Wall Street Signals: Newgioco Group Reports 2018 First Quarter Earnings

Newgioco Group Reports 2018 First Quarter Earnings

Newgioco Group, Inc. (OTCQB: NWGI) a wagering innovation organization giving managed sports wagering and relaxation gaming items and administrations through authorized backups in Europe, declared today 2018 first quarter comes about mirroring its fourth sequential quarterly benefits and proceeding with the Group's solid execution since propelling its driving edge wagering stage.

"Amid the principal quarter of 2018, Newgioco conveyed sharp development in both on the web and disconnected deals channels, especially in the games wagering vertical. The organization performed astoundingly well as of late gained online administrators were incorporated onto our ELYS wagering stage," expressed Company Chairman and CEO Michele Ciavarella. "We expect interest for our imaginative programming to stay extremely solid in Italy, our center market, with ELYS being a key driver for the two acquisitions and natural development outside of Italy through 2018."

Mr. Ciavarella additionally remarked that, "The Company is exceptionally idealistic about its universal extension designs with the US Supreme Court decision to strike down the PASPA, a government law restricting states from approving or authorizing sports wagering. Adequately, this choice opens the way to direct legitimized sports wagering in the United States, a $150 billion-dollar sports wagering market that we anticipate that will altogether contribute will our best line development and benefit for quite a long time to come. Newgioco is very much situated to enter the US showcase with the quality of one of the freshest and most progressive wagering innovations on the planet."

For the three months finished March 31, 2018, the Company revealed record income before pay duty of $1,013,713 bringing about a net benefit of $0.01 per share. Contrasted with a similar period in 2017, value-based offers of wagering turnover relatively multiplied from $52.7 million to $90.6 million, while net benefits dramatically increased from $3.9 million to $8.6 million. Strikingly, the Company created this development on a natural premise with all item verticals expanding, however especially wears wagering, with strong gainfulness and record working trade stream out the main quarter of 2018. These solid outcomes put the Company poised to surpass its 2018 anticipated value-based deals focus of around $300 million.

Extra report features for the three months finished March 31, 2018 include:

  • Cash reserves grew by $720,351 from $6.5 million to $7.2 million;
  • Total Assets grew from approximately $12.2 million to $13.1 million;
  • GAAP revenue reached $8.6 million compared to $3.9 million for the same period in 2017, an increase of 121.7%;
  • Non-GAAP transactional sales of betting turnover reached $90.6 million compared to $52.7 million for the same period in 2017, an increase of 71.77%.                                 
Extra essential advancements amid the primary quarter of 2018 was the beforehand declared take off of stage one of our Big Data investigation programming with manmade brainpower and business insight stages alongside our NGPay installment entryway, and additionally the disposal of high premium convertible obligation as the Company keeps on executing on its cost diminishment activity.

About Newgioco Group, Inc. 

Newgioco Group, Inc., together with its completely claimed auxiliaries, is a completely incorporated, authorized gaming innovation organization. The organization directs its business basically through retail neighborhood wagering shops and web-based wagering programming stage under the enlisted mark Newgioco through our authorized site www.newgioco.it arranged in Italy. 

The organization offers its customers a full suite of relaxation gaming items and administrations, for example, sports wagering, virtual games, online gambling club, poker, bingo, lottery, intuitive diversions and openings, and a creative wagering stage (www.odissea.at) giving both B2B and B2C wager preparing. Extra data is accessible on our corporate site at www.newgiocogroup.com. 

This Press Release contains sure forward-peered explanations inside the significance of the Private Securities Litigation Reform Act of 1995. The organization has attempted, at whatever point conceivable, to distinguish these forward-looking explanations utilizing words, for example, "foresees," "trusts," "gauges," "expects," "estimate," "plans," "means," "potential" and comparable articulations. These announcements mirror the organization's present convictions and depend on at present accessible data. As needs be, such forward-looking proclamations include known and obscure dangers, vulnerabilities and different elements which could cause the organization's genuine outcomes, execution or accomplishments to contrast substantially from those communicated in or suggested by such explanations.

This Press Release contains sure forward-peered articulations inside the significance of the Private Securities Litigation Reform Act of 1995. The organization has attempted, at whatever point conceivable, to distinguish these forward-looking explanations utilizing words, for example, "foresees," "trusts," "gauges," "expects," "estimate," "plans," "means," "potential" and comparative articulations. These announcements mirror the organization's present convictions and depend on right now accessible data. Likewise, such forward-looking proclamations include known and obscure dangers, vulnerabilities and different components which could cause the organization's genuine outcomes, execution or accomplishments to vary really from those communicated in or inferred by such articulations.

Investor Relations Contact
Newgioco Group, Inc.
investor@newgiocogroup.com
SOURCE: Newgioco Group, Inc.