{"id":276,"date":"2024-06-28T00:00:51","date_gmt":"2024-06-27T21:00:51","guid":{"rendered":"https:\/\/slotscapital.icu\/2024\/06\/28\/elys-gaming-reports-surge-in-earnings-but-incurs-loss-due-to-expansion-costs\/"},"modified":"2024-06-28T00:00:51","modified_gmt":"2024-06-27T21:00:51","slug":"elys-gaming-reports-surge-in-earnings-but-incurs-loss-due-to-expansion-costs","status":"publish","type":"post","link":"https:\/\/slotscapital.icu\/2024\/06\/28\/elys-gaming-reports-surge-in-earnings-but-incurs-loss-due-to-expansion-costs\/","title":{"rendered":"Elys Gaming Reports Surge in Earnings, but Incurs Loss Due to Expansion Costs"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/YwBUyZcqLTE\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Elys Gaming Technologies, previously known as Newgioco, observed a surge in its earnings by 39.1% to $14.1 million. However, the enterprise encountered a deficit due to the expenses associated with expanding into the United States and narrow profit margins.<\/p>\n<p>Elys&#8217;s income was generated from a turnover of $243.2 million, a substantial 109.4% rise. The majority of this income ($231.3 million, up 148.6%) originated from online wagering. The remaining $11.8 million (down nearly 50%) stemmed from traditional betting.<\/p>\n<p>&#8220;As evidenced by the record $14.2 million in revenue in the initial quarter of 2021, a 39% increase compared to the corresponding period last year, the total quarterly wagering volume for the first quarter of 2021 reached a record of approximately $243 million, demonstrating the exceptional execution of our previously established disciplined growth strategy,&#8221; stated Matteo Monteverdi, Chief Executive Officer, who assumed his position in November 2020.<\/p>\n<p>The company disbursed $225.8 million in winnings, resulting in a gross gambling revenue of $17.4 million, a 48.8% increase. Of this, $15.7 million originated from online, up 149.0%, while land-based revenue decreased by 69.7% to $1.7 million.<\/p>\n<p>After paying $3.3 million in taxes to the Italian Customs and Monopoly Agency (ADM) and incurring $92,000 in betting platform service fees, the company&#8217;s net gambling revenue was $14.1 million, up 39.2%. <\/p>\n<p>In spite of this, the firm produced $14.8 million in costs and expenditures, a rise of 64.4%. Of this sum, $10.7 million was selling expenses, such as payments made to sales representatives. Because these payments are based on quantity, not income, the lower profit margin made these expenses more noticeable.<\/p>\n<p>Another $4.1 million in costs were classified as general and administrative expenses, which increased by 47.1%, primarily reflecting a rise in stock-based compensation and corporate salaries, many of which were linked to the expansion in the United States.<\/p>\n<p>This resulted in an operational loss of $650,000, as compared to a profit of $1.1 million in 2020. However, after taking into account other income, including securities gains, the loss was decreased to $221,000.<\/p>\n<p>Elys then paid $339,000 in taxes, resulting in a net loss of $610,000, as compared to a profit of $158,000 in the same period last year.<\/p>\n<p>After taking into account currency fluctuations, Elys reported a consolidated loss of $954,000, as compared to a profit of $46,000 in 2020.<\/p>\n<p>&#8220;We are more positive than ever about the prospects for our European and North American operations, especially as the pandemic begins to subside and land-based operations resume,&#8221; said CEO Michele Ciavarella. &#8220;Given our successful track record in Italy, we believe we are ideally positioned to be a competitor in the changing regulatory environment, opening up new markets in North America and Europe.&#8221;<\/p>\n<p>Sign up for the iGaming Newsletter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elys Gaming Technologies, previously known as Newgioco, observed a surge in its earnings by 39.1% to $14.1 million. However, the enterprise encountered a deficit due to the expenses associated with expanding into the United States and narrow profit margins. Elys&#8217;s income was generated from a turnover of $243.2 million, a substantial 109.4% rise. The majority [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elys Gaming: Earnings Soar, But Expansion Costs Bite<\/title>\n<meta name=\"description\" content=\"Elys Gaming sees a 39.1% jump in earnings, fueled by a 109.4% surge in turnover, but expansion into the US market leads to a deficit.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotscapital.icu\/2024\/06\/28\/elys-gaming-reports-surge-in-earnings-but-incurs-loss-due-to-expansion-costs\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" 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