NEW YORK, March 6, 2019 /PRNewswire/ -- Newgioco Group, Inc. ("Newgioco" or the "Company") (OTCQB: NWGI), today announced that the Company entered into an agreement with Fleetwood Gaming, Inc. for the exclusive rights to distribute Newgioco's ELYS sports and virtual betting products at select locations in the state of Montana. The commencement of betting transactions is subject to obtaining the required certification and approvals from the Gambling Control Division of the Montana Department of Justice.
The multi-year agreement will see Newgioco partner with Fleetwood to roll-out the ELYS sportsbook and virtual sport platforms throughout Fleetwood's distribution network in Montana. Although Montana was one of four states grandfathered in under the original PASPA law, it's anticipated that Montana will legalize sports betting during the 2019 legislative session (the state legislature meets only in odd-numbered years and only for 90 days) - allowing internet and mobile sports betting as well as kiosks at bars, restaurants and taverns.
"Since launching our U.S. business expansion plan in October 2018 at G2E in Las Vegas we have been working diligently with strategic partners in the U.S. to grow our pipeline of opportunities, and to initiate our geographic diversification," commented Newgioco CEO Michele Ciavarella. "We are delighted to have found a true partner for our initial entry into the rapidly evolving U.S. market. Along with our tribal gaming partners, we look forward to working with Fleetwood and its aligned 'family culture' and business ethics to bring responsible sports and virtual betting to Montana and its neighboring states."
"The remarkable flexibility and incredible expansion capability demonstrated by ELYS' shop client design fits perfectly within the variety of our Fleetwood product lines and wide distribution range through route operations such as independently owned sports bars, taverns, restaurants and casinos. We are very pleased to be working with the committed Newgioco team, and being the first to roll out the ELYS betting platform throughout our retail network in Montana," added Fleetwood Gaming CEO Jon Dehler. "With the unique features of the ELYS shop client backed by an impressive gaming specific BI and risk management engine, I am quite excited about the opportunity of expanding our partnership with Newgioco in Montana and our neighbouring states as the legalizing of sports betting continues to develop state by state."
Montana's population is just over one million people, but more interestingly, about 12.2 million tourists visited Montana and spent nearly $3.7 billion in 2018 - visiting Glacier National Park, Yellowstone National Park, the Beartooth Highway, Flathead Lake, Big Sky Resort, and other attractions. Gross Gaming Revenue from video gaming terminals (VGT) in 2017 was approximately $400 million. According to the American Gaming Association, Montana has 13 tribal casinos and approximately 1,440 electronic device locations (in 2017, there were 1,874 VGT's in tribal casinos, and 15,810 in non-casino locations). Newgioco management believes the leisure betting market in Montana presents a great opportunity for its partnership with Fleetwood Gaming.
Newgioco will be hosting a private demo suite at the Reservation Economic Summit (RES) 2019 at the Paris Las Vegas Hotel & Casino from March 26-27. In addition, we will be exhibiting at the National Indian Gaming Association (NIGA) Tradeshow & Convention (Booth #1550) at the San Diego Convention Center from April 1-4, 2019.
About Fleetwood Gaming, Inc.
The Fleetwood family of companies traces its roots to the vending machine distribution business. Founded in 1951 in Minnesota by Bill Dehler, "Fleetwood Distributing Company" covered a 5-state area for Fawn Vending. In 1974, the company headquarters relocated to Montana and in 1978, Jon Dehler purchased the family run company from his father Bill. Over the next several years the company's product line expanded to include amusement equipment such as pool tables, jukeboxes and video games. Soon after, Fleetwood began operating as both a machine route operator and distributor. The business achieved a major product line expansion in 1985 when gaming was legalized and video poker machines were introduced in Montana and a second major product line expansion in 2002, when Fleetwood received regulatory approval of the "Keno King" video gaming machine product line. Designed and developed at the Fleetwood's corporate office in Billings, Montana, the "Keno King" product line quickly became a Montana game of choice. Subsequent Fleetwood multi-game introductions to Montana's gaming environment have included the "Casino King" (2006) and "Brilliant Bet" (2007). Today, Fleetwood Gaming, Inc. is one of Montana's leading suppliers of gaming products that provides a diverse offering of quality products and services at competitive prices, all designed to enhance the gaming experience. Currently Fleetwood Gaming has five locations throughout Montana, providing local support and/or distribution from Billings, Butte, Great Falls, Missoula, and Sidney.
About Newgioco Group, Inc.
Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.
The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information is available on our corporate website at www.newgiocogroup.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and includes statements such as the plan to roll-out the Elys sports and virtual betting platform throughout Fleetwood's distribution network in Montana; the anticipation that Montana will legalize sports betting during the 2019 legislative session to allow internet and mobile sports betting as well as kiosks at independently owned sports bars, restaurants, taverns and casinos; and plans to bring responsible sports and virtual betting to Montana and its neighboring states. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to obtain the required certification and approvals from the Gambling Control Division of the Montana Department of Justice to use the Elys sports and virtual betting platform throughout Fleetwood's distribution network in Montana; our ability to implement our plans to expand sports betting in other states; and the risk factors described in our Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE Newgioco Group, Inc.
