Elys Game Technology has entered into a deal to acquire Bookmakers Company, the Nevada-based sports betting services provider trading as US Bookmaking (USB).
As per the agreement, Elys will acquire 100% of USB and USB will become a wholly-owned subsidiary of Elys.
Elys will pay $12 million on the closing date of which 50% will be payable in cash and 50% in shares of common stock.
Michele Ciavarella, Executive Chairman of Elys Game Technology, said: “Our team at Elys has worked diligently to prepare our leading-edge platform for the booming opportunity in the U.S. market.
“Our focus has been to ensure that our future U.S. clients are able to access a design-built solution for sports betting in the US that is locally supported with comprehensive trading, risk management, operations and maintenance teams for frictionless deployments.
“We are extremely pleased with the relationship that we developed with the founders and highly-experienced team at USB during our negotiations and the extensive synergies that we believe the combined entities have.
“We found great commonality between the family culture that Elys fosters in its Italian operations, as with USB and its business operations spanning a number of states in the US.
“We believe that our Elys Gameboard technology will give USB the tools they need to rapidly expand their current U.S. footprint and potentially develop operations in the evolving Canadian sports betting market.”