NeoGames Announces Q3 2023 Financial Results with Positive Growth in iLottery and iGaming Business Lines
NeoGames S.A. has reported its financial results for the third quarter of 2023, showing progress in its strategic goals and continued growth in its iLottery and iGaming business lines.
Expansion in the US Market
NeoGames, through its joint venture NeoPollard Interactive, has expanded its iLottery footprint in the US by winning a public procurement contract to provide the West Virginia Lottery with a full iLottery program. The company is also working with the North Carolina Lottery to prepare for the expansion of its iLottery program following approval to launch eInstant games. Additionally, NeoGames has signed ten new operators, including leading operators Hard Rock and Fortuna Entertainment Group.
Market Presence Strengthened
Pariplay’s collaborations have further bolstered NeoGames’ market presence, including deals with OPAP in Greece to introduce games from NeoGames Studio, and iGaming content with Rush Street Interactive in Pennsylvania. With BtoBet’s entry into the North American market through a partnership with AGLC, NeoGames expects even greater expansion in the future.
Progress Towards Merger with Aristocrat Leisure
NeoGames is making progress towards completing its merger with Aristocrat Leisure. The company has received additional regulatory approvals required to close the deal, and it expects the merger to be completed during the first half of fiscal year 2024.
Financial Highlights
– Total revenues and the company’s share of NPI revenues were $63.3 million during Q3 2023, reflecting accounting changes and growth in iLottery, Games, and Sports business lines.
– iLottery revenues increased by 5.6% year-over-year to $14.4 million in Q3 2023.
– iGaming revenues were $31.9 million, reflecting accounting changes and continued growth in Games and Sports business lines.
– Net loss was $(3.6) million, while adjusted net income was $4.4 million.
– Adjusted EBITDA increased by 12.9% year-over-year to $19.9 million.
– Cash and cash equivalents balance was $27.1 million at the end of Q3 2023.
NeoGames remains dedicated to achieving sustainable growth and enhancing its product offering to capitalize on future opportunities in the iGaming landscape.