newgioco limits italian retail presence amid covid 19 chaos

newgioco limits italian retail presence amid covid 19 chaos

by 12.03.2020 0 comments

Issuing a corporate filing, Nasdaq-listed US Italian betting group Newgioco has confirmed that it has temporarily closed 150 of its betting shops located throughout Italy.

Newgioco stated that the shop closures were undertaken complying with the Italian government’s ‘public health decree’ sanctioned on 8 March, as the nation’s health and emergency networks combat the COVID-19 virus epidemic.

A week of Italian COVID-19 developments has seen the government impose civic restrictions on travel and public gatherings impacting all Italian business stakeholders.

Furthermore, Italian sports governances have agreed to temporarily close down all sports events to combat the spread of the virus.

Updating investors, Newgioco Group Chief Executive Michele Ciavarella underlined that the company was ‘monitoring COVID-19 circumstances closely’.

“Although we have been directly affected by government directives to close all non-essential public gathering venues, which includes all betting shops and bingo halls throughout Italy, the company has recently taken significant steps to expand our global distribution in over thirteen countries,” said Ciavarella.

Closing its statement, Newgioco stressed that the firm’s ‘long-term fundamentals remain robust’, in which the company will continue to accelerate its US platform’s expansion.

Newgioco’s COVID-19 precautions mirror the actions taken by Italian gambling operators, who this week confirmed a temporary suspension of their retail units.

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