NeoGames posts 13.6% decrease in total revenue for Q3 to $63.3m
There has been continued growth in the company’s iLottery, games and sports business lines.
NeoGames has posted its financial results for the third quarter of 2023, reporting a 13.6% decrease year-on-year in total revenue, and the company’s share of NPI (NeoPollard Interactive) revenue, from $73.3m to $63.3m.
NeoPollard Interactive is a company jointly owned by NeoGames and Pollard Banknote.
NeoGames’ total iLottery revenue with the company’s share of NPI revenue during the third quarter of 2023 was $31.4m, representing a 26.9% year-on-year increase, mainly due to the continued growth of most major accounts and the jackpot in the US market during the quarter.
Net loss was $3.6m during the third quarter of 2023, compared to a net loss of $4.4m for the same period last year. This was down to costs attributed to the Aristocrat transaction and the amortization attributable to the Aspire business combination, according to the company
There was a year-on-year increase in adjusted EBITDA for NeoGames, as well, rising from $17.6m in the third quarter of 2022 to $19.9m in the third quarter of 2023, illustrating a 12.9% increase.
NeoGames CEO Moti Malul provided his thoughts on the results: “We are pleased with the progress we made during the third quarter advancing our strategic goals while we continue to work towards completing our merger with Aristocrat Leisure.
“We are also encouraged by the interest and pipeline in the US market for our iGaming offering. We plan to continue to invest in delivering the deals we’ve announced and to enhance our product offering to scale and capture future opportunities in the space.”
Some of NeoGames’ recent business highlights during the quarter include its Joint Venture, NPI, being selected by the West Virginia Lottery for a full turn-key iLottery program, Pariplay signing ten new operations and NeoGames Studio launching its portfolio of instant games content with the Atlantic Lottery Corporation Canada.
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