Acquired USB operations in New Mexico, Colorado, Michigan and North Dakota while DC and Iowa are underway
Interactive gaming and sports betting technology company Elys game technology announced on Monday that it was the acquisition completed of Bookmaker company US LLC, a limited liability company in Nevada that does business as a USBookmaking (USB).
On July 15, Elys completed the transaction to acquire 100% of the member’s share in USB, that will be a wholly owned subsidiary from Elys like it continues to operate as a wholly owned business unit while retaining the brand, employees, management and the bookmaking team.
The consideration for all of USB’s equity was $ 12 million paid 50% in cash and 50% in 1,265,823 common shares of the company based on the 90-day weighted average closing price prior to closing. The definitive purchase agreement also provides for potential earnouts of up to $ 41.8 million by December 31, 2025.
The takeover of USB gives Elys one operating footprint in 4 countries, New Mexico, Colorado, Michigan and North Dakota, with 2 additional states, Washington, DC and Iowa, in progress and provide one significant increase in customer base and sales with full integration. The company plans to expand into the US and Canadian sports betting markets.
President of USB Vic Salerno, said, “USB realized that in order to expand our customer base, we needed a sports betting platform designed for the US market. We have spent the last three years reviewing virtually every sports betting technology in existence and found that the Elys platform is superior to all other platforms. We believe that the combination of USB’s highly experienced bookmaking team and a technologically advanced and state-of-the-art software platform will be an impressive field in the sports betting market and we aim to bring these strengths to our pipeline of potential customers. “
Executive Chairman and Interim CEO of Elys Michele Ciavarella, commented, “We are very proud to welcome USB and all of their talented team who share the same passion and dedication for our business that our core family in Europe has nurtured over the past two decades. We are very optimistic that adding USB to our European know-how could accelerate our growth and product innovation while cementing a position at the forefront of our industry, casino operators large and small, and neighborhood establishments such as restaurants and bars in the United States States and Canada served as the regulations allow. “
Ciavarella continued, “We continue to make measurable progress on our previously stated goals of diversifying our business into global operations and we remain disciplined and focused in executing our plans each year. Combined with USB, which we expect to be transformative, Elys Game Technology offers fully integrated solutions with localized bookmaking expertise in two major regulated sports betting markets, underpinned by one of the newest and most advanced microservice betting technologies in the industry. “
“We built Elys from the ground up to ensure we had all the tools, skills and capacity to handle the potential growth Elys could generate at US subsidiary Multigioco Sports Betting in Italy, one of the largest sports betting markets in Europe . Through public statements, Morgan Stanley estimates that By 2025, 50% of the US will have access to legal sports betting, this makes the US possibly one of the largest regulated sports betting markets in the world, where along with the i-gaming market Estimated $ 7 billion by 2025 and $ 30 to 35 billion over time. We plan to leverage the synergies of our rapidly growing team and expect future business partnerships to drive long-term growth and shareholder value, ”he concluded.