NeoGames Systems (NeoGames), will undergo final review today after a unanimous licensing recommendation from the Nevada Gaming Control Board (NGCB). Founded in Luxemburg and based in Israel, the supplier has also recently been acquired by Aristocrat, headquartered in Australia.
The acquisition is valued at $1.2bn. NeoGames’ stock, publicly traded, rose from around $13 to $27.32 after news of the deal; Aristocrat will wholly own NeoGames as a subsidiary when the transaction closes in 12 months’ time.
Though it may slightly complicate licensing with the NGCB, NeoGames CEO Moti Malul said of the recent acquisition, “We firmly believe this transaction represents a great outcome for all of NeoGames’ shareholders, customers and employees.”
The NGCB has recommended approval of licensing for both NeoGames’ corporate entities and individual company officers. State regulators believe the company’s licensing request to be fair, and said officers and executives questioned as part of the process had “exemplary records.”
NeoGames’ Las Vegas hearings were planned for back-to-back dates, to reduce the amount of travel for its employees, though the NGCB usually meets 15 days apart.
Control Board Chairman Kirk Hendrick commented, “We understand that with a lot of people traveling internationally, trying to get everybody together is not easy. We’re happy to do that and happy to do our part for the carbon footprint of the planet as well.”
A 90-minute testimony from NeoGames’ executives, which took place partly in Hebrew, explained how its platform would be integrated with Caesars’ and William Hill’s sports wagering entities.
NeoGames is contracted with Caesars, and recently extended their agreement, based around its NeoSphere platform and iGaming content.
