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Elys BMG Group disclosed yesterday (7 May) that it has entered into an agreement to sell its B2C Italian brand Newgioco.

The B2B and B2C gaming business disclosed the 30 April deal in a Tuesday SEC filing, stating that Newgioco’s parent company Multigioco Srl will be sold to an unnamed buyer.

The deal is conditional on regulatory approvals from Italy’s gambling regulator, the Agenzia delle Doganee dei Monopoli (ADM).

The Italian antitrust competition agency Autorità Garante della Concorrenzae del Mercato must also clear the agreement for it to succeed.

Elys said it would file a future 8-K SEC filing detailing the sale once it is approved by an Italian notary.  

Newgioco background

Newgioco has a relatively small footprint in the Italian gaming market, and is not usually named on most market share analyses.

The brand first received trademark approval from the Italian authorities in 2015.

Prior to 2020, Elys was named Newgioco Group but rebranded to Elys Game Technology to better access the growing US sports betting market.

The company again amended its articles of incorporation in January 2024 as it rebranded to Elys BMG Group.

Elys de-listed from the Nasdaq stock exchange in October 2023, after the company’s share price remained below the $1.00 minimum require by listing rules.

This followed the announcement during the same month that the company would be entering the US B2C space through its newly created SportsBet.com brand.

Elys agreed a market access deal with Caesars in November that cleared the brand to launch in Colorado, its first state.

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