Benzinga | Jan 25, 2022 12:37PM EST

Italy's Lottomatica Partners With Elys To Accelerate Plans For North America

* Elys Game Technology Corp (NASDAQ:ELYS) has entered into a binding term sheet with Lottomatica S.p.A. to develop a customized sportsbook technology platform focused on North America.

* Lottomatica has a franchising network of 3,000 points of sales offering sports betting, 1,400 gaming halls, and a proprietary network of approximately 120 gaming venues in Italy.

* Elys will contribute a commercial partition of its betting technology to integrate within the Lottomatica environment.

* Elys will also assure the functional operation of the product through engineering and technical service teams and will earn tiered license fees.

* In addition, the parties may also collaborate on additional growth initiatives.

* Price Action: ELYS shares traded higher by 4.82% at $2.61 on the last check Tuesday.