Elys Game Technology (OTC PINK: ELYS), a gaming technology provider, saw its shares surge on Tuesday after announcing plans to open a third retail sportsbook in Washington, DC and expand into multiple states.
The company, known for providing sports betting kiosks to businesses such as bars and restaurants, currently operates at two locations in Washington, DC and plans to add a third at H Street. According to a statement, the first US location at Grand Central Sportsbook has been a significant revenue driver, generating an average of $67,500 per month in Gross Gaming Revenue (GGR).
Although recently delisted by Nasdaq, Elys’ stock jumped 5.15% on the news of its expansion plans. The company aims to compete with larger players in the US sports betting market, such as DraftKings and FanDuel, by focusing on local customer loyalty and offering competitive odds.
Elys is eyeing the rapid expansion of the domestic sports wagering market, particularly driven by the popularity of the NFL. The company plans to expand to New Jersey, Louisiana, and Kentucky, followed by Colorado, Indiana, Illinois, and Michigan in that order. Beyond sports betting, Elys also offers a full suite of omnichannel leisure gaming products and services, including online casino and slot games, poker, bingo, lottery, and interactive gambling games.
Overall, Elys Game Technology aims to differentiate itself in the competitive US sports betting landscape by prioritizing long-term customer loyalty and expansion into various leisure gaming offerings.