The Company is one of the leaders in the tightly regulated Italian leisure betting market, operating a robust retail network of approximately 2,300 betting locations throughout Italy, and owns a highly differentiated proprietary betting technology platform colloquially known as Elys Gameboard ("Elys"). Elys, built from the ground-up on the latest Microsoft.Net Core framework, is a highly scalable and customisable omnichannel sportsbook engine designed to cope with the demands of today's betting operators and players.
The Elys architecture allows management of bet risk of each transaction through online (PC and mobile) channels and at each land-based location from which a bet is placed and is intended to address the independent operator's ability to effectively compete against larger and more established franchise operators. With the repeal of the Professional and Amateur Sports Protection Act of 1992, the Company believes the United States market represents a large addressable market opportunity for its Elys betting platform.
"The listing of our common stock on the Nasdaq is a major milestone for the company and the result of approximately twenty years of dedicated business development in the regulated leisure betting industry. We believe that listing on the Nasdaq should broaden our shareholder base by attracting new investors, enhance Newgioco's visibility in the marketplace and liquidity of our stock, and ultimately, build long-term shareholder value," stated Michele (Mike) Ciavarella, Newgioco Chief Executive Officer.
"I would like to extend our heartfelt appreciation to our legal teams at Gracin & Marlow, LLP and Beard Winter, LLP, that got behind our committed management and current board, for truly helping to make Newgioco a member of this prestigious, and globally trusted stock exchange."
