Elys and Lottomatica Enter into a Binding Term Sheet for Development of a Customized Sportsbook Platform with Focus on North America
Elys Game Technology Corp, an interactive gaming and sports betting technology company, announced a binding term sheet with Lottomatica S.p.A., a preeminent global brand and leader in the Italian gaming market, that outlines the entry into a definitive agreement and ancillary agreements to design, develop, and service a customized sportsbook technology platform (the “Product”) focused on Lottomatica’s North American growth initiatives.
“We are very pleased to collaborate with industry leader Lottomatica and their proven leadership on global sports betting opportunities as we continue to expand our operational footprint. This partnership adds a new evolution for Elys’ innovative sportsbook technology and is yet another example of our modular architecture’s ability to seamlessly integrate. We look forward to working closely with Lottomatica and their commercial partners to provide a competitive, flexible, and effective technology solution throughout this long-term relationship. We believe that this partnership could also foster significant synergies in the online gaming industry, both domestically and internationally, and is positioned to drive long-term shareholder value for both companies,” Michele Ciavarella, Executive Chairman of Elys Game Technology, said.
“This agreement will allow Lottomatica to accelerate its plans for North America by leveraging on Elys’ deep knowhow and strong technology in this segment. We are excited to collaborate with Elys on these developments,” Giuseppe Portoricco, Lottomatica Senior Vice President for North America, said.
Under the terms of the agreements, Elys will contribute a commercial partition of its betting technology to integrate within the Lottomatica environment. Elys will also assure the functional operation of the Product through dedicated engineering and technical service teams and will earn tiered license fees from operation of the Product. In addition, subject to regulatory approvals where applicable, the parties may also collaborate on additional growth initiatives.
