Virtual Generation expands with five new distribution agreements in Africa
NEW YORK–(BUSINESS WIRE)–#OnlineCasino–Newgioco Group, Inc. (“Newgioco” or the “Company”) (Nasdaq: NWGI), a global sports betting and interactive gaming technology company providing fully integrated, omni-channel sports betting software solutions, is pleased to announce that the release of our new virtual Color Lotto product recently launched by the Company’s wholly-owned subsidiary Virtual Generation Limited (“VG”) has resulted in rapid adoption and expansion with five new distribution agreements in Africa.
The Company will provide a variety of virtual sports products including our popular new Color Lotto games through distribution agreements in Kenya and other regulated regions in Africa, with the first location opened on March 4, 2020. In addition to the recently announced operator contracts in Central and South America, VG is rapidly expanding in Africa due to key technological advantages that deliver consistent economic performance for retail operators. VG has built a solid reputation for producing unique, regionally focused virtual sports games, and is currently developing our virtual Keno, American Roulette and indigenous virtual games for tribal markets in the U.S.
“The recent suspension of live sports events around the world has given rise to greater demand for non-sports online entertainment products. As an alternative to live sports, the superior technology of our Virtual Generation virtual sports and games provide a highly entertaining solution for gaming operators, and further reflects the strength of our diversified product portfolio,” stated Company Chairman and CEO, Michele Ciavarella. “As part of executing our global diversification plans, we are taking both our virtual and real sports solutions to many of the largest betting regions in the world. Africa is one of the fastest growing and most exciting regions in the global online gaming market with gross gambling revenue that reached approximately $500 million in 2018 and expected to grow to approximately $820 million by 2025. This growth is driven in large part by a rise in the availability of online sports betting and African’s passion for sports. By establishing a foothold in the region, we are positioning Newgioco to capture a meaningful share of gaming revenue in Africa.”
About Newgioco Group, Inc.
Newgioco Group, Inc., is a global leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as in retail neighborhood betting shops throughout Italy.
Newgioco offers clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information is available on our corporate website at www.newgiocogroup.com.
Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements regarding providing a variety of virtual sports products including our popular new Colors Lotto games, expanding rapidly in Africa due to key technological advantages that deliver consistent economic performance for retail operators, producing unique, regionally focused virtual sports games, currently developing our virtual Keno, American Roulette indigenous virtual games for tribal markets in the U.S., our global diversification plans, taking both our virtual and real sports solutions to many of the largest betting regions in the world, the superior technology of our Virtual Generation virtual sports and games providing a highly entertaining solution for gaming operators as an alternative to live sports, Africa being one of the fastest growing and most exciting regions in the global online gaming market with gross gambling revenue that reached approximately $500 million in 2018 and expected to grow to approximately $820 million by 2025, growth being driven in large part by a rise in availability of online sports betting and African’s passion for sports, establishing a foothold in the region, and positioning Newgioco to capture a meaningful share of gaming revenue in Africa. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, our ability to provide a variety of virtual sports products including our popular new Colors Lotto games, to expand rapidly in Africa due to key technological advantages that deliver consistently better economic performance for retail operators, to produce unique, regionally focused virtual sports games, to develop our virtual Keno, American Roulette indigenous virtual games for tribal markets in the U.S., to execute our global diversification plans, to take both our virtual and real sports solutions to many of the largest betting regions in the world, to provide a highly entertaining solution for gaming operators as an alternative to live sports with the superior technology of our Virtual Generation virtual sports and games, and for Africa to continue to be one of the fastest growing and most exciting regions in the global online gaming market with gross gambling revenue that is expected to grow to approximately $820 million by 2025, and for the rise in availability of online sports betting and African’s passion for sports to continue to drive growth, and our ability to establish a foothold in the region, and to position Newgioco to capture a meaningful share of gaming revenue in Africa, and the risk factors described in Newgioco’s Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Contacts
Newgioco Group, Inc.
Michele Ciavarella, Chief Executive Officer
investor@newgiocogroup.com
