Elys Gaming acquires US Bookmaking in cash plus equity deal
Italian gaming technology firm makes US ambitions known with acquisition of sportsbook solutions provider
Italian gaming tech provider Elys Game Technology has acquired US Bookmaking in a cash and equity deal that could reach $53.8m.
US Bookmaking, a turnkey provider of sportsbook solutions that offers everything from oddsmaking to risk management and marketing services, was founded by legendary Las Vegas oddsmaker Vic Salerno in 2016 with the mission of providing casino operators with a full suite of sportsbook services.
Salerno’s company began rolling out those services in 2018 after the repeal of PASPA, first partnering with the Santa Ana Star Casino in Albuquerque, New Mexico.
It has since expanded its portfolio to include the likes of Sky Ute Casino in Colorado, and the Odawa Casino in Michigan. In 2021, it entered into a service agreement in Washington DC, in addition to entering into its first B2C agreement by leasing a skin for interactive business in Iowa.
“Since 2018, our team and customer network have been building quickly and we are very optimistic about the expansion and growth opportunities developing in the US sports betting market,” said Salerno.
“We realized that to effectively compete and grow with this opportunity we needed a viable technology partner that knows the sports betting business extremely well.”
US Bookmaking has found that partner in Elys Gaming, a B2B global gaming technology company that has B2C online and land-based gaming operations in Italy.
“Our team at Elys has worked diligently to prepare our leading-edge platform for the booming opportunity in the US market,” said Elys executive chairman Michele Ciavarella.
“The agreement with USB provides our shareholders with a compelling growth opportunity through the combination of our leading-edge betting technology and USB’s seasoned bookmaking expertise.”
The deal will see US Bookmaking become a wholly-owned subsidiary of Elys, with USB receiving $12m – 50% in cash, 50% in equity – on the closing date, which is expected by July 15.
USB will then have the opportunity to receive up to an additional $41.8m in cash and equity over the next four years.