Newgioco sales rise in first quarter

Austria and Italy-facing gambling group Newgioco has posted a positive first quarter for 2018, reporting increased online sales and a $570,000 reduction in debt.

The company said Thursday that online sales via subsidiary Multigioco were up an impressive 90.93 percent in Q1-2018 at $45.8 million (Q1-2017: $24 million). Betting turnover rose 67.2 percent y-o-y to $52.7 million, $6.56 million of it from online activity or a rise of 63.7 percent on the same quarter last year.

Importantly, NewGioco was able to report that it has reduced its debt burden by $570,000, re-financing half a million dollars on better terms.

CEO Michele Ciavarella reported: “We remain proactive towards merger and acquisition opportunities to move the group further towards becoming a premier international leisure betting operator.” He added that management is optimistic regharding potential new markets in the USA and South America.

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