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Velimir Velichkov March 7, 2023 3 min read
NeoGames Posts Good Results Boosted by Aspire Global Takeover
The latest results reaffirm the positive impact of the acquisition of Aspire Global
The technology-driven provider of innovative iGaming and iLottery solutions, NeoGames SA, released its unaudited results for the fourth quarter and 2022, outlining strong growth of revenue. The new trading update reveals that the total revenues and the company’s share in NPI revenues for 2022 hit $210.2 million. When compared to the $84.5 million reported for the year ended December 31, 2021, this result represented a significant increase of 149%.
NeoGames explained that the growth of the figure last year reflects “the business combination with Aspire Global.” At the same time, the company said that the total NPI revenues for 2022 surpassed even the high end of the projected $197 million to $208 million guidance for last year.
Not unexpectedly, the revenue reported by NeoGames for 2022 increased as well. Judging by the newly released report, the company has seen revenue of $165.7 million for 2022, representing a significant increase when compared to the $50.5 million reported for the corresponding period in 2021.
According to the new report, NeoGames’ net loss in 2022 was $19 million or negative $0.64 per share when compared to the result from the previous year which was a net income of $4.7 million or $0.18 per share. “The change in net loss during 2022 was mainly due to a $0.53 per share impact from the amortization of intangible assets related to the Aspire Global acquisition and acquisition-related expenses,” outlined the company in its trading update.
The new report revealed that the company’s total revenues and share in NPI revenues for the fourth quarter last year was $83.2 million. This result marked another significant increase when compared to the corresponding period in 2021 when the figure was $21.3 million.
The Company Is Happy with Its Performance
Moti Malul, NeoGames’ chief executive officer (CEO), said that the company is delighted with the 2022 results. He pointed out that last year, NeoGames was able to further improve its position as a leading iLottery provider in a market that continues to grow. Malul added that the acquisition of Aspire Global provided a unique boost for the company and propelled it to a leadership position within the iGaming and iLottery vertical.
“We significantly evolved our business through our acquisition of Aspire Global, expanding beyond our position as a leader in global iLottery solutions, and propelling us to becoming a global leader in providing technology and content solutions across iLottery, online sport betting and iGaming.“Moti Malul, CEO of NeoGames
At the same time, the CEO said that the latest figures reaffirm the company’s ability to deliver solutions for its customers within the iGaming and iLottery verticals. Finally, Malul acknowledged that significant growth was observed in 2022 and confirmed that NeoGames plans to keep the positive momentum and grow even further.
William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.