Elys Game Technology, Corp. (NASDAQ: ELYS) shares sank at the opening bell, as it today introduced its new U.S.-focused online and mobile sportsbook brand, www.SportBet.com. The dedicated Elys America platform will offer U.S.-based customers an innovative and immersive way to engage with and bet on their favorite sports with unique features developed to cater to American betting styles.
The Company’s new mobile brand builds upon its successful partnerships with U.S. regulated sportsbooks and casinos and represents another evolution in its business. Subject to regulatory approvals, the Company expects to expand its online sports betting footprint into multiple U.S. jurisdictions under direct licensing and through market access partnerships in Q4 2023. The Company has previously announced new sportsbook operations in New Jersey and Washington D.C., quickly becoming a recognized international name in regulated gaming within Europe with new operations in Canada and the U.S.
Recent industry studies indicate that the global sports betting market size is estimated to exceed US$180 billion by 2030, while the U.S. mobile market has grown extensively since the repeal of the Professional and Amateur Sports Protection Act in May 2018. According to the American Gaming Association (AGA), sportsbook revenues increased 75 per cent from 2021 to 2022 to reach US$7.5 billion, and the Company’s internal studies believe that the U.S. addressable market size could exceed US$25 billion in revenue by 2030.
ELYS shares docked nearly 15 cents, or 24.2% to 48.76 cents.
