Newgioco virtuals subsidiary pens African distribution deals
Newgioco’s virtual sports-focused subsidiary Virtual Generation Ltd (VG) has signed five new distribution agreements in Africa.
Newgioco did not reveal its new partners, but said VG would provide virtual sports products, including its Color Lotto games, in Kenya and other regulated markets on the continent.
“The recent suspension of live sports events around the world has given rise to greater demand for non-sports online entertainment products,” Newgioco chairman and chief executive Michele Ciavarella explained.
“As an alternative to live sports, the superior technology of our Virtual Generation virtual sports and games provide a highly entertaining solution for gaming operators, and further reflects the strength of our diversified product portfolio.
“As part of executing our global diversification plans, we are taking both our virtual and real sports solutions to many of the largest betting regions in the world.”
Ciavarella added that Africa’s passion for sports made it an ideal market for VG’s virtual sports games.
“Africa is one of the fastest growing and most exciting regions in the global online gaming market with gross gambling revenue that reached approximately $500 million in 2018 and expected to grow to approximately $820 million by 2025,” Ciavarella said. “This growth is driven in large part by a rise in the availability of online sports betting and African’s passion for sports.
“By establishing a foothold in the region, we are positioning Newgioco to capture a meaningful share of gaming revenue in Africa.”
Virtual Generation, which was founded in 2014, was acquired by Newgioco in January 2019 for an initial $4.5m (£3.5m/€4m).