Newgioco Group has released its operating and financial reports for the year 2018. Newgioco is a sports betting & gaming technology organization that offer regulated land based and online wagering and gaming through its licensed subsidiaries in Austria and Italy. The company’s headquarters is located in Toronto, Canada.
Highlights of the full year financial and business reports for the year 2018 include a revenue generation of $34.6 million USD. The gross gaming revenue is placed at about 60.8% amounting to $37.7 million. For Handle, the revenue of $413.2 was recorded, which is said to be up to 89%.
The income from its operations is placed at $427,274 which was a significant reduction to the tune of 83.5% from previous year. This was said to be the result of the $3.1 million nonrecurring expenses incurred by the business and a million dollar investment made for future growth. Another cause of the reduction was the $1.6 million USD used for legacy activities as well as miscellaneous activities outside the company’s regular business. Another payment of $500,000 executive compensation that was forgone in previous years was also recorded as part of the cause for the reduction.
The company recorded a net loss of $3.05 million USD as opposed to its net income of 2017 which was placed at $1.4 million USD. There is also an adjusted EBITDA worth $3.6 million which was higher than what was recorded in 2017 – $2.6 million. The company reported an accelerated rollout plan in the rapidly developing sports betting market in the United States. A significant progress in the strengthening of its board of directors and management team has also been recorded.
Newgioco Group is a vertically incorporated leisure gaming technology organization with a full license for land based and online gaming operations. The company is also known for its various innovative betting technology platforms which offer bet processing for many gaming operators, including casinos.