NeoGames Posts Strong Q2 Results, Anticipates Further Growth

The technology-driven provider of leading iLottery and iGaming solutions and content, NeoGames, released its latest trading update Wednesday. Judging by the figures within its unaudited report, the company saw strong growth within the iLottery and iGaming vertical for the second quarter ended June 30, 2023.

Overall, the company’s total revenues and share in NPI revenues for Q2 this year hit $62 million. This result, when compared to the $31.3 million result for Q2 last year, marked an increase of 98.2%. NeoGames explained that this significant growth comes after its combination with Aspire Global, as well as the completion of strategic growth objectives.

Similarly, the company’s iLottery revenues increased for the second quarter of this year. In total, NeoGames’ iLottery revenue hit $13.8 million, marking a nearly 8% increase when compared to the $12.8 million result from Q2 2022.

A further breakdown reveals that NeoGames’ share in NPI revenues hit $14.1 million for Q2 this year, up by 37.9% when compared to the corresponding period last year. Moreover, NeoGames’ iLottery revenue together with the company’s share in NPI revenues for Q2 this year marked a 21.2% increase year-over-year to $27.9 million.

The latest trading update reveals that NeoGames’ iGaming revenues for the second quarter of this year hit $34.2 million and said that the revenue “reflect accounting for the majority of Aspire Core revenues on a net basis compared to historical figures which were prepared on a gross basis, prompted by new commercial terms in certain Aspire Core contracts which went into effect on January 1, 2023.”

The Company Remains Focused On Expansion

Moti Malul, NeoGames’ CEO, revealed that the company is excited about the strong results for the second quarter of this year. “Our continued commitment to innovation and excellence has paved the way for expansion across various global markets, with progress during the second quarter of 2023 across all of our business lines, including BtoBet, Pariplay, Aspire Core, as well as NeoPollard Interactive,” he added.

Additionally, Malul highlighted the important iLottery partnerships the company inked with the Virginia Lottery, as well as the AGLC, PlayLive!, SunBet and Metropolitan Gaming. According to him, those collaborations reaffirm the scalability and potential of NeoGames’ leading solutions.

“We are very pleased with the achievements and partnerships that defined and drove our second quarter results.“

Moti Malul, CEO of NeoGames

Malul acknowledged that NeoGames continues to expand and reminded about the recently secured iGaming license by the company in Germany. This, he said, represented an important milestone for the company for its growth across Europe.

When it comes to the merger with Aristocrat Gaming, NeoGames’ boss said that the company continues to gain traction on this objective. He pointed out that the merger is expected to be completed at some point during the first half of the 2024 fiscal year. Finally, Malul said that the company remains focused on growing within the iGaming sector and capturing new opportunities.