Newgioco Group Inc. (NWGI:OTCQB) announced in a news release it signed an agreement with a Malta-based gaming operator to process, using its Elys betting platform by Odissea, all of the bets placed with the new client.
The gaming company, with a large network of brick-and-mortar entities and an online business, will use Newgioco's system to "improve the visibility of its gaming business analytics and bet risk management throughout its venues," the release noted. Previously, the gaming entity operated through a Newgioco competitor.
For Newgioco, this agreement expands its distribution footprint into numerous regulated establishments throughout southern Italy and Sicily, including bars, coffee shops, convenience stores, betting shops and other route operations.
Newgioco should be ready to begin processing wagers for the new client in May 2019. "Based upon its past performance, we anticipate an increase of approximately $350,000 in sports betting and $2 million in online casino handle per month from this new operator," Newgioco CEO Michele Ciavarella said in the release.
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