Elys Game Technology (formerly Newgioco Group) has commenced trading on the NEO Exchange in Canada, becoming the first ever public company to be dual-listed from the Nasdaq Capital Market to the exchange.
Elys has been Nasdaq-listed for just over a year, since 27 December 2019, and now joins a Canadian stock exchange that is home to over 100 corporate and ETF listings.
The legalisation of single-event sports betting in the Canadain market is a major factor behind the new listing.
Outgoing Elys chairman and CEO Michele Ciavarella said: "Our listing on the NEO Exchange is an important milestone on many levels for Elys, particularly as we build on our initial go-to-market strategy in the rapidly growing US market and develop our foothold in the Canadian market.
"Recently proposed legislation in Canada would legalise single-event sports wagering and is expected to increase the CDN$80bn (US$62.57bn) wagered on sports each year in Canada.
"We believe we are extremely well positioned to capitalise on this growing market and believe this listing will provide us greater exposure among Canadian investors as we work to execute on our strategy throughout North America.”
Elys recently appointed Matteo Monteverdi as its new CEO, with former CEO and chairman Ciavarella moving solely to the chairman role.
Monteverdi spoke exclusively to Gambling Insider upon taking the position, outlining his ambitions for the online gaming and sports betting firm.