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Elys Game Technology has posted its Q3 2023 financial report, highlighting a decline in total revenue, which has fallen year-on-year to $8.5m, representing an 11.8% drop.
This decrease in revenue has been put down as a result of higher payouts for Elys’ sportsbook customers and a reduction in web-based turnover; owing to a reduction in online casino and poker offerings during the quarter, according to the supplier.
The report also mentions that this was a historically quiet period for sports betting, according to Elys.
Turnover also saw a fall during the third quarter of 2023, by a slightly smaller margin than its revenue, of 2.4%, dropping to $162.6m.
Decreases in general and administrative costs, as well as a reduction in technology development costs, meant operating expenses did go down for the third quarter of 2023 by 10.2% to $11.4m.
Net loss also saw a reduction, being valued at $3.2m for Q3 compared to $3.8m for Q3 2022.
Executive Chairman of Elys Game Technology, Mike Ciavarella, said: “Over the past few years, we have executed our go-to-market strategy by making significant investments related to our product platform and infrastructure development for our future commercial operations in North America. Elys now stands at the inflection point where these investments begin to convert into revenues in 2024.
“As we begin our strategic rollout into the vast addressable online sports betting market in the US, we are confident in our ability to replicate our Italian success story. The US sports betting opportunity contains decades of pent-up demand, and we expect to carve out significant market share with our ‘best odds’ approach and user-friendly platform as our experience in Italy demonstrates.”
Some of the company’s highlights during the third quarter, and most recently, include establishing a multi-year market access agreement with Caesars Entertainment; introducing a new online and mobile sports betting brand for the US market; completing installation of its North American hub infrastructure; unveiling its enhanced offerings in Italy through its subsidiary Multigioco; and securing a third sportsbook location in Washington, DC.
