NEW YORK, NY / ACCESSWIRE / June 6, 2018 / Newgioco Group, Inc. (NWGI) ("Newgioco" or the "Company") a leisure betting technology company providing regulated sports betting and gaming products and services, is pleased to announce strong growth in non-GAAP betting transaction volume and gross gaming revenue in the second quarter of 2018.
The Company continued its strong pace in non-GAAP betting turnover growth for the first two months of the second quarter to approximately $66.7 million from $39.2 million representing an increase of 70% on a year-over-year basis. The online sales channel through our Multigioco subsidiary, which represents 58% of betting turnover, saw the largest year over year gain from $20.6 million to approximately $36.4 million, or approximately 77% growth, while Land-based or "walk-in" retail sales grew by 63% from $18.5 million to $30.3 million during April and May 2018. Combined online and retail sports bets and virtual sports grew by the largest margin to $32 million compared to $21.5 million, an increase of 49% over the same period in 2017. Significantly, the largest gain in bet revenue margin came from the retail sales channel, achieving 76% compared to 24% for the online channel. The Company expects to report its 2018 second quarter results on or before August 15, 2018.
Alessandro Marcelli, Company President and Chief Operating Officer stated, "As the 2018 soccer season draws to a close, we are very happy to see continued organic transactional growth in the first two months of the second quarter. Moreover, we are further impressed in the performance of Land-based retail sales as we continue to focus on this channel leading up to the license renewal auction in Italy. We believe that this will be a key value driver for Newgioco as we develop our expansion strategy in the U.S. The Group again surpassed projected targets and we anticipate further growth in our regional market as attention towards our Odissea platform gains momentum both in Italy and new international markets."
About Newgioco Group, Inc.
Newgioco Group, Inc., together with its 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.
Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.
Cautionary Statement Regarding Forward Looking Statements
Except for the historical information contained herein, 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 upon 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, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as amended by the Company's Quarterly Report on Form 10-Q. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. Therefore, because of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
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Newgioco Group, Inc.
SOURCE: Newgioco Group, Inc.