The opening of Newgioco Columbia coincides with the signing of several new distribution agreements in South America, establishing new partnerships with the goal of positioning the Company for new regulatory guidelines in South America and new gaming laws such as those being developing in Brazil. The recent contracts for the Company's virtual sports product are expected to fit ideally with the Company's recently announced collaboration with HBG Group for distribution of the Company's VG virtual games in Central America. Further, in connection with these and other contracts, the Company is now in the process of hiring regional experts to execute our Latam business plan and drive growth of our virtual sports product while positioning our sportsbook technology as regulations evolve in each country.
Through our fully integrated corporate structure, Newgioco seeks to leverage the talent of the Company's Odissea software development team to produce new, market-leading virtual games and product technology. The intended result is a sound, economically predictable virtual product that could potentially level out the risk profile of the sports bet vertical for our distributed retail and online partners and be suitable for casino sportsbook operators.
"The improved performance metrics of our latest generation virtual sports products have been developed to address an important value proposition for the sports betting business of casinos and private operators," stated Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. "We believe that this essential differentiator could result in the rapid adoption and global growth of our virtual sports products while expanding the deployment of our ELYS sportsbook technology in the U.S. and global sports betting markets."
