italian operations during the year ended December 31, 2019.

“Despite the modest increase in revenue, we were intensely focused on organisational stabilisation with the acquisition of Virtual Generation in January 2019, a key component of our betting technology roll-up strategy.”