NeoGames posts Q1 revenue of $49.5m

May 11, 2023
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The company cites growth from its BtoBet sports betting platform, as well as in US iLottery and Pariplay partnerships.

NeoGames, iLottery and iGaming solutions provider, has reported Q1 revenue of $49.5m, a 100%+ increase from $13.3m in Q1 of last year.

Though revenue rose steadily throughout 2022 across all quarters, Q1 of 2023 has dropped; potentially showing a trend of NeoGames’ first quarter being slow to take off.

NeoGames posted a net loss for each quarter in 2022, and Q1 of this year is no different. The provider suffered a net loss of $878,000 – down 1.7% year-over-year – but up considerably from Q3’s loss of $4,368, when the company nearly reached profitability.

This quarter’s net loss was stated as chiefly due to a $0.17 per share impact from the amortization of intangible assets related to NeoGames’ Aspire Global acquisition.

Adjusted EBITDA for the quarter was $20.2m, a 136.8% increase from Q1 of 2022.

Moti Malul, CEO of NeoGames, said, “In iLottery, our proprietary games from NeoGames Studio continued to perform strongly across all of our key accounts, and have contributed to strong performance in the US. We are also proud to note that our customer, the Virginia Lottery, recently became the first US lottery to operate a completely cloud-based iLottery program.

“On the sports betting front, BtoBet processed approximately one billion bets during the month of March, an all-time high. In iGaming, Pariplay also had a very active quarter, going live with twelve operators, including DraftKings in the US, and signing another nine, including Betsson."

Other highlights from the quarter included a rollout of LotoMinas iLottery, sports betting in Brazil and an extended agreement with Caesars to provide the NeoSphere platform.

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