DEERFIELD BEACH, FL / ACCESSWIRE / November 28, 2017 / Newgioco Group (NWGI), established in 1999, offers a full suite of online and onsite gaming services in Italy, Austria, and Canada through four, registered sites. Through the use of their betting platform, NWGI is bringing the latest in sports betting, casino games, virtual sports, horse racing and more to a growing community of gaming enthusiasts. With a focus on technology and scalability, NWGI is poised to capitalize on both their subsidiary brands and key locations as more players embrace gaming culture.
Today, NWGI enjoys a diversified holding of 1,000 internet-based and 120 land-based retail outlets. This model is further diversified across software services offered to both B2B and B2C businesses. The company's growth is also evidenced by an increase in gross gaming revenue (GGR) of over 48% in 2016. Current estimates project GGR to more than double by the end of 2017.
With a consolidated group of executives and engineers, NWGI can move with agility in an industry characterized by constant change. Recently, the company acquired Ulisse and Odissea seeking to benefit from their consistent and growing cash flow and easy integration. Strategic moves like this have enabled them to nearly double transactional sales of betting turnover to $48.1 million from $24.9 million during the same period in 2016. Meanwhile, GAAP revenue climbed to $13.1 million for the nine months ended September 30, 2017. This performance more than doubles the $5.88 million seen during the same period in 2016.
A recently formed independent Audit Committee backs these performance figures. Additionally, a second group of independent directors is facilitating the goal of earning a senior stock exchange listing in 2017. Today, company insiders have an 81 percent ownership stake signaling a commitment to the long-term. One key insider, company CEO and Chairman Michele Ciavarella, recently remarked: "Strong 2017 third-quarter results not only mark the Company's second consecutive quarter of profitability and third over the last five quarters, it also demonstrates that the momentum of our growth trajectory is meeting and exceeding the business blueprint." This expansion is possible, in part, because NWGI benefits from a customizable, modular structure and can expand through organic growth that doesn't command substantial cash outlays.
With cash reserves growing from $1.68 million to $3.19 million NWGI is able to leverage reinvestment into the business. Other investments, like the Odissea ELYS betting platform, have allowed NWGI to open an in-house bet risk management office. This step is a crucial development towards maximizing the value of the multi-channel platform servicing the mobile, tablet and desktop user.
The remainder of 2017 presents strong opportunities. In the first three quarters NWGI exceeded projected annual gross profits by over 30% to $13.1 million with one more quarter of earnings ahead before closing out the year. Today NWGI trades on the Nasdaq OTCQB and is prepared to capitalize on the Italian Sports Betting and Leisure Gaming Industry which represented €85 billion in value as recently as 2013. Ciavarella also explained, "Newgioco management is pushing forward from positioning our core operations, into driving substantial enterprise growth and improving shareholder value."
Worldwide Financial Marketing, Inc.
Except for the historical information presented herein, matters discussed in this release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by such statements. WFM, Inc. is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. For full disclosure, please visit: http://wwfinancial.com/legal-disclaimer/.
SOURCE: Worldwide Financial Marketing, Inc.