Elys completes acquisition of US Bookmaking

News  /  Published 21 Jul 2021  / 

Online gambling operator and supplier Elys Game Technology has completed its acquisition of Bookmakers Company, the Nevada-based sports betting services provider trading as US Bookmaking (USB).

Elys paid an initial $12.0m up front to take ownership of USB, with this being split as 50% cash and 50% in 1,265,823 common shares. Certain earnouts could increase the overall value of the deal, which was initially stuck on July 7, to $41.8m by December 2025.

USB becomes a wholly owned subsidiary of Elys and will continue to operate as a wholly owned business, forming part of the Elys US-facing brand.

Elys said the deal provides it with an operational footprint in four states – New Mexico, Colorado, Michigan and North Dakota – with a further two regions to follow in the form of Washington D.C. and Iowa.

Operator Elys added that the acquisition represented a “fundamental strategic partnership” that completes an important pillar of its business plan to build out in the US and Canadian sports betting markets.

“We are very proud to welcome USB and all their talented team that share the same passion and dedication for our business that our core family of operations in Europe has fostered during the past two decades,” Elys executive chairman and interim chief executive Michele Ciavarella 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 US and Canada as regulations permit.”

USB president Vic Salerno added: “USB realized that to increase our client base we needed a sportsbook platform that was built for the US market. We spent the last three years vetting virtually every sports betting technology in existence and determined that the Elys platform was 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.”

Last week, Elys announced that it will showcase its new retail sports betting platform, Elys Gameboard US, at the National Indian Gaming Association (NIGA) Trade Show.

 

Source: iGB North America