Elys Game Technology, Corp. (ELYS): History, Ownership, Mission, How It Works & Makes Money

How does a company like Elys Game Technology, Corp. (ELYS) navigate the hyper-competitive US sports betting market while trading at a fraction of a penny? As of November 2025, this B2B gaming technology provider is a fascinating case study, operating primarily in Italy and expanding its retail sportsbook model across five US states and D.C., but its valuation is defintely a puzzle. With a recent market capitalization around just $7.489K and a stock price of $0.0002 per share, its public market footprint is minuscule, especially when you consider its last reported trailing 12-month revenue was over $42.7 million. Are you curious about the strategic pivot and the underlying technology that still makes it a player, despite its tiny market cap and the acquisition by Lottomatica S.p.A. in late 2023?

Elys Game Technology, Corp. (ELYS) History

Elys Game Technology, Corp. (ELYS) has a complex history, starting in European retail gaming before pivoting to a B2B technology focus in the lucrative North American market; its journey culminated in a significant acquisition by Lottomatica S.p.A. in late 2023 and a subsequent name change to Elys BMG Group, Inc. in January 2024. This evolution shows a clear shift from a business-to-consumer (B2C) operator to a business-to-business (B2B) platform provider, a strategic move to capitalize on the U.S. sports betting deregulation.

Given Company's Founding Timeline

Year established

The company's roots trace back to operations in Italy that began building up around 1998, with the formal incorporation in the State of Delaware occurring on August 26, 1998.

Original location

Operations were initially focused in Rome, Italy, where the company developed its core gaming and sports betting services.

Founding team members

While the initial founding details are obscured by decades of corporate evolution and name changes, Michele Ciavarella has been a long-standing and pivotal figure, serving as Executive Chairman and guiding the company through its major transformations and public listings. Key executives have also included Matteo Monteverdi, who held the CEO position.

Initial capital/funding

Specific initial capital from the 1998 founding is not public, which is common for companies with such long, evolving histories, but the early growth was funded through operations in Italy and subsequent capital raises. The company later raised a total of approximately $3 million in funding rounds to support its expansion.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory was defined by three major strategic shifts, moving it from a local Italian operator to a technology provider sought by a global giant.

The first big move was the public listing in 2017, which gave the company the capital to pursue a U.S. strategy, a clear signal of intent to chase a bigger market. You can explore the investor profile more deeply here: Exploring Elys Game Technology, Corp. (ELYS) Investor Profile: Who's Buying and Why?

The second, and defintely most important, was the strategic pivot to the B2B model in North America, solidified by the 2020 acquisition of U.S. Bookmaking. This was a smart way to enter the U.S. market quickly, bypassing the lengthy and expensive process of obtaining individual state B2C licenses by selling their technology platform, the Elys Gameboard, to existing operators. This move was validated by receiving the GLI-33 certification, which is the industry's gold standard for compliance.

The final, transformative moment was the late 2023 acquisition by Lottomatica S.p.A. for about $14 million. This ended the company's run as an independent public entity. While the trailing 12-month revenue as of September 2023 was approximately $42.7 million, the acquisition price reflects the market's valuation of its technology and B2B potential within a larger corporate structure. As of November 15, 2025, the market capitalization for the new entity, Elys BMG Group, Inc. (ELYS), is extremely low at approximately $20.64 thousand, a clear indicator of its post-acquisition status and the stock's current limited trading on the OTC Markets.

• Shift to B2B: Focused on software licensing (Elys Gameboard) over direct consumer operations.
• U.S. Market Entry: Used the U.S. Bookmaking acquisition to gain immediate regulatory and operational expertise in the newly deregulated U.S. states.
• Strategic Exit: The sale to Lottomatica provided a clear exit for shareholders and integrated the technology into a major international player.

Elys Game Technology, Corp. (ELYS) Ownership Structure

The ownership structure of Elys Game Technology, Corp. is heavily dominated by individual investors, with a significant concentration of shares held by company insiders, reflecting a tight control over the firm's strategic direction.

Given Company's Current Status

Elys Game Technology, Corp. (ELYS) is a publicly held company, but it trades on the Over-The-Counter (OTC) Markets, specifically the Pink Sheets (PINX), under the ticker ELYS. Its legal name officially changed to Elys BMG Group, Inc. in January 2024, but the ticker remains the same. [cite: 6 in first step, 11 in first step]

As of November 2025, the company's market capitalization (market cap) is extremely small, hovering around $7.489K, which is a key indicator of its micro-cap status and high volatility. [cite: 3 in first step] The trailing twelve-month (TTM) Earnings Per Share (EPS) for the 2025 fiscal year stands at -$0.53, underscoring the financial challenges the company faces, a situation an auditor noted as raising 'going concern' doubt. [cite: 1 in first step, 7 in second step]

The company's low institutional interest and OTC listing mean liquidity can be a serious issue. You need to understand that a market cap this small means any trade can defintely move the price. For a deeper look at the numbers, check out Breaking Down Elys Game Technology, Corp. (ELYS) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The company's ownership is primarily split between insiders-key executives and board members-and the general public, with virtually no significant institutional presence. This structure means the company's direction is largely controlled by the leadership team and their immediate stakeholders.

Here's the quick math: Insider ownership is near 30%, which is a lot for a public company. What this estimate hides is the potential for a few large retail holders to have outsized influence, even without being classified as an insider.

Given Company's Leadership

As of November 2025, the leadership structure is highly centralized, following a series of management changes in 2024. Michele Ciavarella holds multiple critical roles, consolidating governance and operational control in a challenging financial period. [cite: 17 in first step]

• Michele Ciavarella: Executive Chairman, Interim Chief Executive Officer (CEO), and Interim Chief Financial Officer (CFO). He is the sole director on the board, a very unusual structure. [cite: 17 in first step]
• Matteo Monteverdi: Head of Special Projects. [cite: 4 in first step]
• Mark J. Korb: Head of Corporate Affairs. [cite: 4 in first step]
• Julian L. Doyle: General Counsel. [cite: 4 in first step]
• Sandy Drozd: Head U.S. and Canadian Technology Deployment. [cite: 15 in first step]

The concentration of the CEO and CFO roles in the hands of the Executive Chairman, Michele Ciavarella, is a clear sign the company is in a deep restructuring phase, likely focused on stabilizing operations and managing its capital structure. This setup means all major strategic and financial decisions flow through one person, which speeds up action but also concentrates risk.

Elys Game Technology, Corp. (ELYS) Mission and Values

Elys Game Technology, Corp. (now operating as Elys BMG Group, Inc. since January 2024) is fundamentally driven by a dual purpose: to be a global technology pioneer and a reliable partner, emphasizing integrity and innovation over short-term gains.

Their corporate DNA is built on providing a comprehensive, best-in-class gaming technology solution to partners, which is a smart focus given the competitive landscape. Honestly, a clear mission is crucial when your stock is trading around $0.0002 as of November 17, 2025; you need a long-term anchor.

Elys Game Technology, Corp.'s Core Purpose

The company's core purpose moves beyond just building software; it's about enabling their partners-casinos, retail betting establishments, and online operators-to succeed in the complex, regulated sports betting (sportsbook) and gaming markets. This B2B (Business-to-Business) focus is key to their strategy.

Official Mission Statement

The formal mission is clear and action-oriented, focusing on what they deliver to the market. It's a commitment to technological excellence and partnership empowerment.

• Provide innovative and reliable technology solutions to the global gaming industry.
• Leverage innovative technology to offer comprehensive, best-in-class gaming solutions.
• Empower partners with the tools needed for success in dynamic gaming and sports betting markets.
• Prioritize innovation, reliability, and customer satisfaction in all offerings.

You can see this commitment in the numbers, too. Their TTM (Trailing Twelve Months) EBITDA as of November 12, 2025, was approximately $2.61 million USD, leading to a low EV/EBITDA (Enterprise Value-to-Earnings Before Interest, Taxes, Depreciation, and Amortization) of 0.45, which suggests a company focused on operational efficiency even with a small Enterprise Value of $1.18 million USD. If you want to dig deeper into the financials, you should check out Breaking Down Elys Game Technology, Corp. (ELYS) Financial Health: Key Insights for Investors.

Vision Statement

The vision statement sets the long-term aspiration, aiming for a top-tier position in a rapidly evolving industry. It's a defintely ambitious goal, but you have to aim high in this space.

• Become a global leader in the gaming industry.
• Achieve this leadership through the development of pioneering and innovative technology.
• Be recognized for cutting-edge technology, exceptional service, and unwavering commitment to integrity.

Elys Game Technology, Corp. Core Values

These values are the internal compass, guiding decisions from product development to partner relations. They are the bedrock for achieving their global vision.

• Innovation: Continuous improvement and creativity to develop pioneering solutions.
• Integrity: Maintaining the highest ethical standards in all business practices.
• Customer Focus: Prioritizing customer needs and striving to exceed expectations.
• Teamwork: Fostering a collaborative and supportive work environment.
• Accountability: Taking responsibility for actions and outcomes to ensure reliability.

Elys Game Technology, Corp. Slogan/Tagline

While the company uses a few descriptive phrases, one concise tagline captures their forward-looking technology focus:

• Creating the future of Virtual sports betting.

Elys Game Technology, Corp. (ELYS) How It Works

Elys Game Technology, Corp. operates as a vertically integrated global gaming technology company, providing both a business-to-business (B2B) betting platform and direct-to-consumer (B2C) leisure gaming services, primarily in Europe and the United States.

The company generates revenue by deploying its proprietary Auxiliary Wagering System (AWS) software to partners like commercial and tribal casinos, and by operating its own online and land-based gaming establishments, which is how they make their money.

Elys Game Technology, Corp.'s Product/Service Portfolio

Elys Game Technology, Corp.'s Operational Framework

You need to see the value chain to understand the business, and Elys Game Technology, Corp. has a dual operational model that drives value creation.

• B2B Software Deployment: The company licenses its proprietary betting platform, the Auxiliary Wagering System (AWS), to third-party operators, which generates a recurring revenue stream from licensing fees and a percentage of the Gross Gaming Revenue (GGR).
• U.S. Retail Expansion: A core strategy involves deploying cost-effective, localized sportsbooks in small business venues like restaurants and bars across the U.S. market, currently active in five states and the District of Columbia. One D.C. location, for example, averaged around $67,500 per month in GGR for the operator, which shows the model's potential.
• B2C Operations in Italy: The company maintains a significant B2C presence in Italy through its own web-based and land-based retail network, which provides direct exposure to the end-user and acts as a proving ground for new product offerings.

Honestly, the company is at an inflection point where past investments in North American infrastructure are supposed to convert into higher revenues in 2024 and 2025, but the most recent trailing twelve-month revenue as of September 30, 2023, was $42.7 million, and the Q3 2023 net loss was $3.2 million. That's the quick math on their current scale.

Elys Game Technology, Corp.'s Strategic Advantages

The company's market success hinges on two key competitive differentiators, especially as they challenge larger players like DraftKings and FanDuel.

• The Small Business Sportsbook Model: This is a defintely a unique advantage in the U.S. market. By offering a low-cost, high-value sportsbook solution to local businesses, Elys Game Technology, Corp. bypasses the massive advertising spend of national competitors, focusing instead on building local customer loyalty. This approach is winning customers by going local.
• Proprietary 'Best Odds' Approach: The company uses an odds-making strategy aimed at providing the most competitive odds on various sporting events. This prioritizes long-term customer retention and loyalty over short-term market share grabs, which is a smart, sustainable play.
• Omnichannel Versatility: The platform is designed to handle both online and land-based (retail) wagering seamlessly, offering a true omnichannel experience that is critical for regulated markets like Italy and the evolving U.S. landscape.

For a deeper dive into who is betting on this strategy, Exploring Elys Game Technology, Corp. (ELYS) Investor Profile: Who's Buying and Why? is a good next step. As of November 17, 2025, the market capitalization stood at approximately $7.489 thousand, reflecting the high-risk, high-reward nature of this growth-focused strategy.

Elys Game Technology, Corp. (ELYS) How It Makes Money

Elys Game Technology, Corp., which is now known as Elys BMG Group, Inc., makes money primarily by operating its own business-to-consumer (B2C) gaming establishments in Italy and, secondarily, by licensing its proprietary betting platform software (ELYS™) and services to other business-to-business (B2B) operators, particularly in the expanding US market. The B2C operations in Italy are the historical revenue engine, while the B2B software licensing is the intended growth lever for North America.

Elys Game Technology's Revenue Breakdown

Based on the company's operational structure as of late 2025, its revenue is still heavily weighted toward its established Italian B2C operations, despite the strategic push for B2B expansion in the US. Here's the quick math on the model's focus, using the last clear structural breakdown as a guide for the current revenue mix.

The B2C Gaming Operations revenue comes from the net amount wagered (Gross Gaming Revenue minus payouts and taxes) at its land-based and online betting points in Italy. The B2B Platform and Software Services revenue is generated from licensing fees and a percentage of the turnover or net revenue from operators using the ELYS™ sports betting platform in new markets, such as the US. The company had an objective to generate an accretive $5 million to $7 million annually from its virtual sports products alone, which falls under both streams.

Business Economics

The company's core economic engine is a classic hybrid model, combining high-volume, lower-margin B2C operations with a scalable, higher-margin B2B technology platform. The challenge is shifting the mix toward the more profitable B2B side.

• B2C Pricing: The pricing here is tied to the 'hold rate,' which is the percentage of the total amount wagered that the bookmaker keeps. This rate is highly regulated in Italy and subject to gaming taxes, which totaled over $3.7 million in a single quarter in 2022, significantly compressing the net margin.
• B2B Pricing: This is a Software-as-a-Service (SaaS)-like model. The company provides the entire Auxillary Wagering System (AWS) for a fee, which includes odds customization, risk management, and data analytics. This stream is defintely more scalable, as adding a new operator (like a US tribal casino) requires minimal incremental cost but generates a new, recurring revenue share.
• Cost Structure: The business is capital-intensive and requires significant spending on selling and administrative expenses, which rose by 20.8% year-over-year in a 2022 quarter, indicating high costs associated with market expansion and technology development.
• Economic Reality: The high-volume B2C business provides cash flow, but the B2B segment is the one that could theoretically drive the high-multiple valuation investors seek. The current stock market valuation, however, suggests investors are focused on the immediate risks, not the future B2B potential.

Elys Game Technology's Financial Performance

As of November 2025, the financial metrics signal significant distress and extreme market volatility, reflecting the high-risk nature of the company's transition and market position. You need to look past the top-line revenue and focus on profitability and balance sheet health.

• Market Capitalization: The company's market cap is extremely low, sitting around $7.489 thousand (K) on the NASDAQ as of November 17, 2025, which is a major red flag for liquidity and stability.
• Profitability: The Trailing Twelve Months (TTM) Earnings Per Share (EPS) is deeply negative at -$0.53. This translates to a TTM Net Profit Margin of -42.78%, meaning the company is losing nearly 43 cents for every dollar of revenue it generates.
• Return on Investment (ROI): The TTM Return on Investment is a staggering negative -200.83%, showing a massive destruction of capital relative to the assets employed.
• Balance Sheet Health: The total debt-to-equity ratio is high at 190.84%. While the company reported total assets of $22.35 million and total liabilities of $13.32 million in the latest quarter, the high debt relative to equity suggests a reliance on borrowing to fund operations and expansion.
• Stock Status: The stock is trading at a micro-cap level of around $0.0002 per share, and one reporting agency even lists the company's legal entity status as 'Deadpooled' as of August 2025, which is the ultimate caveat for any investor.

If you're looking for more context on who is still holding this stock despite the volatility, you should be Exploring Elys Game Technology, Corp. (ELYS) Investor Profile: Who's Buying and Why?

Elys Game Technology, Corp. (ELYS) Market Position & Future Outlook

Elys Game Technology, Corp. operates in a niche but highly competitive corner of the global gaming industry, focusing its B2B (business-to-business) platform on retail and small-business sportsbooks, primarily in the US and Italy. Its future trajectory hinges on successfully scaling this cost-effective, land-based technology model against the backdrop of a market utterly dominated by mobile-first giants.

The company's scale is small; as of November 2025, its market capitalization stands at approximately only $20.644 K, a stark contrast to the multi-billion-dollar valuations of its main competitors. To be fair, its trailing twelve-month (TTM) revenue as of late 2023 was around $42.7 million, showing it has a functional business, but its market share in the booming US online sports betting (OSB) space is defintely minimal.

Competitive Landscape

You need to understand that this is a David-versus-Goliath scenario. The US sports betting market is a duopoly, with the top two players controlling the majority of Gross Gaming Revenue (GGR). Elys Game Technology, Corp. competes not by outspending them on customer acquisition, but by offering a differentiated, full-stack B2B solution for smaller, local retail operators.

Opportunities & Challenges

The core opportunity for Elys Game Technology, Corp. lies in its B2B focus, essentially selling the pick and shovel to a broader base of local operators who cannot afford to build their own technology or compete for a large-scale B2C (business-to-consumer) license. This strategy bypasses the multi-million dollar marketing wars of the industry leaders.

The total US sports betting market is projected to reach $31.4 billion by 2025, so even a sliver of that is a huge win. The challenge, still, is that the regulatory landscape is constantly shifting, which increases compliance costs and risk for a smaller operator.

Industry Position

Elys Game Technology, Corp. holds a unique position as a technology provider (Business-to-Business) with a small retail footprint (Business-to-Consumer) in Italy and the US. It is not a market-share leader, but a niche disruptor focused on the land-based and small-operator segment.

Its strategic initiatives are clear:

• Focus on B2B expansion in the US, particularly in states with retail-first or lottery-model sports betting.
• Leverage the 'best odds' model to build customer loyalty for its B2C partners, which is a long-term play against the big players' heavy promotional spending.
• Continue to integrate its omni-channel platform (Auxiliary Wagering System or ELYS™) to offer a full suite of products, including sports betting, e-sports, and online casino games.

The long-term success of the company rests on whether its low-cost, retail-centric platform can gain traction as more states legalize sports betting but restrict mobile operations, forcing operators to look for a reliable, turn-key B2B solution. For a deeper dive on their guiding principles, check out: Mission Statement, Vision, & Core Values of Elys Game Technology, Corp. (ELYS).