Elys Game Technology Fully Acquires USBookmaking
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Elys Game Technology Fully Acquires USBookmaking

Elys Game Technology Fully Acquires USBookmaking

Elys Game Technology, Corp. has completed the acquisition of Nevada-based Bookmakers Company US LLC, which trades as USBookmaking (USB), as the former, an interactive gaming and sports betting technology company, builds towards its goals of diversifying its business into global operations.

The acquisition of USB, Elys said, represented a fundamental strategic partnership that completes an important pillar of the latter’s business plan to build out in the U.S. and Canadian sports betting markets.

 

Terms of the deal

Elys paid $12 million in July to acquire 100 percent ownership in USB. Half of that amount was paid in cash and the other in stock. Elys could pay up to $41.8m, which are due in potential earnouts based on the company's performance through to December 2025.

A statement said USB, a provider of sports wagering services such as design and consulting, turnkey sports wagering solutions, and risk management, will become an integral part of Elys’ U.S. facing brand and will continue to operate as a wholly owned business unit maintaining its well-established brand, employees, management, and bookmaking team.

Vic Salerno, President of USB, said the deal had been three years in the making, as the company vetted “virtually every sports betting technology in existence” before settling on Ely’s platform, which it deemed to be more superior to all the other platforms. 

“The combination of USB’s highly experienced bookmaking team and a technologically advanced and cutting-edge software platform, we expect, will be a formidable parlay in the sports wagering market and we are eager to present these strengths to our pipeline of potential clients,” said Salerno.

Michele Ciavarella, Executive Chairman and interim CEO of Elys, said: “We are highly optimistic that the addition of USB to our European expertise could accelerate our growth and product innovation, while solidifying a position at the forefront of our industry servicing large and small casino operators, as well as neighborhood establishments like restaurants and bars across the United States and Canada as regulations permit.”

Ciavarella added that: “The combination with USB, which we expect to be transformational, gives Elys Game Technology fully integrated solutions with localized bookmaking expertise in two key regulated sports betting markets, underpinned by one of the newest and most advanced microservices betting technology in the industry.”

 

Perfect fit

With the acquisition, Elys now has an operational footprint in four states -- New Mexico, Colorado, Michigan and North Dakota -- with the setting up in Washington, D.C. and Iowa in progress, giving the company a significant boost to client base and revenue when fully integrated.

The Droid Journal described Elys acquisition of USB as the “perfect pit,” adding that Elys had been experiencing “monumental growth,” which was driven by strategic merger and acquisition activity.

Regulatory changes have also inspired the growth of the online gaming industry, with more states legalizing sports betting. 

Nine states have so far legalized sports betting this year alone.

At the beginning of July, Elys announced that it reached an agreement to acquire USB, and since then things have moved quite fast.


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