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On 12 February 2019, OtherLevels Holdings Limited (ASX:OLV), a company which belongs to the information technology sector and into the business of developing mobile automation platform that the Company licenses to its customers and provides other ancillary services, has announced its operational update.
Business Update: The platform of OtherLevels has been receiving a continuous interest in the core markets of the company through expanded pipeline specifically in the US and UK. There might be a possibility of significant opportunity in the US because of the US regulatory changes for wagering.
The existing customers of the company using its platform, have reported increasing renewals of their contract. There are other significant customers who are already renewing, or they are planning to renew the deal in the current quarter. The company is also having partnership discussions with a small number of strategic leading suppliers who have significant distribution potential across the global wagering market. The introduction of the OtherLevels In-Play solution will provide competitive differentiation. The company also released the promotional video of new In-Play, which highlighted the features of In-Play and even the companyâs wagering opportunities in the US.
US Sports betting: In May 2018, the US Supreme Court ruled to strike down the 1992 Federal Law which prohibited nearly every state in the US from sports betting. At present, after the decision of the US Supreme court, eight states are now fully legalized for sports betting. Further, bills have already been introduced in the legislatures in 27 other states which is also a major point of attraction for the state government for significant tax revenue from the sports betting for the state fund. OtherLevels is highly involved in the wagering market where it is linked to wagering operators and strategic partners who operate in the industry.
The operational update also covered the Integration of XCOM. The company acquired the business and assets of XCOM Media Pty Ltd on 2 November 2018. All the staff of XCOM is now relocated to OtherLevels offices in Brisbane. Now, these staffs have started working on the growing pipeline of opportunities for OtherLevels solutions for both the XCOM base and new accounts.
In the last week, International Casinos Exhibition took place in London with over more than 30,000 attendees. Otherlevels Holdings Limited got impressed with the In-Play solution at the exhibition which had more than 30 meetings in 3 days. The primary topic in the exhibition was the developments in the US sports betting sector. With these meetings, the company was able to increase the sales pipeline opportunities and opened a further scope of discussion.
The company will be focusing towards presenting and demonstrating at both Betting on Football in London in March and Betting on Sport in New Jersey, USA in late April.
By the end of December quarter ending on 31 December 2018, there was net cash and cash equivalent worth A$0.471 million.
In the last six months, the stock has generated a negative return of 41.86%. By the closure of the trading session on 12 February 2019, the shares of OLV traded flat on ASX. The closing price of the stock was A$0.025 with the market capitalization of A$7.17 million and approximately 286.84 million outstanding shares.
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