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Angel Hristov November 9, 2023 3 min read
NeoGames Posts Q3 Report, Says Gaza Conflict Is Unlikely to Affect Its Business
The company will continue to elevate the iGaming landscape, CEO Malul said
NeoGames, a tech-driven provider of end-to-end online lottery and online casino solutions, has published its Q3 financial results.
In the report, the company highlighted a total revenue of $63.3 million for the period ended September. This represents a noticeable decrease from the $73.3 million NeoGames recorded in Q3 2022. However, NeoGames added that if iGaming revenues had been accounted for on a gross basis for the Aspire Core, the total revenue would have stood at $81.7 million, reflecting YOY growth of 11.5%.
NeoGames added that iLottery revenues for the period were $14.4 million. This figure translates to a 5.6% year-on-year increase, the company pointed out. The total of iLottery revenue combined with NeoGames’ share of NPI revenues was $31.4 million.
Revenue from iGaming operations, on the other hand, was $31.9 million. This figure, NeoGames noted, reflects the majority of Aspire Core revenues on a net basis compared to historical figures prepared on a gross basis. NeoGames added that if iGaming revenues had been accounted for on a gross basis for the Aspire Core, iGaming revenue would have been $50.5 million.
In the meantime, the company reported a net loss of $3.6 million, or $0.10 per share. For reference, in Q3 2022, the company recorded a net loss of $4.4 million. This year’s loss was attributed to the Aristocrat acquisition deal and the amortization attributable to the earlier Aspire arrangement.
NeoGames also reported adjusted net income of $4.4 million, exceeding the $3 million income reported in the prior-year period.
NeoGames Posted a Number of Highlights
In addition to posting its results, NeoGames pointed out a number of Q3 highlights, including the agreement with the West Virginia Lottery and the expansion of the deal with the North Carolina Education Lottery.
In the meantime, NeoGames Studio launched content in Greece with OPAP and in Pennsylvania with RSI through Pariplay. Speaking of Pariplay, the content supplier signed 10 new operators in Q3.
In addition, NeoGames’ Aspire Global brand secured a license in Germany. BtoBet, on the other hand, went live with Alberta Gaming in Canada. NeoGames Studio, on the other hand, launched its portfolio of eInstant games with the Atlantic Lottery Corporation Canada.
Finally, NeoGames added that it doesn’t expect the ongoing conflict in Gaza to affect its operations in Israel.
CEO Malul Praised the Results
Moti Malul, NeoGames’ chief executive officer, released a statement on the results, praising the progress his team made in Q3. He said that his team plans to continue investing in expanding its business and improving its products in the US and beyond.
We are very thankful for the overwhelming support we continue to receive from our customers and business partners given the unfortunate conflict in Israel and the Middle East. As we have previously stated, there has been no impact on the business and the business continues to operate as usual.Moti Malul, CEO, NeoGames
Malul concluded that his team is very excited about the merger with Aristocrat. In the meantime, it will continue elevating the iGaming landscape and capitalize on new opportunities.