Interactive gaming and sports betting technology company Elys Game Technology announced that it has entered into a definitive purchase agreement to acquire a Nevada limited liability company doing business as U.S. Bookmaking (USB).
USB, founded in 2016, is a provider of sports wagering services such as design and consulting, turnkey sports wagering solutions, and risk management, founded by Nevada sportsbook veteran Victor Salerno, who is the company’s president.
Under the agreement, which is expected to close by July 15, Elys will acquire 100 percent of USB, which will become a wholly-owned subsidiary of Elys. Elys will pay $12 million on the closing date, half in cash and half in shares of Elys at a price equal to the average price of Elys stock for the 90 trading days preceding closing.
“We started U.S. Bookmaking with a vision to build a top-ranked team of experienced bookmakers in light of the looming repeal of sports betting prohibition in the U.S.,” said Salerno, according to SBC Americas. “Since 2018, our team and customer network have been building quickly, and we are very optimistic about the expansion and growth opportunities developing in the U.S. sports betting market.
“We realized that to effectively compete and grow with this opportunity we needed a viable technology partner that knows the sports betting business extremely well,” Salerno said. “Having visited the Elys trading floor in Italy, we are very impressed with the work that the Elys team did to Americanize their sports betting technology. We believe the timing of this acquisition is ideal for USB, since we have been vetting the technology field for the best sports betting technology while getting ready for the reopening of our clients as the Covid pandemic subsides.”
