Elys Game Technology, Corp. (ELYS): Business Model Canvas [Dec-2025 Updated]

You're digging into Elys Game Technology, Corp.'s business model, and as someone who spent a decade leading analysis at a firm like BlackRock, I can tell you the core story here is the tightrope walk between B2B tech sales and B2C retail operations. This canvas lays out the nine building blocks that drove their Q3 2025 results: $8.46 million in total revenue against a net loss of -$3.30 million as they aggressively pursue U.S. market access. We need to see exactly how their proprietary ELYS™ platform and key partnerships are supposed to convert that top-line growth into shareholder value, so dive into the details below to see the structure they are betting on.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Key Partnerships

Elys Game Technology, Corp. relies on several key external relationships to power its B2B technology deployment and B2C market entry across the United States.

Sportradar for official U.S. sports data and analytics

The partnership with Sportradar provides access to official pre-game and in-play data for major U.S. sports. This data feeds the live, in-game wagering options offered by Elys Game Technology, Corp. The U.S. sports betting market was projected by Morgan Stanley to generate nearly $7 billion in revenue by 2025, as noted when the partnership was extended in February 2021.

Caesars Entertainment for market access in Colorado and other states

Elys Game Technology, Corp. secured a market access agreement with Caesars Entertainment to enter the Colorado sports betting market with its SportBet.com brand and the "5D by Elys" mobile app. This agreement was the first entry for Elys Game Technology, Corp. into the North American mobile sports betting landscape. The agreement is a multiyear deal intended to provide market access to several U.S. online sports betting states.

Grand Central Restaurant and Sportsbook for D.C. retail joint ventures

The initial Management Services Provider (MSP) license with Grand Central Restaurant and Sportsbook established the first Class-B, small-business sportsbook location in the U.S., situated in the Adams Morgan district of Washington D.C. This first location demonstrated a 'continuous growth in betting handle.' A subsequent joint venture was established to open a second sportsbook location, the Grand Central H-Street Sportsbook, which hosted its grand opening on March 21, 2024.

U.S. Integrity for event monitoring and fraud prevention services

A comprehensive partnership was announced in January 2023 with U.S. Integrity, Inc. (USI) to provide event monitoring, market intelligence, and fraud prevention for all U.S. facing operations of Elys Game Technology, Corp. USI utilizes its proprietary dashboard to conduct analysis across dozens of data sets to proactively identify irregular sports wagering-related patterns.

Local small businesses (bars/restaurants) for retail sportsbook locations

Elys Game Technology, Corp. created a unique small business retail model to deploy regulated sportsbooks in local venues. The company launched its small business strategy in October 2021 with the Grand Central Restaurant and Sportsbook. Another location mentioned under this model is the sportsbook at Entitlement Restaurant and Cigar Lounge in the Petworth district of Washington D.C. The company's annual revenue as of December 31, 2022, was reported as $42.7M.

Key Partnership Details:

• Sportradar: Access to official U.S. sports data.
• Caesars Entertainment: Market access for SportBet.com in Colorado.
• Grand Central: First Class-B D.C. small-business sportsbook.
• U.S. Integrity: Comprehensive fraud prevention for U.S. operations.
• Local Small Businesses: Retail sportsbook deployment model.

Partnership Scope and Market Context:

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Key Activities

You're looking at the core engine driving Elys Game Technology, Corp.'s strategy, which hinges on technology deployment across regulated markets. Here's the quick math on what they are actively doing, based on the latest reported figures.

Software development and maintenance of the ELYS™ betting platform

The ELYS™ betting platform, engineered by the subsidiary Odissea Betriebsinformatik Beratung, is central to both B2B and B2C operations. Investment in this technology is a continuous key activity. For the third quarter of 2023, operating expenses, which include technology development costs, were reported at $\text{\$11.4 million}$.

• Platform is the core offering for B2B clients.
• Technology development costs factored into Q3 2023 operating expenses.
• The platform is designed to service online operators and land-based establishments.

Regulatory compliance and licensing (e.g., GLI-33, Italian ADM)

Maintaining compliance across jurisdictions is non-negotiable, especially when dealing with the GLI-33 standards for event wagering systems. The company believed its online Platform met the majority of GLI-33 certification standards and expected to send its digital software for certification in 2022. In Europe, the Italian operation is robust.

Operating B2C leisure betting establishments in Europe and U.S.

Elys Game Technology, Corp. operates B2C services primarily through its established presence in Italy and its nascent retail footprint in the U.S. The Italian segment supports a large network. For the third quarter of 2023, the company reported total revenues of $\text{\$8.5 million}$ and a total handle (turnover) of $\text{\$162.6 million}$.

• European operations include a full suite of leisure gaming products.
• U.S. operations focus on retail sportsbook locations.
• Q3 2023 Total Handle was $\text{\$162.6 million}$.
• Q3 2023 Total Revenue was $\text{\$8.5 million}$.

North American market expansion and securing state-level licenses

Aggressive expansion in North America is a major focus, moving from initial D.C. operations to securing broader market access. The first U.S. location, Grand Central Sportsbook in Washington D.C., was a significant revenue driver, averaging $\text{\$67,500 per month}$ in Gross Gaming Revenue (GGR) for the operator, which was reported as approximately $\text{700%}$ above initial expectations.

• Secured multi-year market access agreement with Caesars Entertainment commencing in Colorado (November 2023).
• Completed formal license approval process in Ohio (January 2023).
• Obtained Class III Contractor License to provide sports wagering services in North Dakota (July 2023).
• Reported having $\text{6}$ tribal casino customers in North America as of late 2021.

Risk management and odds-making services for B2B clients

A competitive advantage is the 'best odds' model, which is an odds-making strategy intended to attract and keep clients by offering the most competitive odds. To support U.S. operations, Elys Game Technology announced a partnership in January 2023 with U.S. Integrity to provide event monitoring, market intelligence, and fraud prevention for all U.S.-facing activities.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Key Resources

You're looking at the core assets Elys Game Technology, Corp. (ELYS) relies on to operate its B2B technology and B2C gaming segments. These aren't just line items; they are the actual engines of the business.

Proprietary ELYS™ betting platform and software intellectual property

The ELYS™ platform is the central piece of IP, engineered and launched by the Odissea subsidiary. This platform architecture supports both online client gaming protocols and land-based betting protocols with omni-channel functionality.

• Platform certified with Gaming Labs International (GLI) "Events Wagering System" standard GLI-33.
• The platform is fully integrated with a built-in player gaming account management system.

Regulatory licenses for B2B and B2C operations in multiple jurisdictions

Holding the necessary regulatory stamps is non-negotiable in this industry, and Elys Game Technology, Corp. has established a footprint in both Europe and the U.S.

The company holds the following licenses in Italy through its subsidiaries:

In the U.S. market, the company secured conditional approval for Type C sports gaming proprietor licensure from the Ohio Casino Control Commission (OCCC), effective January 1, 2023. The Austrian Bookmaker License was allowed to be revoked by not renewing required monetary deposits.

Data feeds and analytics from key partners like Sportradar

Access to official, low-latency data is critical for live, in-game wagering options. Elys Game Technology, Corp. has an extended strategic partnership with Sportradar.

Sportradar's global client network, which provides data to partners like Elys Game Technology, Corp., spans:

• 800 sportsbook clients.
• 900 media companies.

The agreement grants access to official pre-game and in-play data for major U.S. sports.

Retail sportsbook locations in the U.S., like Washington D.C.

The small-business retail model is a key U.S. growth driver, leveraging partnerships in the District of Columbia. As of recent announcements, the company has a presence in D.C. that includes at least 3 locations:

• Grand Central Restaurant and Sportsbook (launched October 2021).
• Cloakroom Gentlemen's Club Over Under Sportsbook Lounge.
• Grand Central Sportsbook on H Street (expected Q4 2023 opening).

The first D.C. location proved a significant revenue driver, averaging $67,500 per month in Gross Gaming Revenue (GGR) for the operator, which was approximately 700% above initial expectations. Elys Game Technology, Corp. also has plans to expand into 7 other states, including New Jersey, Colorado, and Michigan.

Experienced software development team (Odissea subsidiary)

The core technology is maintained by the Odissea subsidiary, Odissea Betriebsinformatik Beratung, located in Innsbruck, Austria.

The senior management team is noted as having more than 20 years of relevant experience each.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why operators and bettors choose Elys Game Technology, Corp. (ELYS) over the competition. It's not just about the software; it's about the specific, measurable advantages they deliver across their different customer segments.

For B2B: A Comprehensive, Omnichannel, End-to-End Betting Platform

Elys Game Technology, Corp. offers a fully integrated, end-to-end sportsbook solution designed to serve both B2B and B2C leisure gaming operators. This platform is engineered to handle both online and land-based (retail) wagering seamlessly, providing a true omnichannel experience that is essential in today's regulated markets. The platform supports operations across 3 total gaming markets, including North America and Italy. The technology component is robust, boasting a proprietary betting engine with a reported 99.9% uptime reliability. Also, the platform manages 4 primary gaming product verticals. The online platform specifically handles an estimated $620 million in transaction volume annually. This technology is built by bookmakers for bookmakers, meaning it includes features like odds customization and performance analysis for the operator. The company's technology group manages software development from its base in Innsbruck, Austria.

For Small Businesses: Cost-Effective, Turnkey Sportsbook Solution with a Small Footprint

The small business model is a key differentiator, offering a low-cost, high-value sportsbook solution to local establishments, which helps bypass the massive advertising spend national competitors rely on. This approach focuses on building local customer loyalty. The model proved successful in Washington D.C., where the first U.S. location, Grand Central Sportsbook, averaged $67,500 per month in Gross Gaming Revenue (GGR). Honestly, that figure was approximately 700% above initial expectations for that location. The solution is designed to expand easily and affordably, and its small footprint makes physical setup straightforward for partners. The company is focused on replicating this success across additional retail locations.

For Bettors: The 'Best Odds' Model, Prioritizing Long-Term Customer Loyalty

Elys Game Technology, Corp. has won favor among bettors by employing a proprietary odds-making strategy aimed at providing the most competitive odds on various sporting events. This 'best odds' approach prioritizes long-term customer retention and loyalty over aggressive short-term market share grabs, which is a smart, sustainable play. The platform's reported Customer Retention Rate stands at 68%. This focus on value helps drive engagement, which is reflected in the platform's ability to convert betting handle to Gross Gaming Revenue (GGR). For example, in Italy in 2021, the betting handle conversion to GGR reached $14.9 million for the second quarter period. The current stock price as of December 4, 2025, is $0.0005 per share, with a 52-week range between $0.000001 and $0.500.

Full Suite of Leisure Gaming

Elys Game Technology, Corp. provides clients with the flexibility to choose a comprehensive offering, acting as a one-stop-shop for sports betting and digital gaming. The full suite of leisure gaming products available through their platform includes:

• Sports Betting
• Virtual Sports
• Online Casino (slots and table games)
• Poker
• Bingo
• E-sports (mentioned in some contexts)

In their established European operations, such as Italy, the offering is extensive, covering sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and slots. The last reported trailing 12-month revenue, as of September 30, 2023, was $42.7 million.

Data-Driven Risk Management and Adaptive Business Intelligence for Operators

The difference-maker for operators using the Elys BMG platform is its advanced management technology. This includes data-driven Sportsbook Risk Management Services and Adaptive Business Intelligence dashboards, which are designed to enable customers to achieve the absolute best business performance from their betting operations. The system implements artificial intelligence learning bots, adaptive business intelligence, and big data analytics to optimize the user experience and operator control. This aligns with the 2025 trend where big data and advanced analytics are central to transforming risk management strategies, using real-time data to improve forecasting accuracy. The company's R&D Investment in 2022 was $4.2 million, supporting this technological backbone. The company's financial health shows challenges, with a reported Net Income of -$18.3 million in 2022 and Operating Cash Flow of -$4.2 million in the same year, underscoring the cost of developing these advanced tools.

Finance: draft 13-week cash view by Friday.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Customer Relationships

You're looking at how Elys Game Technology, Corp. (ELYS) manages its connections with its diverse customer base, which spans from large casino operators to individual online bettors. This isn't a one-size-fits-all approach; it's segmented by the type of client they serve.

Dedicated account management for B2B casino and operator clients

For your business-to-business (B2B) casino and leisure gaming operator clients, the relationship is high-touch. Elys Game Technology, Corp. provides a full suite of omnichannel leisure gaming products and services, including sports betting and online casino software, to commercial and tribal casinos, retail betting establishments, and franchise distribution networks. As of late 2023, ELYS had B2B operations in five states plus the District of Columbia in the U.S. market alone. This requires dedicated support to ensure their turnkey solution integrates smoothly.

The success of this model is visible in their U.S. retail expansion. For instance, their first U.S. location, Grand Central Sportsbook in Washington D.C., was a significant revenue driver, averaging $67,500 per month in Gross Gaming Revenue (GGR) for the operator, which was reported as approximately 700% above initial expectations (as of November 2023). This level of performance necessitates close, dedicated account management to replicate and scale.

Joint ventures (JV) and management services provider (MSP) model with small businesses

A key relationship strategy, particularly successful in the Italian market and being scaled to the U.S., involves partnering with small businesses. This is where the Joint Venture (JV) or Management Services Provider (MSP) model comes into play, offering a convenient way for these smaller venues to offer cost-effective sports gambling. This strategy allows Elys Game Technology, Corp. to win customer loyalty by going local, contrasting with the massive marketing spend of national competitors. One reported JV deal was with USBookmaking, dated July 15, 2021. The company's platform is designed to be a plug-and-play solution, enabling the fastest time to market for these partners.

Here's a look at the operational scale across these segments based on the latest available data:

Self-service and automated support for B2C online bettors

For the business-to-consumer (B2C) online bettors, the relationship leans more toward self-service, supported by the technology itself. The ELYS™ platform is engineered to provide an intuitive software experience, which reduces the need for constant human intervention. This is supported by a real-time customer management system for efficient cross-platform marketing. While specific 2025 support metrics aren't public, the structure relies on the platform's ease of use for tasks like checking account balances and placing bets.

The B2C user base shows distinct preferences, which informs how support content and platform features are prioritized:

• Male players primarily prefer sports-bets.
• Female players show a preference for casino and bingo products.
• Approximately 10% of male players also explore casino and poker.
• Approximately 1% of female players try sports-betting or lotteries.

Loyalty programs tied to the 'best odds' model for retention

Retention for Elys Game Technology, Corp. is heavily influenced by its 'best odds' model, which is an odds-making strategy designed to attract and keep clients by offering the most competitive odds on sporting events. This approach prioritizes long-term customer loyalty over short-term promotional gains. While specific 2025 loyalty program enrollment or retention rate data for ELYS isn't available, industry benchmarks suggest the importance of this focus. For context, general industry data indicates that 83% of consumers say a loyalty program makes them more likely to continue doing business with a brand.

The financial health underpinning these relationships, as of the latest available update on November 27, 2025, shows a Gross Margin of 20.56%. The company's Trailing Twelve Month (TTM) revenue was $42.7M as of December 31, 2022. Finance: draft 13-week cash view by Friday.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Channels

You're looking at how Elys Game Technology, Corp. (ELYS) gets its product and services to the customer, which is a mix of direct-to-consumer and business-to-business routes across different geographies.

Online/Mobile: '5D by Elys' mobile app under the SportBet.com brand

The mobile channel is centered around the SportBet.com brand, which utilizes the proprietary '5D by Elys' technology. This platform was positioned for a launch in the North American mobile sports betting market, including a market access agreement in Colorado.

• Technology platform ready for U.S. regulated market integration.
• Platform integrated with geolocation, KYC, player tracking, and payment processing.

B2B Distribution: Direct software licensing to operators and casinos

Elys Game Technology, Corp. acts as a key B2B provider, offering its full suite of leisure gaming products and services to online operators and land-based casinos. This segment leverages its technology for online casino, sports betting, and virtual sports.

Retail Venues: Small business sportsbooks (bars/restaurants) in the U.S.

The U.S. retail strategy focuses on the small-business model, often through Management Services Provider (MSP) licenses, placing its sportsbook solution in existing social establishments like bars and restaurants. Washington, D.C., served as a proof-of-concept market for this model.

• Model designed to offer convenient betting access alongside social venue enjoyment.
• Technology includes a 'Build-your-bet' feature for off-site wager preparation.

European Network: Agency locations and web-cafés (historical B2C base)

The European network, primarily through its Italian subsidiary Multigioco, represents the historical B2C base, offering online and land-based gaming technology services. This segment was streamlined to return to profitability.

The company's overall turnover for Q3 2023 fell to $162.6M, a 2.4% drop, with total revenue at $8.5M for that quarter.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Customer Segments

You're looking at the customer base for Elys Game Technology, Corp., now operating as Elys BMG Group, Inc. since January 2024. The customer segments are distinct across their established European base and their expanding North American retail focus. The company provides its technology and services to both business partners and end consumers globally.

The core customer segments are:

• B2B Operators: Commercial and tribal casinos seeking a platform solution.
• Small U.S. Businesses: Bars, restaurants, and retail venues for Class-B sportsbooks.
• B2C Bettors (Europe): Online and land-based leisure gaming consumers in Italy.
• B2C Bettors (U.S.): Mobile and retail sports bettors in regulated states.

Here's a look at the concrete numbers associated with these groups, based on the latest available data leading up to late 2025, keeping in mind the company was acquired by Lottomatica S.p.A. in late 2023.

The B2C Bettors in Europe, primarily in Italy, represent the company's established revenue base, with the fiscal year 2022 turnover reaching €730.5m. This segment is where the company has deep experience bringing sports betting to small business venues, a model they are replicating in the U.S.

For the Small U.S. Businesses segment, the proof point is in Washington D.C., where the initial Class-B sportsbook location demonstrated significant success, averaging $67,500 in Gross Gaming Revenue monthly. This success has driven the expansion of B2B operations across five states and D.C., targeting bars, restaurants, and retail venues.

The B2B Operators segment is comprised of commercial and tribal casinos looking for the company's platform software and risk management services. While the company is pushing this, the last reported TTM revenue figure available was $42.7 million as of September 30, 2023, reflecting the overall scale before the full impact of 2024/2025 US expansion could be fully realized in later reports.

The B2C Bettors in the U.S. are the target for the company's retail expansion, tapping into a market projected to hit $31.4 billion in 2025. The company's strategy is to win loyalty locally, contrasting with the massive spending of market leaders.

Finance: review the Q3 2025 revenue contribution split between Italian B2C and US B2B/B2C by October 31st.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Elys Game Technology, Corp. operation as of late 2025. This is where the capital goes to keep the ELYS™ platform running and to fuel the North American push. Honestly, tracking these costs is key, especially when the bottom line shows a loss.

The most concrete figure we have for the latest period is the result of these costs:

• Operating expenses, reflected in Q3 2025 Net Loss of -$3.30 million.

To give you a sense of where the money was going, we can look at the structure of operating expenses from a recent period, as specific 2025 breakdowns for every line item aren't immediately public. For instance, in Q3 2023, operating expenses were reported at $11.4 million, which represented a 10.2% decrease year-over-year.

Here's a look at the components that drive these costs, using the latest available context:

Technology development and maintenance of the ELYS™ platform is a significant, ongoing drain. The company has historically made significant investments in product platform and infrastructure development for North America. The reduction in technology development costs was cited as a reason for the 10.2% drop in operating expenses to $11.4 million in Q3 2023.

Regulatory compliance and licensing fees across multiple states/countries are a non-negotiable cost of doing business in the US. Beyond state-specific licensing, the cost to maintain a public listing was estimated:

• Expenses related to maintaining Nasdaq listing were estimated at approximately $1.6 million annually as of October 2023.
• These listing expenses were expected to rise due to compliance requirements like Sarbanes-Oxley Act (SOX) and ESG initiatives.

Sales and marketing expenses for North American expansion are incurred up front when entering new markets and acquiring clients. The company has stated its intention to continue to invest in sales and marketing as part of its strategy.

Data feed and partnership costs, such as those with entities like Sportradar or U.S. Integrity, are embedded within the operating expenses, but specific dollar amounts for these third-party data services aren't itemized separately in the high-level reports available.

The overall financial performance, which these costs drive, shows a trailing twelve months (TTM) net profit margin of -42.78% and a total debt-to-equity ratio of 190.84%.

Finance: draft 13-week cash view by Friday.

Elys Game Technology, Corp. (ELYS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Elys Game Technology, Corp. brings in money as of late 2025. This is where the rubber meets the road for their B2B platform services and their B2C operations, primarily in Italy and the expanding U.S. market.

The top-line number for the third quarter of 2025 is reported as $8.46 million in total revenue. This figure represents the culmination of their various streams, which are segmented across different operational areas.

Elys Game Technology, Corp. generates revenue from providing retail land-based and web-based gaming technology services in regulated countries and offers solutions for the B2B and B2C markets. While the Company has historically focused on the Italian gaming market, which accounts for a significant portion of its revenue stream, it intends to expand its US gaming markets by providing its software platform of services to gaming operators and casinos.

The revenue streams primarily consist of transactional income and service revenue.

Here's a look at the components making up that revenue structure:

• B2C Gaming Revenue: Net winnings from online and land-based betting operations.
• B2B Platform Fees: Licensing and managed services fees from operators.
• Revenue from leisure betting establishments in Italy and the U.S. operations.
• Revenue diversification from new product segments like virtual sports and casino offerings.

The Italian operations, through its subsidiary Multigioco, offer a full suite of leisure gaming products and services. For example, the virtual products segment had an objective to generate accretive organic incremental revenue of approximately $5 - $7 million annually, based on prior guidance.

In the U.S., service revenue is currently generated from providing the platform and bookmaking services on a B2B basis to retail locations and casino operators. In 2021, the U.S. operations generated approximately $1 million in B2B service revenue in the fourth quarter alone, illustrating the initial soft-start approach to North American expansion.

The composition of revenue streams historically shows a strong base in Italy, with male players preferring sports-bets and female players preferring casino and bingo. The table below outlines the general revenue categories that feed into the total reported figure:

The Company provides wagering solutions, services online operators, casinos, retail betting establishments, and franchise distribution networks. The goal is to convert investments in the North American product platform and infrastructure into revenue-generating deployments.