Global sports betting and interactive gaming technology firm Newgioco Group has confirmed the formation of Newgioco Colombia SAS, based in Bogota, to service its expanding operations in Central and South America.
The opening of the LatAm venture coincides with the signing of several new distribution agreements in South America, establishing partnerships in advance of new regulatory guidelines and gaming laws in South America such as those being developed in Brazil.
The company added that it is now in the process of hiring regional experts to execute its LatAm business plan, which will include driving growth of its virtual sports product while positioning its sportsbook technology as regulations evolve in each country.
Newgioco will also seek to leverage the talent of its Odissea software development team to produce new, market-leading virtual games and product technology. The intended result is a sound, economically predictable, virtual product that could potentially level out the risk profile of the sports bet vertical for the firm’s distributed retail and online partners. Additionally, it would be suitable for casino sportsbook operators.
“The improved performance metrics of our latest generation virtual sports products have been developed to address an important value proposition for the sports betting business of casinos and private operators,” stated CEO Michele Ciavarella.
“We believe that this essential differentiator could result in the rapid adoption and global growth of our virtual sports products while expanding the deployment of our ELYS sportsbook technology in the US and global sports betting markets.”