Elys Game Technology drops Canadian stocks

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Posted: Jan 1, 2022 at 3:37 am

Last updated: January 1, 2022, 3:37 am.

Elys Game Technology (NASDAQ: ELYS), a game technology provider, has delisted its Canadian-traded shares.

Elys
Matteo Monteverdi, CEO of Elys Game Technology. The company is delisted in Canada but will continue trading in the United States. (Image: Proactive investors)

The decision was made on the day the sports betting and interactive gaming technology company announced it would be listed on the Canadian NEO Exchange. This exchange, which accounts for about 13 percent of Canada’s annual trading volume, is home to over 100 stocks and funds.

The company voluntarily withdrew from NEO at close of trading on Wednesday, December 29, 2021, and its common stock will continue to be listed and traded on the Nasdaq under the symbol ELYS, ”said a statement from Elys.

With a market cap of just $ 71.42 million, Elys is one of the smaller publicly traded companies involved in sports betting.

Difficult year for Elys Stock

Like so many sports betting stocks, Elys Game Technology languished through a rough 2021, with stocks falling 48.64 percent.

Elys kicks off 2022 after falling 11.4 percent and 63.41 percent below its 52-week high in the last week of last year. There could be some bright spots for ailing gaming stock, however, as the New Year starts.

Last year the company won a license to operate sports betting in retail stores in Washington, DC. The Elys approval in Washington DC could be the result of the company’s acquisition of Bookmakers Company US announced in early July. It was then announced that the company, known as US Bookmaking (USB), had a service agreement in Washington, DC that will come into effect later this year.

Last month, the company announced that betting slips had increased 200 percent month-to-month for November at its Washington, DC facility. Revenue rose to $ 67,000 from $ 43,000 in October.

International appeal

At the end of December, Elys announced a new partnership with Playtech, using the Newgioco brand to expand its presence in the Italian iGaming market. This is relevant because Italy is the third largest economy in the Eurozone and is home to a mature, vibrant gambling market.

“With the Playtech collection of game content, Elys’ online and mobile casino now includes 31 providers offering customers in Italy up to 1,300 slots as well as 100 tables and live dealer games. This game content is provided by Newgioco, ”it said in a statement.

Thanks to the USB acquisition mentioned above, Elys has operations in four US states. The company announced that it would “develop a significant presence” in both Canada and the United States in the coming months.


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