We have located a stock trading under 7 dollars a share in one of the hottest sectors in the entire market. What's more, is this company's CEO has bought over 800,000 dollars of stock putting his money where his mouth is. We believe NASDAQ: ELYS may be the best company we have seen in quite some time.
Here is a clip from the third quarter that caught our eye:
Web-based gaming turnover increases 154% versus same period last year
Elys Game Technology, Corp. ("Elys" or the "Company") (Nasdaq:ELYS), an interactive gaming and sports betting technology company, today provided a business update and
reported financial results for the third quarter ended September 30, 2020. The complete financial results are available in the Company’s Form 10-Q with the Securities
and Exchange Commission, which is available at www.sec.gov.
Michele (Mike) Ciavarella, Chairman and CEO of Elys Game Technology, Corp., commented, "I am pleased to report that revenue increased 44% to $9.7 million for the third quarter of 2020, which reflects very strong growth in our web-based gaming turnover of more than 150%. Significantly, we have now surpassed our goal of reaching 100,000 online gaming accounts before the end of 2020, thus strengthening our online and mobile channel. This growth was offset by a decline in our land-based gaming turnover, which has been impacted by the COVID-19 pandemic. Nevertheless, we continue to perform exceptionally well compared to our industry peer group and have begun to see improvement in this channel as certain brick and mortar operators re-open. As a result, we believe we are very well positioned for strong organic growth heading into 2021. Moreover, we continue to carefully manage expenses and have a solid balance sheet with over $10.5 million of cash and cash equivalents as of September 30, 2020. We have also fully repaid our convertible debentures since the end of the third quarter and have no long-term debt.
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. In Italy, Elys offers its clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games and slots.
The Company’s innovative wagering solution services online operators, casinos, retail betting establishments and franchise distribution networks. The Company has
completed the product regulatory requirements to commence B2B operations in the United States. Additional information is available on our corporate website at
Investors may also find us on Twitter @ELYS_gaming.
EMC'S contract terms with ELYS Game Technology corp are as follows, the sum of $250,000 to be paid in payments as described below:
a. The first payment of $75,000 is to be paid up front.
b. The second payment of $175,000 to be paid if the company is satisfied with EMC’s services.