ONLINE GAMBLING GROUP RECAPS RECENT ACHIEVEMENTS
Newgioco Group continues to expand.
Italy-facing online gambling operator Newgioco Group, Inc. (formerly the OTC-listed Empire Global Corp.) has issued an update on its recent achievements, presumably to maintain share price momentum.
The press statement details the companys acquisition of two Austrian entities – software development and platform provider Odissea Betriebsinformatik Beratung Gmbh, and retail gaming distribution group Ulisse Gmbh…both deals completed early July this year.
Newgioco boasts that the Odissea platform is certified by Malta and Austrian gaming authorities and currently processes approximately $400 million in betting turnover on an annual basis,
It has a proprietary software engine designed and managed by a qualified and experienced team of gaming engineers which has now joined Newgioco and will be deployed to prepare the launch of a new series of online games, including Virtual Sports products.
Ulisse employees have also been brought into the Newgioco fold; the company operates 107 land-based gaming agency locations throughout Italy under a 50 percent revenue share agreement which generates approximately $1.8 million in net earnings on an annual basis.
"With the integration of our in-house betting platform, the company expects to realize a cost savings of approximately 50 percent to our current online and land-based gaming network overhead and will further attain 100 percent of the revenue earned by the Ulisse land-based locations upon completion of the license renewal auction, the press statement advises.
"The resulting effect of our 2 new divisions is projected to increase consolidated net earnings by approximately 400 percent."
The new acquisitions join other group subsidiaries Multigioco Srl and Rifa Srl. with a product and services line that includes sports betting, virtual sports, online casino, poker, bingo, interactive games and slots.