Italian online and land-based gambling operator Newgioco Group, Inc. provided updates on the purchase of two major Austria-based gambling businesses.
According to the information revealed, the company completed the acquisition of gaming software developer Odissea Betriebsinformatik Beratung Gmbh on July 1, 2016. Generally speaking, Odissea is the owner of a proprietary sports betting platform and also operates a game development studio. The company annually processes betting turnover of around $400 million.
The Austrian company’s sports betting product holds licenses by the local gambling regulator as well as by the Malta Gaming Authority. Following the acquisition’s completion the software developer together with its product offering and the team of employees that have worked on it is now part of Newgioco. The Italian gambling operator said in a Thursday statement that it is now preparing to roll out new online gambling products, with Virtual Sports ones being among those.
It was on July 1 again when Newgioco completed another strategic acquisition of an Austria-headquartered gambling company. Ulisse Gmbh, a retail operator of gambling facilities across Italy, has also become part of the Italian gaming group. At present, the company operates 107 land-based gaming locations around the country under a 50% revenue share agreement with its new owner. Ulisse annually generates net earnings of an approximate of $1.8 million.
Newgioco said in the Thursday statement that the integration of the sports betting platform is expected to result in the operator realising cost savings of up to 50% to its present both land-based and online gambling network. In addition, the company said that once Ulisse’s license renewal auction is completed, it expects to attain 100% of the revenue its subsidiary generates. The recent acquisition of the two gambling businesses is also projected to increase the larger gambling group’s full-year net earnings by up to 400%.
Through its subsidiaries, including the newly acquired ones, Newgioco specializes in the provision of both land-based and online gambling products to Italian customers. It offers online casino games, poker, bingo, virtual sports, and sports betting options. Players can access the operator’s offering online and in its chain of sports betting outlets across Italy.
