Italian web shop gambling supplier signs up an additional 200 locations
News on 17 Sep 2015
News on 17 Sep 2015
Empire Global Corp. has announced that its online and offline gambling Italian subsidiary Multigioco Srl., has signed up a further 200 online web-shop gaming locations, which typically generate sports betting revenue and have approximately 5,000 online gaming accounts.
The deal expands Multigioco’s online footprint to over 1,200 web-shop locations and approximately 30,000 gaming accounts, and Empire expects all locations will be integrated under the Multigioco online licence and flagged under its originalbet.it and newgioco.it branding by the end of October 2015.
The agreement may also result in 400 additional locations being acquired based on agreed milestones being achieved.
Empire Global CEO Michele Ciavarella said in a statement Thursday, “As we continue to implement our acquisition strategy throughout Italy, recent legal changes by the Italian gaming regulator with respect to licenses are providing us with several attractive opportunities.
“We are now receiving a large number of inquiries to take over the entire operations and locations of existing operators that may not survive license renewal in June 2016.
“Although our expansion plans are quite ambitious, we are being highly selective with our analysis and due diligence and negotiating in a manner that makes long-term sense for our company and shareholders.”
Company president, Alessandro Marcelli said, “We believe the increase in revenue from the recently added locations, combined with new acquisitions and cost-cutting efforts we started last year will result in a profitable third quarter from gaming operations. We have also launched our new website and mobile app and continue to integrate new acquisitions into our operations, which are expected to have a positive effect on our gaming margins.”
Multigioco Srl, provides online gaming services mainly consisting of online and offline wagering through its licensed gaming website Newgioco.it along with neighbourhood betting shops situated throughout Italy.
