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Newgioco Group, Inc. details recent acquisitions

25 Aug 2016

(PRESS RELEASE) -- Newgioco Group, Inc. a company providing regulated online and offline gaming and wagering through licensed subsidies in Italy, today revealed details regarding the recently announced acquisition of the 2 key gaming operations based in Austria.

On July 1, 2016, the Company completed the acquisition of Odissea Betriebsinformatik Beratung Gmbh ("Odissea") a gaming software development company which owns and operates a proprietary betting platform and product development house which currently processes approximately $400 million in betting turnover on an annual basis. The Odissea betting platform, which is certified under both the Malta and Austrian gaming authorities, is a state-of-the-art gaming technology with an advanced, highly efficient software engine designed and managed by a qualified and experienced team of gaming engineers which become employees of Newgioco as a result of the acquisition. The Company is now preparing to launch a new series of online games including Virtual Sports products.

Also on July 1, 2016, the Company completed the acquisition of Ulisse Gmbh ("Ulisse") a retail gaming distribution group which operates 107 'land-based' gaming agency locations throughout Italy. Ulisse management and staff will also join Newgioco to boost the rapid expansion of our operations in Italy. Ulisse currently operates the locations under a 50% revenue share agreement which produces approximately $1.8 million in net earnings on an annual basis.

With the integration of our in-house betting platform, the company expects to realize a cost savings of approximately 50% to our current online and land-based gaming network overhead and will further attain 100% of the revenue earned by the Ulisse land-based locations upon completion of the license renewal auction. The resulting effect of our 2 new divisions is projected to increase consolidated net earnings by approximately 400%.
 
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