Newgioco, a company that provides regulated online and offline leisure gaming and wagering through licensed subsidiaries in Italy, saw gaming turnover increase 88.8 per cent for the first quarter of 2017.
Following heavy investment in brand awareness aimed at customer acquisition, advertising and trade shows, the company reported “significant organic growth” of bet turnover. Non-GAAP gaming turnover increased by approximately 88.8 per cent to US$52.7m for the first quarter of 2017, up from $27.9m over the same period last year. This increase resulted in GAAP revenue growth of 121.8 per cent to $3.9m in Q1 2017, compared to $1.8m in the same period last year.
“While most sports books in our catalogue favoured customers in the first quarter, on a year-over-year basis we are quite pleased with the lift in our top end sales,” said company chairman and chief executive officer, Michele Ciavarella.
“Our strategic objectives in 2017 remain on track as we added board independence in Q1 and expect to secure Italian certification on our ELYS betting platform in Q2. At that point, we expect to benefit from an increased pace in acquisition opportunities.”
