Latest News
Newgioco Completes Acquisition of Virtual Generation Limited
Reading Time: 4 minutes
Accretive Acquisition Accelerates Global Expansion and Reinforces Portfolio of Market-Leading Gaming Technology Platforms
Newgioco Group, Inc., today announced that the Company has completed the acquisition of Virtual Generation Limited (“VG”), a leading developer of virtual gaming software, together with Naos Holding Limited, a private holding company (”Naos”), effective January 30, 2019 for approximately $4.5 million in a combination of cash and stock.
“Adding VG’s virtual gaming technology to our portfolio of innovative gaming technology platforms reinforces our industry-leading position in the leisure gaming market and instantaneously expands our global footprint from where Newgioco currently operates to include 12 new countries in South America, Central Asia and Africa where VG currently operates,” stated Michele (Mike) Ciavarella, Chief Executive Officer of Newgioco. “With virtually no overlap between the markets we each currently serve, we are creating additional revenue opportunities to cross-sell VG’s software and our own ELYS platform, diversify our revenues and strengthen our gaming platforms as we pursue the newly emerging U.S. sports betting market.”
Newgioco plans to utilize the VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform. Simultaneously, Newgioco plans to introduce the VG product line into the regulated Italian market, utilizing Newgioco’s existing Italian ADM platform certification.
“We are intimately knowledgeable about the power of the assets we have purchased as VG’s platform has been operating on our ELYS platform for some time,” added Mr. Ciavarella. “We are eager to pursue and engage with customers on a number of near-term opportunities, including the tribal gaming market in the U.S. We expect this acquisition to be immediately accretive to our first quarter 2019 financial results.”
VG’s software is a random number generator (RNG) certified by Gaming Laboratories International (GLI) and includes a growing portfolio of products including horse racing and greyhound racing, league play football (soccer), keno and American roulette. VG currently operates in Italy, Albania, Turkey, Mexico, Peru, Paraguay, Nicaragua, Honduras, Colombia, Dominican Republic, Nigeria and Uganda.
Financial Details of the Transaction
The Company paid the sellers €4 million in consideration for all the ordinary shares of VG and Naos comprised of a cash payment of €108,000, the issuance of shares of the Company’s common stock valued at €89,000, a promissory note providing for the payment of (a) €2,392,000 in cash in 23 equal and consecutive monthly installments of €104,000 with the first payment due and payable one month after the Closing Date and €1,411,000 in shares of the Company’s common stock in 17 equal and consecutive monthly installments of €83,000 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.
In addition, the Company agreed to pay the Sellers as an earn-out payment in shares of the Company’s common stock within one month from the end of the business year 2019 equal to an aggregate amount of €500,000, if the amounts of bets made by the users through the VGS platform related to the 2019 fiscal year of the Company is at least 5% higher than the amounts of bets made by the users through the VGS platform related to the 2018 fiscal year of the Company.
About Virtual Generation Limited
Virtual Generation Ltd. is a software development company specializing in the production and distribution of highly advanced platforms for virtual betting. Virtual Generation uses advanced and complete betting management software, unsurpassed, flexible and customizable, adaptable to different types of companies and markets. VG was founded in 2014 and has grown from processing 67,000 bet tickets in its first year to over 20 million bet tickets in 2018 for its online and land-based B2B customers in 12 countries in Europe, Latin America and Africa.
About Newgioco Group, Inc.
Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.
The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as plans to utilize the proven VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform, plans to introduce the VG product line into the regulated Italian market and the acquisition of VG being immediately accretive to Newgioco in 2019. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to use the VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform, our ability to introduce the VG product line into the regulated Italian market and our ability to implement the VG acquisition so that it is immediately accretive to Newgioco in 2019, and the risk factors described in Newgioco’s Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law
SOURCE Newgioco Group, Inc.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Newgioco Completes Acquisition of Virtual Generation Limited

Latest News
MightyTips ambassador Jevgenijs Aleksejevs wins and takes his pro boxing record to 18-0
MightyTips ambassador and professional boxer Jevgenijs “The Hurricane” Aleksejevs improved his record to 18-0, defeating Ismaël “Issou” Seck from France with a unanimous decision at the AAA Fighting Series boxing event in Braunschweig, Germany on May 3, 2025.
On a solid boxing card at the Millenium Event Center, the reigning IBO European middleweight champion Jevgenijs Aleksejevs continued his undefeated run with a commanding performance over his first 10-round bout. The Latvian took on France’s Ismaël Seck (13-8-2), a durable and battle-tested fighter who had never been knocked out.
“Jevgenijs epitomises the values at the heart of the MightyTips brand: a will to win, commitment, and pursuit of excellence,” Eugene Ravdin, SEOBROTHERS Head of PR, said. “The Hurricane delivered a thrilling performance and showed his fighting spirit against formidable opposition. At MightyTips, we believe this is just another step in his journey towards greatness — and we’ll continue to stand by Jevgenijs every step of the way.”
How it happened
Aleksejevs established dominance from the off and masterfully closed the distance, not allowing the Frenchman to settle into a rhythm and use his height and reach advantage. The Latvian unleashed intelligent combinations, mixing up levels with double and triple punch sequences. His ability to switch from head to body and back again kept Seck on the defensive.
Seck’s resilience allowed him to survive the distance despite withstanding wave after wave of heavy shots from Aleksejevs. The judges awarded Aleksejevs a well-deserved unanimous decision (100-90, 99-91, 97-93). A performance like this sends a strong message to the middleweight division: The Hurricane is ready for bigger challenges.
“I feel excellent about the fight,” Jevgenijs Aleksejevs commented. “It was a valuable experience and a great lesson for me. I hope the spectators enjoyed it as much as I did. My matchmaker will line up a good title fight for me soon. This one served as a kind of check-up bout.”
Who is Jevgenijs Aleksejevs
Born in Riga, Aleksejevs is a former kickboxer and a 2008 junior European champion. A leg fracture in 2015 forced him to switch disciplines. He made his pro boxing debut 12 years ago and now boasts a KO rate of 55%. He is renowned for his counterpunching ability and often dominates during the later rounds. He has been acting as the MightyTips ambassador since June 2023. This win lifted him to the 39th in the BoxRec.com middleweight world ranking.
The post MightyTips ambassador Jevgenijs Aleksejevs wins and takes his pro boxing record to 18-0 appeared first on European Gaming Industry News.
Latest News
Gaming in India – The Rise of a New Billion-dollar Economic Powerhouse
(In order of appearance from left to right)
India is on the brink of witnessing a gaming revolution that is shaping the global industry. With 590 million gamers and industry projections estimating the market to reach INR 66,000 crores at a growth rate of 14.5%, as compared to the global growth of 8% (CAGR). India is now poised to become a billion dollar gaming powerhouse outpacing growth globally.
A large contributor to this sea change is mobile gaming. India has now become the second-largest mobile gaming market by downloads, with figures 3.5 times higher than the US or Brazil. As per a recent Lumikai report, 23 million new gamers from the country joined in FY24, with weekly playtime shooting up by a notable 30%. Backed by $2.8 billion in investments and significant job creation potential, gaming is becoming a key pillar of India’s digital economy.
Nitish Mittersain, CEO & Joint MD at Nazara Technologies, says that the evolution exceeds beyond mere numbers. He underscores, “In a world where gaming is becoming a cultural and economic force, India is no longer just a consumer market, but also becoming a maker. With scale, talent, and strategic capital, Indian companies are rewriting the rules, growing from local leaders to global powerhouses.”
The country’s mobile-first ecosystem, enormous internet penetration, and tech-savvy youth have made it a fertile ground for gaming, while what’s also changing is how games are being made, distributed, and funded.
According to Anuj Tandon, Partner India & UAE at BITKRAFT Ventures, “The Indian gaming industry is experiencing a significant resurgence. A large talent pool and innovative narrative developers are fostering ecosystem expansion, leading to the creation of globally marketable games. Recognizing the emerging prominence of the Indian market, BITKRAFT is looking to make strategic investments to support its development as a vital contributor to the international gaming & entertainment sector.”
With the gaming sector in India empowering the larger community, content, and creators across the country, games are increasingly interactive among larger audiences, and platforms are working to intrigue new-age streamers and influencers from tier 2 & 3 cities in India.
Speaking about the shift in the Indian gaming market, Piyush, Founder & CEO of Rooter, “India has witnessed a significant surge in in-app purchases by gamers over the past three years, driving industry revenue growth at a 40% CAGR. Once a challenging market to monetize, improved micro-transaction behavior and effective pricing strategies are now encouraging gamers to spend more for enhanced experiences. Content creators are leveraging streaming platforms like Rooter to collaborate with publishers and raise awareness about games and their assets. Over the last two years, Rooter has unlocked multiple monetization channels, engaging with over 100 brands, numerous gaming publishers, global platforms, and gift card partners to create scalable revenue opportunities.”
The rise in engagement is paving the way for real business opportunities. Casual games particularly have opened new doors for monetization via in-app purchases, ads, partnerships, and sponsorships especially when game access is embedded seamlessly into daily routine platforms.
Yashash Agarwal, CEO & Co-founder of Gamezop, explains, “The world is waking up to where the real action in gaming lies, and that’s India. A projected revenue CAGR of 14.5% – nearly double the global average, is a clear sign that India is not just part of the global gaming story, we’re writing the next chapter.
Web gaming, in particular, is seeing explosive traction, and India is leading the charge. We’re witnessing a new wave of native users turn to web games for their accessibility, speed, and immersive play – no downloads, no wait time, just instant fun. What’s equally exciting is that India is not just consuming web games at scale; it’s also emerging as a powerhouse for web game development.
From an infrastructure perspective, we find ourselves in a better position than ever before. Devices are becoming smarter and faster, and with 5G technology, smartphones today have more capabilities than ever. As a result, people are spending more time online, leading to a surge of apps and websites across categories. At Gamezop, we’ve seen how seamlessly web games can plug into the everyday digital lives of Indian users across news, entertainment, utility, and fintech platforms. With the right regulatory and infrastructure support, India could very well define the future of web gaming.”
Meanwhile, on the development front, the industry is seeing a shift toward homegrown innovation. Indian studios have evolved from providing services like localizing global titles to creating original games that are performing well on the global stage.
Anurag Choudhary, Founder & CEO of Felicity Games, puts it plainly, “India is not just becoming a billion-player market, it’s emerging as a powerhouse for innovation in mobile gaming. With a young, connected population and a rapidly evolving developer ecosystem, we’re seeing global-quality titles being built and scaled from here. At Felicity Games, we’re proud to be part of this movement by publishing Indian games for global audiences, backed by strong unit economics and technology-led operations.”
With supportive regulation, sustained investment, and a stark rise in talent, India’s gaming sector is reportedly estimated to reach around INR ~500,000 Crores in value by 2034. India with the growth, innovation, and the large user base is set to emerge as a billion-dollar global giant, surpassing the global growth and setting new benchmarks.
The post Gaming in India – The Rise of a New Billion-dollar Economic Powerhouse appeared first on European Gaming Industry News.
Latest News
ToonieBet Launches Sportsbook, Elevating Player Experience and Local Community Engagement in Ontario
ToonieBet Expansion with Sportsbook on App Store and Google Play, to Continue with Commitment to Delivering Localised and Engaging Experience for Ontario Players
ToonieBet, Soft2Bet’s flagship online casino and sportsbook for Ontario, has officially launched its sportsbook on the Apple App Store and Google Play Store. The platform is tailored specifically for local players, offering a dynamic betting experience with a broad range of sports events and competitive odds. The platform also features personalised promotions and loyalty rewards designed to match the preferences of Ontario’s diverse betting community.
The sportsbook uses official data feeds, ensuring players have access to the most accurate and up-to-date information on top local and international sports events. Additionally, the platform offers live broadcasting with real-time match analytics, allowing users to make informed betting decisions as events unfold. Integrated with MEGA and advanced player account management features, the operator is committed to delivering a seamless and responsible gaming environment that enhances the overall player experience while supporting local sports initiatives.
As part of this launch, the platform has also introduced a Sportsbook section on its official website, expanding its portfolio and bringing more choice to its growing customer base. With access to over 85,000 live events each month and more than 70,000 pre-match events across a wide range of sports, players now have even more ways to bet on what they love. Soft2Bet’s Canadian brand invites all players to explore its standout online casino and the full spectrum of sports betting, all delivered through a fast, secure, and fully localised platform.
Since its debut at the end of 2024, ToonieBet has offered a fast, fair, and secure online casino and sportsbook experience, fully localised for Ontario’s vibrant gaming market. The Apple App and Google Play additions further enhance accessibility, bringing ToonieBet’s premium entertainment to players on the go.
Additionally, this milestone complements the operator’s recent partnership with the NHL’s Ottawa Senators, which made ToonieBet the Official Online Casino Partner of the team. The partnership includes in-arena branding, digital promotions, and fan engagement initiatives like social contests, allowing ToonieBet to connect with Ontario sports fans in exciting ways and offering chances to win team merchandise and tickets.
Yoel Zuckerberg, Soft2Bet’s Chief Product Officer stated: “As Soft2Bet continues our rapid growth, we are excited to provide Ontario players with access to ToonieBet’s sportsbook which is now available on the Apple App and Google Play Store, offering seamless access to a customised experience tailored for the province’s passionate gaming community.”
ToonieBet is Soft2Bet’s brand, one of the world’s fastest-growing iGaming turnkey solutions providers, that delivers high-quality products and services for online gambling operators with iGaming brands around the world and a portfolio of 19 global licenses, including Ontario.
The post ToonieBet Launches Sportsbook, Elevating Player Experience and Local Community Engagement in Ontario appeared first on European Gaming Industry News.
-
Latest News4 weeks ago
Exclusive Q&A With Bar Konson, Chief Business Development Officer at NuxGame
-
Latest News2 weeks ago
Week 17/2025 slot games releases
-
Latest News1 month ago
SARA TENDULKAR JOINS JETSYNTHESYS’ GLOBAL E-CRICKET PREMIER LEAGUE AS MUMBAI FRANCHISE OWNER FOR SEASON 2
-
Latest News2 weeks ago
Fortuna Partners with 2025 UEFA Under-21 EURO
-
Latest News3 weeks ago
Esports World Cup Foundation Confirms Full Game Lineup, Schedule, and Club Championship Rules for EWC 2025
-
Latest News1 month ago
DreamPlay consolidates its status as a global player in the iGaming industry and opens an office and campus in Cyprus
-
Latest News3 weeks ago
ACR POKER’S NEXT HIGH STAKES ADVENTURE TAKES PLAYERS TO MONTENEGRO FOR PRESTIGIOUS SUPER HIGH ROLLER SERIES
-
Latest News2 weeks ago
Bojoko.com Surpasses €100 Million in All-Time Deposits Milestone
You must be logged in to post a comment Login