Newgioco Group, Inc. (“Newgioco” or the “Company”) (Nasdaq: NWGI), a global sports betting and interactive gaming technology company providing fully integrated, omni-channel sports betting software solutions, today provided an update the impact of coronavirus quarantine has had on its Italian operations.
In an effort to keep our investors and stockholders informed, Company Chairman and CEO Michele Ciavarella offered comments to Gambling Insider magazine. The full interview is available at the following link:
On March 11, 2020, the Company reported that approximately 150 betting shop locations throughout Italy were temporarily closed and that the closing of the physical locations does not affect the Company’s continuing online and mobile operations. The Company has been processing approximately 200 – 300 online account applications daily since the government imposed quarantine took effect on March 8, 2020. The Company has also implemented a smart-work initiative to permit safe office staff separation during this period.
“During this global crisis we are taking proactive steps to effectively and efficiently operate our business while supporting our clients and retail partners and accommodating employees with young children and elderly relatives,” stated Company Chairman and CEO, Michele Ciavarella. “The shutdown measures also led to the inevitable postponement and cancellation of major sports events that we are offsetting with our general off-season business adjustments. However, although we are seeing an uptake in our non-sports online entertainment products such as poker and casino, we do expect that the complete shutdown of global sports will affect our overall results of operations for this period and until the crisis is resolved. This unprecedented situation, that happens to be keeping us separated through lockdowns and quarantine, is in some ways bringing us all together to rediscover family and community and reminding everyone to appreciate certain benefits of freedom we easily lose sight of, not the least of which is the importance of community interactions, functions as well as social gatherings outside of the home that includes sports and the relationships we develop with the athletes that compete.”
About Newgioco Group, Inc.
Newgioco Group, Inc., is a global 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 in retail neighborhood betting shops throughout Italy.
Newgioco offers 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.
Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.
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 regarding the processing approximately 200 – 300 online account applications daily, expectation that the complete shutdown of global sports will affect our overall results of operations for this period and until the crisis is resolved. 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 continue to process approximately 200 – 300 online account applications daily, recover from the expectation that the complete shutdown of global sports will affect our overall results of operations for this period and until the crisis is resolved, and the risk factors described in Newgioco’s Annual Report on Form 10-K for the year ended December 31, 2018 and our 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.