In a strategic maneuver, Elys is set to introduce products from Virtual Generation Limited (VG) to approximately 5,000 locations, with operations overseen by its Italian subsidiary, Multigioco, alongside other licensed operators. This initiative aims to offer Italian bettors a diverse range of virtual sports events, including pre-recorded greyhound and horseracing, while also providing opportunities for playing keno and American roulette, among other games.
Market Potential and Revenue Forecast
Elys anticipates generating annual revenues ranging from $5 million to $7 million through this venture. Michele Ciavarella, the Executive Chairman of Elys, expressed confidence in the swift return on investment, citing VG’s certifications and market penetrations in various regions, including Europe, the USA, Canada, Africa, and Asia. Notably, VG’s collaboration with Newgioco Colombia in April 2020 marked a milestone as the first certified provider of online virtual games in Colombia.
Global Expansion Strategy
Beyond Italy, Elys has its sights set on the expansive markets of the US and Canada, leveraging this recent move to bolster its sportsbook expansion in North America. The company solidified its presence in the US through a partnership with Wright Bet Ventures, geared towards operating sportsbooks in Ohio.
Competitive Advantages and Growth Prospects
Ciavarella underscored Elys’ competitive edge, emphasizing its potential to drive rapid adoption and global proliferation of virtual sports products. He highlighted the synergistic growth expected between the expansion of virtual product offerings and the flourishing Elys sportsbook footprint in the US and Canadian markets.
Strategic Partnerships and Operational Expansion
In pursuit of its North American objectives, Elys has been proactive in forming strategic alliances. The collaboration with Wright Bet Ventures signifies a concerted effort to penetrate key markets such as Ohio. This strategic positioning underscores Elys’ commitment to tapping into lucrative opportunities and cementing its foothold in the competitive landscape of sports betting.
Elys’ foray into virtual gaming represents a strategic pivot towards diversification and market expansion. With a robust portfolio of virtual sports products and strategic partnerships in place, the company is poised to capitalize on emerging opportunities in the global sports betting arena. As it navigates through regulatory frameworks and operational challenges, Elys remains steadfast in its pursuit of sustainable growth and market leadership.