Shares of Elys Game Technology (OTC PINK: ELYS), a gaming engineering provider, rallied Tues after the companionship said it will supply a third retail sportsbook in Washington, DC, adding that it plans to spread out into several states.
The fellowship provides sports betting kiosks to businesses such as bars and restaurants that make permits to offering sports wagering to customers. Currently, Elys provides sports wagering services at the Grand Central Sportsbook and the Cloakroom Gentlemen’s Club Over Under Sportsbook Lounge. The company’s tertiary location in the US capitol urban center will be on h Street.
This example has already proven successful at Elys’ foremost U.S. location — Grand Central Sportsbook inwards Booker T. Washington DC,” according to a statement. “The keep company reports that the location has been a significant revenue number one wood for the company, averaging $67,500 per month inwards Gross Gaming Revenue (GGR) for the operator, which is just about 700% higher up initial expectations. Its success has also encouraged Elys to undecided 2 to a greater extent locations inward DC.”
Shares of Elys, which were recently delisted past Nasdaq, were higher by 5.15% inwards midday trading on the news.
Elys Focusing on Odds, Local Approach
The electric current res publica of the US sports betting landscape is one henpecked past DraftKings (NASDAQ: DKNG) and FanDuel — operators that hold the financial resources to rapidly amass scale.
That’s tough to vie with for littler companies such as Elys, but gaming unwavering believes it can win its portion out of securities industry deal by focusing on unsubdivided principles, including a local accent that encourages client trueness and attractive wagering odds.
“The ‘best odds’ modelling is an odds-making strategy aimed at attracting and retaining clients past providing the to the highest degree competitory odds on various sporting events. This come on prioritizes long-term customer trueness o'er short-term marketplace apportion growth. It’s another instance of how Elys is sledding against the grain of the industry,” added the manipulator in the statement.
That’s somewhat similar to the low-pitched hold up model employed past other sportsbook operators that cater to sharp bettors.
Elys Expansion Plans
Citing the popularity of the NFL, Elys sees opportunity as the domestic help sports wagering market is poised to rapidly expand. By some estimates, past 2027, nearly 20% of the US full-grown universe will take part in sports betting inward some constitute with the market place poised to get to $31.09 billion. That implies a compound yearbook ontogeny order of 12.89% from 2023 through and through 2027.
With those factors inwards mind, Elys is preparation to expand into New Jersey, followed past LA and Kentucky. After that, the companionship hopes to go into Colorado, Indiana, Illinois, and Michigan in that order.
“Once it has established a foothold inwards local bars/restaurants, Elys will have plentifulness of way to spread out its offering remote of just sports betting,” according to Elys. “This is because it offers a good rooms of omnichannel leisure gaming products and services including online gambling casino and one-armed bandit games, poker, bingo, lottery, and to a greater extent interactive gambling games.”
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