NEW YORK, NY / ACCESSWIRE / December 11, 2017 / Newgioco Group, Inc. (OTCQB: NWGI) ("Newgioco" or the "Company"), a leisure betting technology company providing regulated lottery and gaming products and services through licensed subsidiaries based in Europe, is pleased to announce that it has closed a deal with a group to acquire an online and retail gaming business, adding 50 webshop locations and 500 registered online customers the Company's existing network throughout Italy.
The Company will open a new administrative office in Napoli, one of the largest sports betting centers in Italy, to service our growing distribution in southern Italy due to the acquisition. Integration and rebranding of the acquired locations are expected to be completed by the end of Q2 2018. The group also increases the Company's foothold in several key northern cities including Genova, Torino, and Milan and generates approximately $25 million per year in betting turnover sales resulting in approximately $1.5 million per year in revenue representing a 9% increase over our current results.
"This key acquisition brings Newgioco much closer to reaching our 2018 milestone of one-quarter billion in betting turnover sales much sooner along our business roadmap and is expected to boost operating margins since the business bolts directly onto our core operations," stated Company CEO, Michele Ciavarella. "Significantly, we are delighted with the team of highly-respected field agents situated throughout Italy that have chosen Newgioco on the strength of our leading-edge ELYS betting platform, the prime driver of our recent growth, over several quality competitors in the marketplace. Our view is that this scale-up acquisition serves as a strong litmus test as we head into the highly anticipated license renewal auction in Italy and positioning Newgioco Group for a listing on a senior stock exchange in the near future."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its wholly-owned subsidiaries, is a fully integrated, licensed gaming technology company. The company conducts its business primarily through retail neighborhood betting shops and internet-based betting software platform under the registered brand Newgioco through our licensed website, www.newgioco.it, situated in Italy.
The company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, lottery, interactive games, and slots, as well as an innovative betting platform (www.odissea.at) providing both B2B and B2C bet processing. Additional information is available on our corporate website at www.newgiocogroup.com.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "forecast," "plans," "intends," "potential," and similar expressions. These statements reflect the company's current beliefs and are based on currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements.
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SOURCE: Newgioco Group, Inc.